The Chinese shadows on Fiat Chrysler did not vanish on August 8,1th. After Monday's leap forward (+0,56%) on Wall Street, the shares of the Italian-American group closed slightly higher (+12,67% at 0,20 dollars) in a weak market ahead of GM +0,64 .XNUMX% and Ford, down by XNUMX%, confirming that the markets believe in the Chinese offer on the Italian-American group, which has already been rejected by Exor.
But the hypothesis of an entry of Great Wall or another company from the Land of the Dragon remains topical after the Automotive News site, usually well informed, launched the news of the meeting in Detroit between a Chinese delegation and managers FCA in Auburn Hills, the American headquarters of the company led by Sergio Marchionne.
"After two years of the for sale sign being posted on the door of the company, someone has finally come forward", wrote Harry Velequette, author of the scoop, with no small amount of perfidy. In reality FCA, given the clear improvement in the financial situation, is today an attractive company, even net of Alfa and Maserati which Exor would have refused to sell, especially in the eyes of China. A unique opportunity to land in force both on the US and on the European market, without neglecting Brazil. ?
AFTER CHARLOTTESVILLE THE BIG DISTANCE FROM TRUMP
Also for this reason, the match promises to be only at the beginning, also because the attitude of the Trump administration and the possible countermove of GM, so far deaf to the alliance offers (better to sell) launched by Marchionne, will be decisive. Already today there could be news on the "diplomatic" front. Mary Barra, CEO of GM, will have to decide whether or not to join the big names in the business world who have turned their backs on Donald Trump after the president's ambiguous attitude in the face of aggression by the racist far-right in Charlottesville.
In protest against Trump, who spoke of opposing extremisms, the number one of Merck, the African American Kenneth Frazier, the CEOs of Intel, Under Armor and the CEO of Wal-Mart lined up: the panel of managers called to collaborate with the White House, already snubbed by Elon Musk, he has thus lost other pieces. In the American Manufacturing Committee there are 17 left against the 24 of the initial formation. In this context, Trump could lift his veto in the face of a possible Chinese purchase, or say yes, enticed by the promise of large investments and new jobs. For now, all that remains is to take note of the awakening on the FCA stock market, depressed in recent months by the investigations in Europe and the USA on the diesel front. Waiting for new Ferrari records, the guiding title of the awakening of Italian manufacturing.
US CONSUMPTION BEYOND ESTIMATIONS, THE NEW YORK FED FOR A NEW INCREASE
Meanwhile, the Stock Exchanges acknowledge that, at least for now, the threat of Korean missiles can be set aside. The price of gold, which dropped this morning to 1.272 dollars an ounce from Friday's highs (1.291 dollars), paid for it. In Asia the recovery of the Seoul Stock Exchange continues this morning +0,5% which drags the lists of the Asia Pacific area into positive territory. Hong Kong also on the rise +0,4 driven by the Chinese web giant Tencent +1,2% pending the announcement of the quarterly accounts. Tokyo also rose moderately, supported by the decline in the yen, due to the decrease in geopolitical tensions.
THE DOLLAR RISES, CONSUMPTION IS GOOD. BUT HOME DEPOT COLLAPSES
The positive data on consumption combined with the declarations of William Dudley, the influential governor of the New York Fed, who said he was in favor of a further increase in rates in 2017, favored the rise in T bonds (the 5-year bond rises by 2,275 points to 1,35%) and the yield on the two-year Treasury Bill, the most sensitive to changes in money-cost sentiment, climbed three basis points to XNUMX%, the strongest daily change in three weeks .
The traded dollar also advanced to 1,1702 (- 0,66%) against the euro. Little move on Wall Street, after the recovery of the last few days. Flat the Dow Jones +0,02%, down S&P 500 -0,05% and Nasdaq -0,11%. Despite the good trend in consumption (+0,6% in July, much more than expected) and good operating results, Home Depot suffers -3,9%. The market is pessimistic about the sector's prospects for the coming quarters. Lowes' competitors are also down -3%. Meanwhile, the descent of General Electric continues, slipping to 25,10 dollars, the lowest value in October 2015: Berkshire Hathaway, Warren Buffett's company, has announced new sales on the conglomerate.
STOCKS FALL, OIL RISES
Oil prices rose moderately this morning, after the larger-than-expected drop in US inventories last week by 9 million barrels, the sharpest drop in almost a year: Brent at 51,24 dollars a barrel, Wti at 47,73. Monday in Piazza Affari ?Eni? +0,3%,? Saipem +0,6%, Tenaris +0,3%.
BUSINESS SQUARE IS LOOKING FOR CONFIRMATION OF THE RECOVERY
The European lists reopen after the festive break and the strong recoveries on Monday. Worth noting is the modest slowdown in German industrial production, however up by 2,1% on an annual basis and the first documents on Brexit coming out of London: Theresa May is hoping for an enlarged customs agreement to reduce the shock of separation from Europe. You are cold with the European response: first let's define the costs of the past, then we will deal with any new agreements.
Piazza Affari restarts from Monday's 1,72% rise to 21.722 points, after having reached peaks above 2%. The other Stock Exchanges of the Old Continent recovered most of last week's losses, especially in the banking sector: Madrid +1,73%; Frankfurt +1,26%; Paris +1,2%; London +0,6%. The 2,008-year rate dropped to 2,032% from 161% at Friday's close. The spread with the same maturity of the Bund fell to 166 basis points from 160 points at the end of the previous session, after a fleeting foray below XNUMX.
ISTAT AND EUROSTAT DATA COMING SOON
This morning Istat will announce the gross domestic product data for the second quarter. If, as analysts forecast, another increase of 0,4% on a quarterly basis were to arrive (it would be an encore in the first quarter), Italy would in fact acquire an annual growth of 1,2%: a guaranteed level even in the event of stagnation in the second quarter. Given the recent data on industrial production and the positive confidence indicators, however, a rise in estimates to +1,4-1,5% for the whole of 2017 could be estimated. Also today, Eurostat will release the preliminary figures of the GDP of the euro zone in the second quarter: the median of expectations suggests growth of 0,6% on a quarterly basis and 2,1% on an annual basis.
BANKS AND ENEL IN SIGHT. IN ADDITION TO THE AGNELLI SCUDERIA
The attention of the market on Monday was practically monopolized by the Fiat Chrysler affair +8,1% to 10,42 euros. Exor +4,2% and Ferrari +2,9% are also in tension: Berenberg has raised the target from 90 to 110 euros. In Europe, the strongest increases were recorded by utilities and banks (European Stoxx index for the sector +1,8%). Among the former, strong progress for Enel +2,9%, A2A +1,8%, Terna +2,6%. Telecom Italia +1%.
Unicredit +1,8%, Intesa +0,6%, Ubi +3,2%, Banco Bpm +1,4% stand out among the credit instruments. The Big Europeans are also doing well. The French Société Générale rises by 2,8%, Deutsche Bank +3,5%, Santander, +2,8%. Generali advances by 0,3%, Unipol +0,6%.
HIGHLIGHTS LUXURY, RECOVER STM
To be noted again: among the industrials, a strong rebound after the losses of StM +2,4%. Leonardo +1,9%, +Buzzi +1,5%. In luxury, Yoox +2,9%, Moncler +2,4% and Ferragamo +2,5% stood out.
