Other than vacations. Multiply it bursts the news on the front of global finance, confirming that the march towards the rise in US interest rates has already set in motion a series of reactions (see China) and consequences (see Russia) .
Meanwhile, on the front of the company, Corporate America is rapidly moving.
On the macro:
1) Beijing’s response to the economic slowdown did not have to wait long. This morning the Central Bank, surprisingly, has cut the official rate of the renminbi against the dollar by 1.9% to 6.2298 triggering a series of reactions to the bottom between the currencies of the Pacific is: Misses Australian dollar (- 1.3%), the currency of Singapore (-1%), volatile yen. The Chinese move, in response to the slowdown in exports, is likely to trigger a currency war.
2) After the Chinese move the dollar rises, uncertain stock exchanges: Tokyo -0.2% uncertain lists Chinese (Shanghai -0.6%. After soaring on Monday (+3.5 % Brent), hold back the raw materials: the devaluation (that will not stop here, according to experts) will slow Chinese purchases of copper and oil.
3) The Russian , under pressure from the drop in oil, it slipped in recession: -4.6% GDP Moscow. The ruble is under 37% against the dollar since last May.
4) Dennis Lockhart, the influential governor of the Atlanta Fed, the most reliable thermometer moods of the central bank, insists: “I think – he I said – that the time of the rate hike is near. ” The euro is at 1.0975 on US currency.
BUFFETT FLASHING WALL STREET. BORN ALPHABET, GOOGLE + 5%
Meanwhile, on the corporate front, Wall Street is in great movement.
1) Twist, in the evening in Google . The founders, Larry Page and Sergey Brin, have announced a major restructuring of the colossus of the new economy. It will come under the direct control of Larry Page, a new holding company, called Alphabet , which will report the operating companies. The most important is Google, alongside, among others, from Life Science, dedicated to health. Google will be assigned to guide Sundar Pichai, already responsible for managing the search engine. After the announcement Google shares were up 5% , adding $ 25 billion to the valuation of the stock.
2) Great Leap shares of Precision Castapart +20% after the acquisition by Berkshire Hathaway, the holding company headed by Warren Buffett who has offered 37.2 billion of dollars for the group, which specializes in production of high-precision metal components for the aerospace, energy and industrial applications. “It ‘a long time that I admire activities Castapart Precision, one of the suppliers of the highest quality in the aerospace and defense sector, a major source of exports US,” Buffett said the same.
3) The operation Buffett, together with other shots (see the purchase by Alibaba distributor Suning Electronic Commerce for $ 4.6 billion) contributed to a session “power”: Dow Jones + 1.39, S & amp; P 500 + 1.28%, Nasdaq up 1.2%.
EUROPEAN BAGS OK. NEAR AGREEMENT WITH ATHENS
All the positive European markets, driven by the long wave of rises on Wall Street and by the expectation of monetary stimulus coming from China. Also positive news coming from Athens. Negotiations on the loan commitments of Greece and ESM could end today. The document would then be submitted to the Eurogroup Friday 14, and then proceed to the payment of the bill in Parliament on August 18. You could well prevent a new bridge loan to cope with the installment to the EU expiring on August 20.
The Milan Stock Exchange, he closed the meeting Up: FTSE MIB + 1.1% to 23966 points. Paris gained 0.7%, 0.9% and Frankfurt London 0.2% unchanged. The rise was led by technology companies (Stoxx + 1.3%), construction companies (Stoxx + 1.1%) and commodity companies (Stoxx + 1.4%). On the bond market the yield of the Italian state stood at 1.84% with the spread BTP / Bund to 113 basis points . Also drops of 70 points to 1000, the spread between Greek bonds and German Bunds.
SECURITIES OIL: GOES BACK TENARIS, SARAS VA IN ORBIT
Stable Saipem + 0.06%. Eni closed up 0.5%. But the rebound in oil prices, combined with weak prices in the sector has encouraged the return of interest on Tenaris + 3.3%, the world leader in tubes for the oil industry. Equita reiterated Buy rating, raising the target price to EUR 15.50 from EUR 14 previously. Even more sensational the leap of Saras + 7.3%, helped by the favorable environment in refining margins. After the results and the prospect of returning to the dividend after a long fast (the last coupon dates back to May 2009) Nomura has raised its target price to 2.5 euro from 2.0 euro, confirmed the Buy rating.
Kepler Cheuvreux brought the target to 2.70 euro from 2.25 euro. Barclays finally led him to 3 euro from 2.20 euro. Analysts of the British bank will push to estimate a coupon of between 0.14 and 0.20 euro per share, which would correspond to a dividend yield (yield) between 6 and 10% calculated on the actual listing.
Positive utilities: Enel + 0.5%. A2A + 0.7%, + 1.2% Snam, Terna + 1.3%. Atlantia + 2.2%.
RAIN TO BUY FOR BANCO POPULAR
The Running of the bank was led by Banco Popolare up 3.5%. UBS wrote this morning that the data for the quarter, released Friday evening, a total exceeding expectations. Banca Imi which raised its price target to € 17.48 from € 17.13, confirming the recommendation Add (increase). Positive assessments of other analysts, Deutsche Bank (Buy, target price at 18.40 euro) to Equita Sim (price target to € 16.80 from € 15.9, Buy), SocGen (tp 18 € to 17 €, confirmed Buy), Citigroup (Neutral, target to € 16.50 from € 15.90).
More critical-Kepler Cheuvreux: Reduce confirmed (lighten), set a target price of 13.20 euro. Well even the Big, awarded by Nomura: Intesa Sanpaolo + 1.4% (target price to 2.90 euro from 2.60 euro, judgment Neutral) and Unicredit + 1.4% (target price to 7.10 euro from 6 , 50 €, Buy recommendation). Ubi Banca also rising + 0.5% and + 1.2% MontePaschi. General + 1.5%, + 1.2% Mediolanum.
ASTALDI, NEW RECORD THANKS A4
Among the industrial StMicroelectronics well (+ 1.4%), Fiat Chrysler (+ 1%) and Prysmian (+ 1.8%). Finmeccanica + 0.6%. New record for Astaldi + 3.3%. Abertis has signed an exclusive agreement for the possible purchase of A4 Holding, which controls the Italian motorways A4 (Brescia-Padova) and A31 (Vicenza-Piovene-Rocchette). Among the members of A4 Holding is also the group of Roman buildings. Sogefi down -3.4%. Mediobanca has lowered the rating to Underperform from Neutral.
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