CAUTIOUS BAGS, AGAIN BULL MILAN AND MADRID
MORGAN STANLEY PUNISHES TWITTER. AND TOKYO BRAKS
With 56 votes in favor (including 11 Republicans) and 26 no Janet Yellen yesterday he cleared the last hurdle in the way of the Federal Reserve chairmanship effective February 1st. She will be the first woman at the top of the bank in 100 years, but also the first Democrat since the appointment of Paul Volcker in 1979. The expected news has not warmed up the markets, where the correction at the beginning of the year continues, after the rally at the end of 2013 .
Back off Tokyo -0,62%, contrasted Hong Kong +0,34% (but the Chinese stock index falls), Shaghai and Shenzhen hang in the balance.
Much uncertainty also a Wall Street: S&P 500 – 0.25%, Dow Jones Industrial – 0.27%. The Nasdaq is worse -0,44%.
The current stalemate will last until the release of labor market data on Friday. But the most awaited appointment, by now, is the FOMC summit of 28-29 January, Ben Bernanke's last time. Morgan Stanley's cure on Twitter weighs on technology -5% . Instead, the stocks of solar panel manufacturers are in the spotlight. SolarCity is up 8,2% after Goldman Sachs added it to the "conviction buy" list.
Gold is up for the fourth time in a row and is trading at $1.241 an ounce. The drop in the price of gold last year (-28%, the sharpest drop since 1981) caused a 15 billion hole in the contracts of the Swiss central bank which thus eliminated the dividends for this year in favor of the cantons .
In Europe, uncertain the major lists: London closes on parity, Frankfurt slips by 0,08%, Paris -0,47%.
Instead, the state of grace continues South Europe: Madrid scores the best performance on the continent with a rise of 0,96% ahead of the Milan Stock Exchange +0,63%.
However, the government bond market rebounds the Bund BTP spread to 201 (+5 basis points). The yield on the Italian 2-year bond rose by 3,93 basis points to 1,91%, that of the Bund fell by two basis points to XNUMX%.
SUPERSTAR BANKS. AND THE GAMES ON MPS AND BPM START AGAIN
The protagonists of the session in Milan were the banks. Unicredit +3,3%, Intesa +1,1%. Mediobanca +2,4%. Banco Popolare +3,1%.
Among the banks, it stood out Monte dei Paschi, up 2,15% to 0,1805 euro while awaiting the next board of directors which will probably be brought forward from 16 to 13 or 14 January. The decision will be made during the day while negotiations continue for the transfer of part of the Foundation's share to the consortium headed by Cariplo.
Important day also for Bpm. The chairman Piero Giarda has convened the supervisory board for today to start the process which, by 13 January, should lead to the nomination of the chairman of the management board: the dean of Cattolica Banking Sciences, Mario Anolli, is the favourite. Then it will be the turn of the managing director, for whom Giuseppe Castagna remains a candidate.
THE RACE FOR TIM BRAZIL DEFLATED.
The great protagonists of the beginning of the year set the pace. Fiat it popped up only +0,59% to 6,8 euros after the run of the last eighth. Telecom Italia unchanged after Telefonica said it was not part of a vehicle for the potential launch of a joint bid on Tim Brasil and did not have details on such a deal.
Eni +0,57% to 17,58 euros on the day the buy-back program started, of 10% of the capital preparatory to the sale of the 4,3% held by the Treasury. It won't be a quick operation, if you think, recalled Paolo Scaroni, that "it took us 10 years for the previous 9%". But privatization will happen much sooner. In the meantime, Pakistan's oil and natural resources minister, Shahid Khaqqan Abbasi, and Paolo Scaroni met in Karachi yesterday to take stock of the group's activities and projects in the country.
UNIPOLSAI, 6,5 BILLION AT DEBUT
Cautious debut for UnipolSai, the second largest insurance group in the Peninsula which groups premiums for around 15 billion euro, against Generali which in the Peninsula reaches around 13 billion, but over 20 if the subsidiaries are also considered. The share closed almost unchanged at 2,45. The total capitalization is 6,5 billion. In the coming days, the stock will remain in the spotlight as the outcome of the negotiations with the Belgian Ageas for the transfer of 1,7 billion in premiums requested by the Antitrust is awaited. Times are tight because the authority expects a response by January 15th.
