The stock markets float without a precise direction awaiting the indications that will arrive tonight at the end of the Fed meeting on the timing that the central bank intends to adopt for the rate hike. The prevailing opinion is that the situation remains frozen for now and that there will be no increases in the cost of money in the first half of the year.
Hence the contrasting performance of Wall Street: Dow Jones +0,13%, weak the S&P 500 index (-0,18%) and the Nasdaq (-0,45%), conditioned by the fall of biotech stocks. The new disappointing accounts of Valeant dragged the pharma sector down (-50% at the end of a dramatic session). The company is already under investigation by the Sec.
Oil prices fell for the second consecutive day: Brent fell by 2,3% to 38,7 dollars a barrel. Wti down 2,8% to 36,1 dollars. An agreement between the producing countries seems less and less likely.
As a consequence, the decline in oil stocks has resumed, in the USA as in Europe. The European Stoxx index falls by 1,8%. In Piazza Affari Eni lost 1,4%, Tenaris -1,14%, Saipem -3,4% awaiting the quarterly report. In Paris Total loses 1,5%.
KUTODA (BOJ): RATES MAY FALL TO -0,5%
Similar script for Asian price lists. Weak Tokyo (-0,7%) and Hong Kong (-0,5%). Shanghai also falls (-1,5%). Attention is directed to the speech with which premier Li Kequiang will close the party congress at the end of the day. Meanwhile, the governor of the Boj, Haruhiho Kuroda, speaking in Parliament, did not rule out the possibility that official rates could fall further, down to -0,5%.
A cautious interlocutory opening is looming also for Europe. Futures report a drop in Paris (-0,8%) and Frankfurt (-0,4%). Slightly up in London (+0,2%). Yesterday session down yesterday for the markets of the Old Continent. In Milan, the FtseMib index fell by 1,1%, the Paris Stock Exchange lost 0,7%, Frankfurt -0,5%, Madrid -1,6%.
Government bonds are also weak after the rally of the last two days. The yield differential between the BTP and the Bund on the 10-year segment has risen to 107 from the previous 103. The 1,35-year BTP rate rose to 1,31% (from XNUMX%).
CAMPARI AWARDS GRAND MARNIER A 60% BONUS
While waiting for Janet Yellen's indications, Piazza Affari greeted the umpteenth Italy-France operation. For once, then, it was the Bel Paese who bought it.
Campari +2,1% (+5% in Monday's session) announced the acquisition of the French Grand Marnier for 652 million euros. In line with the conditions agreed with the shareholders of the controlling shareholder family, the Milanese multinational will launch a public tender offer at a price of 8,0501 per share in cash (implying a premium of 60,4% compared to the price current share), plus an earn-out relating to the potential sale of the magnificent Les Cedres property in Saint Jean Cap Ferrat: 14 hectares of Mediterranean scrub bordering the villa of the Ferrero family and that of Paul Allen, founder together with Bill Microsoft's Gates. The price of the property? From 200 to 350 million euros (200.000 euros per square metre), a difficult target because, with the Russian billionaires having disappeared from the horizon of the Côte d'Azur, buyers are scarce.
TOD'S, 2016 STARTS BAD TOO
The black jersey instead fell to Tod's (-7,2%, at 68,10 euros), yesterday's worst blue chip. Since the beginning of the year, the share has recorded a drop of 7%. In addition to the disappointing results of 2015, the imminent exit from the Ftse Mib basket and the negative indications for the first part of 2016 weighed on the stock. Sales recorded a decline of between 6% and 9%, a decrease attributable to the weakness of the Hong Kong. However, the chief financial officer Emilio Macellari declared that the company should be able to record revenue growth of around 2016% in 5. The net result for the year is 92,7 million euros, down 4,5% compared to 2014. Ebitda rises to 202 million euros, from 193 million a year earlier.
The negative effect spread to other luxury stocks. Ferragamo is down sharply (-4,3%). Safilo also sent a letter, reacting with -5,3% to the results released yesterday with the stock market closed.
MPS DEFLATES: THE TREASURY WILL RISE TO 7%
The other disappointment concerns Monte Paschi (-6%). The speculative bubble triggered by rumors about Matteo Renzi's (alleged) pressure for an intervention by CDP and Intesa in favor of the bank has deflated. Meanwhile, it has emerged that the Ministry of the Economy could increase its stake in the Monte dei Paschi bank to around 7% from the current 4% for the possible payment of residual interest on the Monti Bonds in shares. Thus the Treasury will become the first shareholder of the Bank. The coupon payment should take place in July.
The other banks also fell sharply: Unicredit fell by 1,8%, Intesa -1%. In reverse Mediobanca (-3,3%), Banca Pop.Emilia (-3,2%) and Pop.Milano (-4,6%).
SLOW DOWN FIATCHRYSLER. MEGA DAMAGE CLAIM TO VOLKSWAGEN
Finally, industrial stocks were down: Finmeccanica -1%, StM -2%. Fiat Chrysler loses 2,5%.
Bad day also for the Volkswagen stock (-2,25%), after the lawsuit with a multi-billion dollar claim for damages brought by a group of about 300 institutional investors for the emissions scandal. Investors, from all over the world and among which German insurance companies and US pension funds stand out, accuse the German car manufacturer of having failed to fulfill its obligations under the rules of the financial markets and have asked for damages of 3,256 billion euros, filing a petition at a court in Lower Saxony.
Cnh Industrial (-3%) and Buzzi (-3,5%) also fell.
In the rest of the list, Enel lost 0,2%, Atlantia 0,3%. Iren +3,6% driven by results and dividend growth.
Telecom Italia gained 1,3%. Inwit -0,26% after the presentation of the Cellnex-F2i tandem offer which could have been raised to 5 euros. The offer from Ei Towers is expected (+0,6%). Weak Mediaset (-0,1%).
