financial
Square Business dress in red, the bad financial
Brusca turnabout for Piazza Affari. The debacle of the bank is pushing into the Mibtel negative territory (-0.1%) and Fib, fell to 26,630 points, the lowest of the day. Unicredito (-2.8%), Sanpaolo-Imi (-3.5%), Capitalia (-3.3%) and insurance Ras (-3.8%) and Generali (-2.76%) are among the worst of Milan.
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European financial sheer
Thursday to forget for the European banking sector. The letter is in fact breaking down heavily on ABN Amro (-7.8%), BBVA (-4%), Deutsche Bank (-3.7%), SocGen (-3.3%), Bsch (-3%), . Too bad too as Axa Insurance (-5.48%), ING (-5.3%), Munich Re (-4.2%), but also the financial and especially Fortis (-4.9%) . The market fears that the continuing corporate scandals and bad information on the collection of funds can erode the margins of large groups.
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M. Stanley: possible upside of 20% for BBVA and SCH
Morgan Stanley believes that Spanish banks have been overly penalized in recent months, in a scenario that is moving increasingly toward a global economic recovery. There remain some risks to South America, but when the financial situation of Argentina and Brazil is absolutely dramatic. The U.S. broker sees scope for upside of more than 20 percentage points on BBVA and SCH.
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Wally immediate effect: European red squares
Immediately behind the main European financial markets experiencing a strong closing shades bearish Wall Street. Paris is groping more and now gives 1, 1%. Behind him, all the others: Frankfurt (-0.8%), Footsie (-0.78%) and Ibex (-1.3%).
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KBC confirms buy-Earnings, target drops to $ 35
Analysts at KBC Securities maintained a Buy recommendation on the title but STMicroelectronics lowered its price target 40 to $ 35 after the recent fall in prices (the action has lost 30% of the NYSE in recent 3 months). Nokia, which is the largest customer STMicro, Intel and the U.S. are expected to upgrade the current quarter and analysts fear a disappointment by both companies, with negative repercussions on the entire technology sector. Also, weighing on the French / Italian group the next schedule of lock-up. Nevertheless, KBC believes that STmicroelectronics is the best title of its sector, with financial situation is reassuring, a strong growth forecast in terms of sales and high investment spending on capital (CAPEX). Right now, STMicro shares are traded in Milan at 26.82 euros (-4.04%).
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Ing, the lion shines among orange tulips
Excellent performance for the Dutch giant. Ing is in fact rising by almost 5% with the title changing hands at 28.82 euros thanks to a brilliant quarter. The rally called “orange” is also pushing the Euro Stoxx Industry: +2%. Dutch financial group closed the first quarter of 2002 with profits increasing to 1.136 billion euros from 1.131 billion last year, saying earnings per share for the whole 2002 could exceed 2.20 euros registered in 2001.
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Fiat in contrast, today’s second round of meetings
After a positive start, turns in a negative way the Fiat, which yields 0.13% at an altitude of 13.6 euros. Today in Turin will host the second day of meetings with the financial community that will analyze the issues and the plan for restructuring the group.
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The London Stock Exchange debut at City
The London Stock Exchange (LSE) today made its debut as a listed company. The descent on the Stock Exchange is the first step towards what are the objectives of the company, or the conquest of leadership among European financial markets. The London Stock Exchange is in fact seen as a potential acquirer of smaller squares, like Milan and Madrid, already courted by Euronext and Deutsche Borse in Frankfurt. The LSE is hoping that the stock will lead to value creation for shareholders through the various links that will be created between platforms and financial partnerships that will require a corresponding reduction in costs. Title LSE opened this morning at 385 pence, but right now is trading at 370 pence.
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BT cuts jobs at the division Web
While investors’ attention has focused on Telecom BT decides to cut 200 jobs from its Internet unit BT Openworld. The financial world waits carefully the restructuring plan of the company should implement in the coming months many spin offs. The title marks at this time in London -2%.
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AXA BNP Paribas Recommends
Analysts at BNP Paribas Equities have expressed a positive view of French giant Axa, the world leader in insurance. According to BNP Paribas, the target price of the license is 200 euros, with growth potential of around 40%. The positive view on the French insurance company came after the announcement of Axa’s sale of Banque Worms to Deutsche Telekom. This operation, according to analysts at BNP Paribas, Axa should allow to refocus its activities on financial services, allowing it to become a world leader in the field of life insurance and asset management. The title, quoted on the CAC 40 in Paris, swap to 143.3 euros in bending of 0.14%.
