The wait is almost over. Tomorrow Mario Draghi will announce the expansionary measures with which the ECB intends to counter the drop in inflation and the slowdown in the economy, confirmed yesterday by the slowdown in the Italian recovery. Friday's US employment data will provide the final piece before the US rate decision. “It is vitally important – Fed member Charles Evans argued yesterday – that on the occasion of the first hike, the program of subsequent increases, gradual and staggered over time, is communicated”.
CARS AND FINANCE PUSH WALL STREET
Meanwhile, Wall Street moved up: Dow Jones +0,95%, S&P 5000 +1,07%, Nasdaq +0,93%. The financial sector stood out, already weighing in on the prospect of an increase in interest rates on loans: JP Morgan +1,4%, Goldman Sachs +1,6%, Morgan Stanley +2,2% (the Investment Bank intends reduce by 25% the number of employees working in the Fixed Income division).
The automotive sector did well, on the wave of good sales figures for November: Ford +1,6%. The Wall Street Journal reveals that Yahoo! intends to put its internet assets up for sale as well as its stake in Alibaba.
ZUCKERBERG, NEW FATHER, GIVES 99% OF FACEBOOK TO CHARITY
But the bombshell news comes from the new father Mark Zuckerberg, 31, in homage to the birth of his daughter Max: the founder of Facebook and his wife Chan, 30, have decided to donate 99% of their share in the social network (current value 45 billion dollars) to the Chan Zuckerberg Initiative, a company that will deal with "education, treatment of diseases, digital connection and the creation of strong communities". Mark Zuckerberg will still retain the majority of voting rights "for the foreseeable future".
THE EURO RECOVERS, AHEAD OF THE BULL FOR EUROPE
The Asian session was less pyrotechnic, awaiting the moves of the central banks. Weak Tokyo (-0,2%), the Chinese price lists are better suited. Hong Kong gains 0,4%. The dollar slows down after the disappointing data on US manufacturing activity: the euro traded this morning at 1,0600 against the US currency.
An upward start is expected for the European lists. Futures signal London +21 points to 6.417; Paris +8 bp to 4.922; Frankfurt -24 bps to 11.285. The data on European inflation will be released in the morning.
MILAN -0,6%. ITALIAN GDP WILL RISE BY 0,8%
Negative closure yesterday of the European stock exchanges, which ended the session down after the disappointing American data. In Milan, the FtseMib index fell by 0,6%, while the Paris and Frankfurt stock exchanges lost 0,8% and 1%. Lackluster data also for the Italian GDP, with Prime Minister Matteo Renzi admitting that 2015 growth could stop at +0,8%, below the +0,9% indicated by the government in the latest forecasts.
The prices of the Btp are also slightly down. Meanwhile, the two-year German Schatz hits an all-time low at -0,422. The spread goes back to 96 points.
THE CAR SPEEDS UP: +23,7% SALES. FCA +28%
Day of decline for Fiat Chrysler (-1,4%) awaiting the sales data communicated after the stock market is closed. In November the recovery picked up speed: +23,7% for the market, even +28% for the group led by Sergio Marchionne, also growing in the USA (+3%, +7% since the beginning of the year). According to Promotor, 2015 should close with around 1,57 million car sales, 210 thousand vehicles more than last year, and the positive phase should continue until 2018.
The 2015 figure "is a result still far from pre-crisis levels (-37%), but decidedly better than the 2014 figure when registrations were 1.359.767", continues the note from the Centro Studi Promotor. Brembo ended the session with a gain of 1,8%, at 44,29 euros, after having reached a new all-time high of 44,96 euros. From January 62 to today, the stock has accumulated a gain of XNUMX% and has excellent chances of completing the fourth consecutive year of positive results.
TENARIS, FTSE MIB BOD LEARNER, HOLDS BACK
Tenaris fell sharply (-3%), yesterday's worst blue chip of the day. Goldman Sachs raised the target price on the stock to 12,5 euros from the previous 11,90 euros, however confirming the Neutral rating. The other oil companies were also weak: Eni -1,1%, Saipem -0,7%. Brent loses 0,4% to 44,4 dollars a barrel.
MEDIOBANCA PUSHES BPER, MEDIOLANUM MAKES PEACE WITH THE IRS
Among the banks, Banca Pop.Emilia shines (+2,5%), yesterday's best blue chip. Mediobanca has decided to include the stock (outperform target price 8,50 euro) in the Long portfolio recommended together with Cerved and Mediaset. The three stocks take the place of Beni Stabili, Banco Popolare and Hera.
Intesa fell by 0,2%, MontePaschi -0,2%, Unicredit -0,5%. Generali lost 0,6%. Mediolanum +0,45 percent: “We are very satisfied, we have definitively closed a deal that had been dragging on for years. Now all we need is recognition of the tax credit by the Irish Revenue Agency: if it arrives before the closing of the financial statements, against the provisions already made, we will recover 10,3 million over the 2015 financial year”. Thus Massimo Doris, CEO of Banca Mediolanum, commented on the closure of the tax dispute with the Revenue Agency linked to the transfer price practiced in relations with the Irish subsidiary.
TELECOM, BY NAME REMAINS REDUCE
Telecom Italia loses 1,9%. Nomura's analysts confirmed the Reduce judgment on the stock by slightly adjusting the target price to 1,02 euros from 0,99. The savings target rose to €0,92 from €0,89. Yesterday afternoon it was learned that Assogestioni asked Vivendi for further explanations on its objectives for Telecom Italia, of which it is the reference shareholder, in particular if it intends to maintain control, also in view of a merger between the two groups.
LUXURY AND AUTOGRILL, THE RECOVERY CONTINUES
New rises for luxury stocks, albeit with clearly reduced gains compared to the morning: Ferragamo +1%, Moncler +1,5%. Of note are the gains of Autogrill (+1,9%) and Campari (+0,6%). Finally, a positive day also for Astaldi (+3,6%), Banca Ifis (+3,5%), Cementir (+2,7%) and Espresso (+2,6%).
