WALL STREET DRAG BAGS. BUT GOOGLE DISAPPOINTS
ITALY AT THE TOP. TODAY TEST FOR TELECOM PUBLIC COMPANY
The positive trend of Wall Street it was broadcast this morning in all the squares, from Brazil (+1,29%) to the Asian lists, all in positive territory.
It's an exception Tokyo -0,1% down slightly after the 3% jump on Wednesday on the wave of the Bank of Japan's indiscretion about forthcoming new stimuli.
Yesterday the race of the US stock exchanges on the back of good quarterly results and indications from the economy: industrial capacity utilization rose to its highest level since June 2008. Dow Jones and S&P 500 advanced by 1%, Nasdaq by 1,29, XNUMX%. In the end, Janet Yellen reiterated yesterday speaking in New York that employment and inflation have ample room for improvement and are still a long way from the goals that the central bank has set itself, which will not be achieved before late 2016. It follows that monetary policy will remain accommodative for a long time. In the aftermath of the Stock Exchange, however, the cold shower from Google's accounts arrived, announcing worse-than-expected earnings (6,27 dollars against 6,34 expected). In after-hours trading, the stock lost 3%. Facebook -1,5% is also under fire.
In Ukraine the weapons, at least for now, are silent and do not disturb the upward march of the markets. Meanwhile, inflation in the euro area remains very low (+0,5% in March) far from the level just under 2% hoped for by the ECB. Thus the expectation of an intervention by Mario Draghi grows. The price lists of the Old Continent are all positive. Madrid advances by 1,6%. Paris +1,3%, Frankfurt +1,5%, London +0,6%. The best stock exchange is Milan, which more than canceled Tuesday's reductions. The FtseMib index rose by 3,4% to 21.534 points.
ON THE MARKETS IT IS INCREASINGLY MADE IN ITALY
It was an amazing day for made in Italy finance. In the top three positions of the EuroStoxx 50 index we figure three Italian blue chips. In the order: Unicredit +5,8% Intesa Sanpaolo +4,5% and Enel +4,2%. The analysts of Morgan Stanley they raised the electricity company's target price to 4,2 euros from 3,85 euros. According to American analysts, the share price does not yet take into account the potential benefits of the restructuring plan. Morgan Stanley confirms the Overweight judgment. On the debt securities front, another record was recorded for the BTP: the 3,09-year yield fell by two basis points to XNUMX%, a new all-time low. Finally, the placement of the BTP Italy reserved for small investors with orders for 10,06 billion.
BANKS, POPULAR TO THE RESCUE
The rally of the index it was triggered by the strong recovery of the banks. In great evidence Where's Banca +7,5% after the announcement of the reorganization of the bancassurance activities with the partner Aviva: the balance of the jv changes while the commercial alliance is confirmed until 2020. The move was appreciated by Kepler Chevreux. In addition to the performance of the two big names, Intesa and Unicredit, and of Mediobanca +5,3%, it is worth mentioning the recovery of the Popolari: Banca Popolare di Milano +7,8% (start of capital increase confirmed at the beginning of May). Banca Popolare dell'Emilia Romagna +8,6% and Banco Popolare +7,9%. Fluctuating session for Monte Paschi which closed up by 2,7% at 0,231 euro, after yesterday's -10%. The waters were stirred by a launch by Reuters in which a board of directors was announced for today to discuss the proposed 5 billion capital increase. Subsequently, Reuters also published the denial of a bank spokesman. Great excitement also among small and medium-sized institutions: Carige +8%, Creberg +7%, Banco Desio +5%.
BITTER DEBUT FOR SOUL, MANAGED FLY
Bitter debut for Anima -3,6% on the opening day in Piazza Affari after the IPO which brought large foreign funds into the capital, even with stakes over the relevant threshold of 2%. The other asset management stocks shine: Azimut +3,7% recovers the losses on the eve, Mediolanum +3,5%, Banca Generali +3,5%.
TELECOM, RECCHI FOR PRESIDENT. STAY OUT OF GAMBERALE
Giuseppe Recchi president, with the decisive vote of the list of funds, the most voted (50,28%) in the meeting. In second place is the Telco list, which elects its three representatives to the board of directors. Stay out Vito Gamberale, supported by the Findim list. Here is, in summary, the outcome of Telecom Italia's shareholders' meeting +1,4% yesterday while the Rozzano marathon was underway (more than 11 hours between speeches, replies and votes). Since yesterday the company is in effect a public company, with a majority board of independents and a president voted directly by the shareholders as requested by Marco Fossati of Findim who, despite not being able to get Gamberale elected to the board, saw several of his requests accepted. The other big winner of the day was Marco Patuano, ad passed with full marks: the 2013 financial statements were approved by 98,5% of those present, representing 56% of the capital.
FIAT SPEEDS UP WITH MASERATI. BUT DEUTSCHE BANK HOLDS UP
"Orders are progressing incredibly well: Maserati is having a record year". As Sergio Marchionne in Amsterdam he anticipated the forthcoming doubling of the Ghibli production lines and the start-up of the Alfieri lines. Harald Wester, head of brands, said that production travels at the rate of 3.500 cars a month with the goal of 42 units for 2014 against 15.400 in 2013. Among the industrial stocks, Fiat gains 4,1%. within a European sector rewarded by money (+2,8%). Deutsche Bank has restarted coverage of the Dutch-based automotive company with the Sell recommendation, the target price has been set at 7 euros. The advice to go short on the stock is motivated by the expectations of a sluggish performance of the markets in Latin America. In March, car sales in Western Europe (EU 15 + Switzerland) increased by 9,6% compared to the same month in 2013.
ORDERS FOR SAIPEM. BIG SHOT OF LUXOTTICA
In the rest of the price list, it should be noted: collection of Finmeccanica + 2,3% after the post-nomination slide. Eni +1,6%. Saipem is up 3,5%. The company announced that it has received from Total an order worth approximately 4 billion dollars for the construction of two floating platforms anchored in the Angolan sea. StM rises by 1,3% driven by Intel's accounts despite the fall in Amsterdam of Asm -5%: the chip manufacturing machinery manufacturer has cut its profit targets for the first half of 2014. Contrasted with luxury: Ferragamo +2,9%, Tod's +2,7%, Moleskine -2,6%, Safilo +1,2%, Yoox +0,4%. Luxottica +2,1% following the signing of a new 10-year exclusive licensing agreement with Michael Kors. According to analysts, the license could generate around 100 million dollars in revenues when fully operational. Among the medium caps: Mittel rises by 12% in view of the exit from the shareholding structure of Tassara. Andrea Bonomi's Investindustrial is coming. Brembo +6,4%, La Doria +3,7%.
