US ECONOMY IN RECOVERY, CHINA RAISES ITS HEAD
TOKYO RUNS, MILAN TOWARDS OPENING BULL
God bless America. The signs of recovery of the US economy they drove the markets' rebound.
The positive indications come from construction and employment data. In December, 954 new home construction sites were started in the US (+12%), the highest in the last 4 years, many more than forecast by economists who expected 890 (+3,3%).
Meanwhile, last week new claims for unemployment benefits they dropped to 335, the lowest level in the last five years, against expectations of 369.
The Dragon is also levied. In 2012, the Chinese GDP rose by 8,8%, which is the lowest growth rate in the last 13 years. But in December the year-on-year increase returned to 7,9%, interrupting the trend of the previous three quarters. The forecast is that the recovery will continue throughout 2013.
Positive indications from the two strongest economies on the planet reported the Bull two markets.
Tokyo, after the brief correction, is back to racing: Nikkei index +2,25% pending the meeting of the central bank on 21/22 January which should proceed to ratify the expansionary policy requested by the government, including the devaluation of the yen. An adviser to the prime minister said that the right exchange rate should fluctuate in the corridor between 100 and 110 yen per dollar (against the current 90,04).
Shanghai +0,6% and Hong Kong +0,87% also recovered.
Indexes on the rise in New York: Dow Jones+0,63%, Nasdaq+0,59%. The S&P index +0,56%, towards the highs since December 2007 and only 5 percentage points from the all-time highs, set in October 2007.
La London Stock Exchange rose by 0,4%, Paris +0,9%, Frankfurt +0,5%.
At the end of the day, Piazza Affari was the best with a 1,4% increase in the FtseMib index.
On the government bond market, the yield of the BTP falls (4,17%) and the spread contracts to 256 se (-9 basis points).
Il Wti-type oil it accelerated to its highest level since September after a morning of modest variations: +1,1% to 9535 dollars a barrel. Crude oil is driven up by the news from Algeria
AMERICA
Wall Street rose despite the sharp decline of Bank of America -3,2% and Citigroup -2,6% who announced disappointing fourth quarter 2012 results.
Intel's quarterly negative -1,9% in after hours trading. The data, released after the close, beat the forecasts but the outlook on the market for the next quarter is sharply down.
Also declining Boeing -0,5% after the US authorities decided to ground all 787 Dreamliners pending the cause of the latest failure in Japan.
Among the titles that rise, Ebay shines +2,3% which yesterday announced better-than-expected quarterly results: revenues rose to $3,99 billion, slightly better than analysts' expectations.
EUROPA
The strengthening of the euro continues, up against the dollar to 1,335, from 1,328 at last night's close. The Swiss franc fell to 1,246 (from 1,237), the pound to 0,8353 (from 0,8301).
THESpanish auction of the Bonos yesterday morning went very well: the flight from safe assets continues, the rebalancing of European government bonds continues.
Even it Greek XNUMX-year spread it drops to 973 bps and moves away from the psychological threshold of 1.000 points.
In Europe, large-scale retail companies came to the fore thanks to the rally of French Carrefour, up 5,5% after the release of a quarterly report far better than expected.
ITALY
In Milan, the the case of Borsa is Mediaset up 9% thanks to Credit Suisse's promotion to outperform.
In rallies too Fiat +6,1% after the CEO Sergio Marchionne has specified his intention to produce between 100 and 200 Jeeps in China. "Within 3-4 years we will employ all our employees in Italy" said the CEO of Fiat. Referring to the controversy over Melfi, he said that "certain politicians should be ashamed".
Significant the appreciations of the banks, with Unicredit +2,4%, Mediobanca +2,9% and Ubi +3,4%.
Highlight the insurance companies. Generali gained 2%, Mediolanum +2,6%, Unipol +6,2%, Fondiaria Sai +11% and Milano Assicurazioni +9%.
Black smoke from the Telecom Italia board of directors for the sale of Telecom Italia Media, but the process goes on. A note from Telecom explains that 'The Telecom Italia board of directors has taken note of the progress of the process of transfer of the Media assets and of the essential elements of the offers received, which reflect the negative economic and equity trend of the Telecom Italia Media group'.
The press release adds: 'the board has mandated management to finalize the negotiations, with the aim of receiving definitive and binding offers'. A decision between the Cairo offer and that of Clessidra/Equinox will be taken by the board meeting on February 7th.
