finance
The week is not the financial part auspiciously as this morning, the Tokyo Stock Exchange closed with a fall of more than 2%, reaching its lowest level during the last three weeks. Piazza Affari meanwhile, opened with a slight rise of 0.23% despite the false start of STM, Fiat, Unicredito and IntesaBci. Early positive signs, however, for Tim, Telecom, General and Fineco, former Bipop.
The heavy descent followed the negative data coming from the United States on consumer confidence in Michigan has been followed by a timid rebound final. In Milan, the session was closed with a Mibtel index fall by 0.65%. The center of the descent were still banking that they can not raise his head. Some groups then, as Sanpaolo, are at risk of downward revision of estimates for the second quarter and this worsens the mood of investors. Unicredito and even bad IntesaBci. Terrible’s sitting Capitalia and savings gestito.Hanno closed in positive Snam Rete Gas, Tim, Telecom, Pirelli, STM and Benetton.
Capital -2.7% -2.8% IntesaBci, Sanpaolo -3.2%, -2.8% Unicredit between banks, and continue with Generali to -2.4%, Ras -3.6% and -4% Alliance. Even today, sitting for the financial statements is horrible. “Italian banks have a sore stomach for all that you have ’swallowed’ right now,” says an operator of a note sgr who prefers not to quote. “And it is the activation issues to advise the market to sell these securities, a bit ‘as happens in France where many institutions have claims against companies such as Alcatel and Vivendi. Many operators are concerned that there are other claims ‘difficult’ and waiting for the half-sell “.
The slight rebound today’s markets are not convinced that much of the trader. “There is too much tension. The continuing corporate scandals, but also the escalation of international tensions are not helping the lists,” says Vincenzo Russica trader at ABN Amro. “These days it is important to see the movement of Brent. The attempted coup d’etat in Venezuela and the growing nervousness that drives the White House against Iraq have pushed the futures price of oil to test $ 26.50 to barrel, thus scoring an increase of 12% in just over a month. Only if rasserenerà climate we say that the worst is over.
“With the acquisition of Longoni, we strengthened our role on the Italian market by building a barrier against the possible landing of foreign players.” Gabriella Spada, President of Giacomelli, is extremely satisfied with the transaction announced today. The euphoria also covers the newest X-Sport, the new store dedicated to a high-end clientele. “We opened two offices in one month (Cremona and Cagliari),” continued the young manager, “whose early findings are very encouraging sales. We expect, therefore, to reach the break even point in time (late 2004) and 2005 130 by opening new stores throughout Italy. The goal is to be, therefore, stronger inside national borders. But not only. “By 2002 we will open our stores in Russia, to be followed by the landing on Romanian soil.” Eastern Europe is an area where the group of retail sporting Romagnolo tip with strong interest. A choice that also stems from the flop and the recent closure of several stores that had been launched in France and Germany. At this moment the title Giacomelli is suspended downward and is worth 1.83 euros per share.
“The point of reference for the Italian market and for all price remains the main S & P 500,” says Gabriele Malott Studies and Investment Securities. “An important support level on the S & P 934 and you’ll find on the weekly closing below this value would have decidedly negative implications. Regarding the FIB30, the main supports are at 27,460 and then at 27100/27200 whereas resistance is the first installment 28,350. Malott does not exclude that there may be short of elongation, but these should be short-lived and must therefore not create false illusions. “The market is still nervous, vulnerable, and is heavily dependent on America. We are likely in the short term, but the attitude of investors must be characterized by the utmost prudence. Who wants to buy, must act in the interests of short, satisfied even marginal gains. Moreover, it is essential to the application of stop loss close enough to limit the risk of losses, “concludes the analyst.
The contract between Cairo and Telepiù communication, for which the company trades on the New Market collects advertising, will expire in 2007. Urbano Cairo has said it during a presentation to analysts, in which Cairo has recalled that “the contract when we bought the dealership gives us from the possible handover of the satellite.” Canal Plus is in talks with News Corp for the sale of a Stream Telepiù el’affare could lead to a change of dealer, in the absence of a binding contract. For 2002, Cairo expected to increase collection point for the only TV at least 13% compared to a slight decline in the market.