ECB, EXCHANGES DO NOT BELIEVE IN A CUT ALREADY TODAY. MILAN BRAKS, BUT THE SPREAD SLIPS BELOW 170 BP
Spotlight on Frankfurt, awaiting Mario Draghi's press conference. Yesterday's rise in the Bund (1,62%) means that the markets are skeptical of interest rate intervention or quantitative easing. But operators trust in a strong message from Mario Draghi, namely the commitment to fight deflation "by any means". In the hope that the summer brings quantitative easing to Europe.
After all, the recovery of the Bund did not prevent BTPs and Bonos from recovering ground yesterday: the spread closed below 170 basis points, the lowest since 8 June 2011. The yield on the domestic 3,31-year bond is 165% while the the difference between Bonos and the bund closed at 3,26 cents with a rate on the Iberian bond of XNUMX%.
The real battleground may be the currency market. The Hfts, or high-speed electronic speculators, are ready to bet on the rise of the euro if concrete measures are not announced. Approximately 40 upward contracts on the euro are deposited at the Commodity Futures trading clearing house in Washington, mainly on positions shorts.
While waiting for the Draghi dove, the Milan Stock Exchange allowed itself a break. After six consecutive positive sessions, the FtseMib index closed down 1%. Since the beginning of the year, the increase is in the order of 14%. The rest of Europe did better: London, Paris and Frankfurt, which have earned less than 5% since the beginning of the year, have risen between zero per cent and 0,2%. Car registrations in Germany rose 5,4% in March thanks to increases in deutsche marks.
USA RECORDS, ASIA ON THE RISE, AMAZON ENTERS THE TV CHALLENGE
More relaxed climate on non-EU markets. Asian Stock Exchanges are advancing in the wake of Wall Street. Tokyo gains 1,20% stimulated by falling yen. Hong Kong also did well +0,40%. Shanghai is lagging behind, despite Beijing's interventions in favor of the railways: the markets are expecting much more substantial stimuli to counter the recession.
In the USA, business orders are growing (+1,6% in February) and jobs (191 in March in the private sector). Wall Street responds to the data by accelerating higher. Yesterday evening the Dow Jones index rose by 0,24%, the S&P 500 +0,35% updated its historical record. The Nasdaq also rises +0,2% awaiting new twists and turns in the hi-tech sector.
Indeed today Amazon launches Fire, i.e. a device that allows, via Wi Fi, to rent and view all types of video content via TV, starting from the stock of 200 films by Netflix. It is the response to the launch by Google of Chromecast, the "box" that allows you to broadcast the contents displayed on Android mobiles on TV. From Apple Lossless Audio CODEC (ALAC),, pending the results (appointment on 23 April) leaked the indiscretion of a new buyback for 50 billion plus the increase in the coupon. MicrosoftFinally, it announced that it will grant the Windows operating system free of charge to manufacturers of smartphones and small tablets with screens smaller than nine inches.
BANKS MARKING TIME. ADVANCE GENERALS ONLY
The decline in the price list is linked to profit taking on banks, after the gallop of recent days. All the Bigs withdraw: Mediobanca lost 3,39%, Understanding -2,37%. Unicredit -2,15%. Fitch has assigned a BB- rating to the 'additional Tier 1' bond in dollars issued last week by Unicredit. After a bubbly start it also drops Mount Paschi -1,3%.
Down the Banco Popular -1,7%: the right relating to the capital increase fell by 3,3% to 5,79 euro. During the road show for the increase, the general manager, Maurizio Faroni, had a series of one-to-one talks with representatives of Och Ziff, Pimco and the British fund Jupiter Asset Management, all interested in participating in the increase. Under braking Pop.Milano -2,4%. Ubi –1,95%. Below parity too Bper –0,32%.
Banca Carige however, it ended the session unchanged at 0,67 euro. Equita Sim raised its target price from 0,35 to 0,43 euro, keeping the hold opinion unchanged. Bucking Bank of Desio +2,24% after the news that the bank has signed an investment agreement for entry into the capital of People of Spoleto.
It has also lost ground UnipolSai -2,1%, while Generali +1,1% is among the few blue chips that closed the session positive.
LIGHT HAND OF THE EU ON PRYSMIAN
Among the industrial purchases on Prysmian + 1,73%: the fine from the European Commission relating to the Antitrust investigation into the markets for high voltage underground and submarine electric cables was lower than feared. On positive ground StM +0,8%. In red the other industrialists:
Brakes Fiat –2,45%, after the run of the previous days. The data on registrations in Italy did not offer any ideas for further increases: +4,96% in March, market share down to 28,08%. Finmeccanica -1,45%. UBS raised the target price from 5,5 to 7,5 euros, confirming the neutral recommendation. Pirelli -1%. Also declining Piaggio -1,52%. Standard & Poor's confirmed its rating at BB-, revising the outlook to negative after 2013 accounts. Among the blue chips Enel fell by 1,6%, Telecom Italy -0,9%. Tie closing for Eni.
MONCLER ADVANCES, PRADA THUD IN HONG KONG -6,88%
It bounces Moncler +2,26% to 12,68 euros thanks to the promotion of Ubs from sell to neutral, with the target price confirmed at 12,3 euros: the stock trades at a justified premium of 50-55% compared to its competitors, according to analysts of the Swiss broker, from the fundamentals of the group. Weak other stocks in the sector: Ferragamo -1,18% Luxottica -0,88% Tod’s - 1,86%, Yoox - 1,19%, Brunello Cucinelli -1,54%.
Sharp slide this morning on the Hong Kong Stock Exchange for Prada -6,88% after yesterday's 1,94% loss, following the 2013 accounts. For this year Mediobanca Securities expects a 7% increase in sales to 3,839 billion and an EBITDA of 1,213 billion with a margin sales at 31,6%. Neutral rating and target price of 68 Hong Kong dollars confirmed.
THE ESPRESSO SLIDES, MONDO TV LEAP
In the rest of the list to report:
Cade L'Espresso -4,72% after concluding the placement of the equity-linked bond with a duration of 5 years for an aggregate nominal amount of 100 million euro. Down too Rcs -2,5%. Leap forward for Mondo TV +15,71%. WDF decreased -0,48% to 10,35 euros on the day JpMorgan started hedging the stock with a neutral rating and a target price of 11,6 euros.
