Markets looming shock for the carnage of Paris. The opening of the Asian markets coincides with the news of the raid on the French aviation Raqqa, the capital of the Isis. But it starts without giving in, for now, the risk of panic selling.
The opening of the European forecasts are not dramatic. Paris: CAC 40 index fell by 111 points to 4697 points. London: FTSE 100 -45 points to 6,073. Frankfurt Dax index -145 points to 10,563. It seems averted the danger of a psychological collapse, but remain problems related to braking of the economies, the fear of rising US interest rates and raw materials crisis.
The oil showed a slight gain: + 1.2% to $ 44.98 a barrel after the massive losses (-8%) last week. Even the modest rebound of gold (+ 0.8% to $ 1,092 an ounce). Negative the Asian markets in the second half but after the first price: Hong Kong -1.6%, -0.9% Tokyo. The Chinese markets contain losses at half a percent. The most affected sector is that of the airlines: Virgin Australia loses 7%, China Airlines -3.2%. Cathay Pacific -2.3%.
YUAN MORE ‘WEAK AFTER AHEAD OF IMF
The trend of the markets influenced by the GDP data Tokyo. Japan is officially back in recession. In the third quarter the economy of Japan fell by 0.8%, more than expected by official estimates. And ‘the second consecutive decline (-0.7% in June to open it), largely due to the decline in investment (-1.3%). More encouraging data on consumption (+ 0.5%). And ‘unlikely that the news push the Bank of Japan to promote new expansionary measures.
The price of the yuan was fixed this morning at 6.3750 against the dollar, falling in the first session after the decision of the IMF to include the Chinese currency in the club of currencies making up the special drawing rights . The Director General Christine Lagarde said that the Chinese currency fully meets two basic requirements: the movement spread globally and responsiveness to market criteria to determine the price. The formal decision is expected for 30 November. It ‘a great success for the policy of the President Xi Jinping, determined to accelerate China’s transition from manufacturing economy to a model more focused on services.
TODAY DATA ON INFLATION. TALK DRAGONS
The geopolitical bursts economic agenda. The focus of the market is now focused on the G20 in Turkey where large will discuss the Syrian crisis. This morning we will release data on inflation in the euro zone. At 11 in Madrid’s up to Mario Draghi give an initial response to the anxieties of the markets for the attacks, which however have inflicted a heavy blow to consumer confidence: the ECB President may provide new information on the measures that the ECB is preparing to launch the December 3. Before that date, Draghi will speak Friday assembly of the German Banking Frankfurt- It ‘also provided a statement by the President of Bunderbank Jens Weidmann.
Meanwhile, in New York opens today the Robin Hood Investor Conference, the ‘actual date of the big hedge fund managers. Traditionally is the forum in which you compare the investment ideas of the protagonists of the market, by Daniel Loeb of Third Point to David Einhorn of Greenlight Capital and Whitney Tyson Kase Capital.
STARTS FROM MILAN -3%. A MEDIASET THE SHIRT BLACK
The Parisian drama is sealed on markets already stressed in expectation of rising US interest rates. Friday on Wall Street the S & amp; P closed down 3.6% the worst week since August. The worst sector was that of energy stocks (-7.1%). Sharply downward even retail stocks: Macy’s, Netflix and Priceline have lost 5.2% in the last five sessions. There are great expectations for the quarter of Wal-Mart YTD accuses a decline of over 30%. Also hurt European markets. They did worse than the other squares of the Old Continent: the worst was Paris (-3.5%). The overall index of European stocks Stoxx 600 lost 2.6%, year to date gains to 7.8%.
Milan left on the ground 3%. The gain YTD tapers to 14.8%. Scores of performances stand out at the weekend BPM (+ 6.55%) and B to (+ 4.12%) in front of Campari (+ 3.70%). Well Enel (+ 2.24%). A long list of losses. Among the bank Monte Paschi down (-7.40%) in front of Unicredit (-5.57%). The title worse, with a fall in double figures, was Mediaset (-10.27%), ahead of Ferragamo (-10.05%). The artist returned to the levels of January to 21.94 Euros. Heavy also the fall of Exor (-8.50%) after the placement of the 5% stake.
S & amp; P CONFIRMS RATING ITALY. HELLRNIC BOND SHOOTING
Friday night Standard & amp; Poor’s confirmed the long-term sovereign credit ratings on Italy to BBB-, with a stable outlook, the last step of the so-called ‘investment grade’ and is the slowest of the four agencies followed by the ECB. S & amp; P had downgraded Italy a notch in December last year.
Meanwhile, the Canadian agency DBRS confirmed the rating B Portugal, that will avoid a bailout of purchases of securities by the ECB. Good news on the eve of the engagement of government at the center left. Improves Greece. The yield on ten-year greek, jumped to 18.7% in July, it is back below 7%: for those who dared to risk it was the deal of the year. u
CHRYSLER FIAT PROMOTED BY MOODY’S
Fiat Chrysler earned Friday night promotion from Moody’s from stable to positive. The decision, said in a statement, “reflects the expectation that Fca continue to benefit from the favorable sales trends in the regions NAFTA and EMEA over the next 12 months, along with the planned launch of new models and measures to increase the power of money, sustain its profitability. “
ENEL AND TELECOM AT HEAD OF BROADBAND
New test market for Enel, after the green light of the board two “extraordinary” transactions: the merger with its subsidiary Enel Green Power and the establishment of a new company to invest in broadband, the telecommunications network of new generation.
The entry of Enel in the TLC match is also linked to developments at home, Telecom Italy, owner of the copper network. The Italian leader in the sector has launched an investment plan of 700 million for the wiring of 100 major cities, but has no plans to participate in a network society “in condominium”. In the spotlight moves to Vivendi: Vincent Bolloré aims to strengthen the position in view of the dilution due to the conversion of savings.
UNIPOL: THE COOP shorten CHAIN CONTROL
Also waiting for the reaction of the markets to the advances of the weekend on plans to restructure the planet Unipol. There will be no merger of Unipol group and UnipolSai but a strong simplification of the control chain upstream holding. Finsoe will be dissolved, the box that houses the 31.4% of Unipol will be distributed to the newly Coop Alliance 2.0, which will be the 21.45%, while Holmo will have 7.48%. The Unipol securities are carried at Finsoe at a price of 9.95 euro well above the current share price of 4.48 euro, a difference that, according to hondin, is justified by the majority of the premium.
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