An incoming roar from the parterre greeted the historic record that Wall Street had been chasing for some time yesterday afternoon: the Dow Jones over the 20.000-point barrier. The president did not miss the historic moment. The tweet arrived on time: “Great!#Dow20K”. Signed Donald Trump.
Almost simultaneously, the White House announced that President Donald Trump had approved the construction of the wall on the Mexican border, adding that "Mexico will pay for it". The Mexican president's refusal was flat, but it didn't spoil the party. Between sugared almonds and champagne, the US Stock Exchange is on its way to a triumphal finale: Dow Jones at 20.068,51 (+0,78%), the S&P 500 is also at the top (+0,8%) at 2.298,37 and the Nasdaq (+0,99%) to 5.656,34. Three historic records in one sitting.
BOEING AT THE TOP, GOLDMAN SACHS +22% FROM NOVEMBER
The positive trend of the quarterly campaign contributes to fueling the euphoria: so far 70% of companies have beaten estimates. The best stock was Boeing (+4,24%), to all-time highs at $168,18. Goldman Sachs follows (+1,4%). The stock is up 22% since Trump's appointment.
Oil, on the other hand, fell slightly after the data on US weekly inventories, which rose in line with expectations: Wti at 53,24 dollars a barrel and Brent at 55,59. In great evidence in Piazza Affari Saipem (+6,43%). Eni -1,3%.
ASIA AT HIGHEST SINCE OCTOBER, MEXICAN PEOPLE ADVANCE
The rise affected Asian stocks this morning, at their highest levels for three and a half months. Tokyo advances (+1,5%), despite a slight decline in the dollar. Mumbai +1,3%, Hong Kong +1,3%, Seoul +1%.
The Mexican peso also rose, growing by 2,1% after Trump's announcement on the border wall, made public just as talks began between the two countries for the revision of NAFTA, the North American trade treaty.
LA CONSULTA MILAN HOLDS BACK (+0,42%). THE BTP 10 A. 2,12%
The Wall Street effect was also felt on the European Stock Exchanges. The euro strengthened to 1,0755 against the dollar. Milan, although held back in the final by the verdict of the Consulta, closed at 19.582 points, up by 0,42%. The other markets performed better: Paris +1,06%, Frankfurt +1,8% and Madrid +1,69%. London was more cautious (+0,25%), held back by the rebound of the pound to 1,2648 against the dollar on the eve of Theresa May's visit to Washington. The most prominent sectors in Europe are Banks (Stoxx +3%) and Insurance (+2,4%).
The Constitutional Court has removed the ballot from the electoral law of the Chamber, the so-called Italicum, but admitted the majority bonus for the list that obtains 40% of the votes and said that the modified system is immediately applicable.
After the decision, the 2,12-year BTP rose to 172%, the highest since the end of November. The spread reached 30 bp. On the occasion of the placement on Monday 7,5 January, the Ministry of the Economy will make available to investors between 9 and 5 billion euros in Btp at 10 and XNUMX, and Ccteu.
Monte Paschi returns to the debt market with the guarantee of the State. Yesterday the institute made two issues for a total amount of 7 billion which will be sold on the market, or used as collateral to guarantee financing operations, during 2017.
GENERALI SILURA MINALI, MEDIOBANCA SALE
The game for control of Generali continues to hold court in Milan. In Piazza Affari, however, the script has changed. The Generali stock, after a positive start, reversed course in mid-morning to then settle at +0,9% at the close. Intesa San Paolo, which confirmed with a press release on Monday evening that it was evaluating the opportunity of an industrial combination with the company, closed with a slight increase of 0,3%, after eliminating the losses of the morning (-3%) .
The battle thus moved to other titles. Mediobanca's rise continued (+3,1%), which is Generali's leading shareholder with 13%.
UNICREDIT TODAY IN CONSOB, AXA WITHDRAWS FROM THE CONTENTS
Effervescent Unicredit (+8,9%). One of the hypotheses being examined by Intesa's management would be that of becoming the first shareholder of Mediobanca, acquiring the stake in the hands of Unicredit, the first shareholder in Piazzetta Cuccia with 9%.
In the meantime:
a) Generals has terminated the employment relationship with the general manager Alberto Minali, who will leave the group on January 31st and will not be replaced. As of yesterday, the new CFO is Luigi Lubelli, currently group head of corporate finance. A total amount of around 5,77 million euros will be paid to Minali, plus a long-term incentive 2014-2016 to be quantified. Minali owns 428.561 Generali shares.
b) Intesa Sanpaolo kicks off the round of talks that Consob has requested of the subjects involved in the Generali affair. The bank was represented by the CFO Stefano Del Punta, who spent about 45 minutes at the commission's Milan office. Del Punta did not release any statements on the contents of the interview upon leaving. The representatives of Mediobanca and Unicredit will be heard today.
c) Axa (+2,7%) pulled out of the fray. The CEO of the French insurance company, Thomas Buberl, said it is not in the company's strategy to be a large consolidator in the sector. Meanwhile Allianz (+3,3%), another potential ally of Intesa, caused sparks in Frankfurt.
BANKS IN FLIGHT ACROSS EUROPE: DEUTSCHE BANK +5,7%
The other banking stocks were in great evidence: Banco Bpm +3,2%, Pop.Emilia +1,2%, Ubi +1,6%. Carige bucked the trend (-4,26%) after the effervescence on the eve. The euphoria has also infected the sector at the European level. Deutsche Bank rallied 5,7%. In Paris SocGen gains 4,3%, BnpParibas +4,1%. Spanish banks are also running: Santander +4%, BBVA +3,1%.
FIAT CHRYSLER CANCEL THE DIESELGATE
Great expectations in Piazza Affari for the quarterly report of Fiat Chrysler (+0,88%) which will be communicated in the late morning. The share closed yesterday's session at 10,21 euros and almost filled the gap with respect to the prices of last January 11, on the eve of the outbreak of the Dieselgate case, when the share was worth 10,47 euros. On the accounts, Banca Imi analysts believe that the group (target at 10,4 euro) can fully achieve its objectives or even beat its own 2016 guidance, achieving revenues of 114,68 billion, adjusted operating profit of 5,86 billion, profit adjusted net debt of €2,58 billion and negative net financial position of €4,8 billion. On the other hand, the same analysts do not exclude that management may have booked some provisions pending a solution to the problem "which could take at least six months".
Counting day today also for Stmicroelectronics (+1,27%) which in the meantime benefited from the results of Texas Instruments (+1,95% on Wall Street), clearly higher than expected. Prysmian is also in positive territory (+0,8%).
TOD'S ALSO ADOPTS THE PATENT BOX
Utilities were weak, penalized by the increase in interest rates: Enel -1,5%, Terna -1,8%.
In the luxury sector, Yoox drastically decreased (-5,4%) on the downgrade of Exane, which cut the rating to Hold da Buy. Another promotion for Moncler (+0,33%). Citigroup raised its target price on the share from 17,1 to 20,9 euros, confirming the buy recommendation. Tod's (-0,30%) closed 2016 with a decrease in turnover, but with an improvement in the last quarter. The company announced the adoption of the Patent Box.
