USA AND CHINA START AGAIN, IN SIGHT OF DEPARTURE TORO. "SHOW" MEETINGS AHEAD FOR UBS AND RCS
This morning, when they reopen, the European lists will have a pleasant surprise: the Dow Jones exceeded 13.300 points during yesterday's session, the highest since December 2007 and then closed at 13.259 with an increase of 0,50%. The rally, which involved both the S&P 500 +0,57% and the Nasdaq +0,13%, is linked to the industrial production index in March which gave positive indications, opposite to what emerged from the purchasing index of the Chicago area on Monday.
The indicator, edited by the Tempe institute of Arizona, signals the most robust growth in this part of orders and production in ten months. Even Alan Greenspan wakes up to these numbers: "shares are very cheap" he declared, underlining that, after the quarterly campaign, the price/earnings ratio is 14,4 times, below the historical average since 1954 to date (16,4 times). Many, not just on Wall Street, make incantations.
Also in Asia the recovery of the markets, after the holidays, was distinguished by a wave of increases. The Nikkei 225 index in Tokyo marks a rise of 0,23% while Hong Kong, stopped for the May Day holiday, restarts with a leap of 1,14%.
The US data was preceded Tuesday by equally encouraging statistics from China, despite the holiday break in Asian stock markets (with the exception of Japan). In April, the index that measures the trend of production recorded unexpected growth. Thus the gap between the performance of the economy in the USA and China with respect to Europe in full recession syndrome widens.
Fiat Chrysler's run in the USA continues: +20% sales in the United States, the twenty-fifth consecutive month of growth thanks (141 cars), the eleventh with growth of over 20 percent. In particular, overall sales of the Fiat 336, Fiat 500 Cabrio and Fiat 500 Abarth took off (+500%). Record numbers also for the Dodge Challenger and the Jeep Wrangler.
Facebook's road show will kick off next week in view of the most important IPO in the history of the Internet. Mark Zuckerberg's company expects to raise $5 billion based on a valuation of around $100 billion. At the end of the first quarter of 2012, Facebook recorded a 45% increase in turnover to 1,06 billion but also an increase in costs which reduced the profit for the period by 12% to 205 million.
After the holiday break, Europe restarts after Monday's negative session: in Milan, the FtseMib index fell by 1,2%, London fell by 0,4%, Paris -1,5%, Frankfurt - 0,4%. The BTP, on the other hand, had improved slightly with the yield down to 5,49% and the spread with the Bund down to 383 points (-8 points). On the sovereign debt front, pending the action of the Italian "super technicians", the spotlights are concentrated on the forthcoming launch of the Spanish "Bad Bank".
Among today's most relevant data, it is worth mentioning the monthly survey on unemployment both at national and Community level. At the corporate level there is no shortage of appealing themes.
In Zurich, on the occasion of the UBS balance sheet meeting, several activist funds, including Hermes and Iss. They announced their vote against the proposed remuneration for the institute's top management, albeit lower than the previous year (71,1 million francs against 91). Last year a similar initiative received the approval of a third of the votes. But this year, after the omitted checks at the London office and the hole caused by a trader, the board, albeit renewed, risks ending up under. In short, a turbulent "first time" for the new CEO Sergio Ermotti.
“Everyone wants someone with the right characteristics but at the moment, as far as I know, the name is not there”. So on Sunday, between a look at the regatta and some irony about the third Juventus star ("marketing only") Marco Tronchetti Provera confessed the embarrassment of the great RCS Media Group shareholders on the eve of today's meeting which will approve the appointment of the new board under the guide of Angelo Try them without ovens lights on the successor of Antonello Perricone: the work of the head hunter Spencer Stuart is not finished yet. But there are still reasons for recall: 1) the new weight of Joseph Rotelli, main shareholder of the group; 2) the presentation of the "independent" board of directors; 3) the first indications on the next financial and managerial moves, although the manager who will lead the mission has not yet been chosen. But, above all, the expectation for the intervention promised by is growing XNUMX Diego Della Valle, shareholder with his hands free after exiting the covenant.
Yet another intense day for the protagonists of the polo match. After the meeting between Premafin's top management and the Antitrust, today Fonsai's representatives go to the Authority and Isvap in view of Thursday's Board meeting.
Meanwhile, again this morning, the first court hearing will be held on the bankruptcy request by the Milan Public Prosecutor's Office of Sinergia and Imco, the Ligresti companies. The chairman Claudio Calabi will confirm the negotiations to present a restructuring plan agreed with the creditors pursuant to article 182 bis.
Finally, expectations of the new Palladio-Sator plan as an alternative to the Unipol operation should not be disappointed. Another appointment to follow: the quarterly of Ansaldo Sts which precedes the appointment of Finmeccanica by 24 hours.
