(Il Sole 24 Ore Radiocor) – European stock exchanges are traveling without momentum, after the positive session on the eve of Europe and the United States and the good performance of the Asian markets. Investors are waiting for the quarterly season to kick off, to fully assess the recovery trend, among the expected accounts is the turn of Asml in the semiconductor sector and Tesla.
Though sentiment on company accounts i appears positive, the focus remains high on central banks: one of the Fed members, Christopher Waller, confirmed the start of the tapering in November without an imminent rate hike, but also said that if inflation kept the current pace even more aggressive interventions would be needed in the coming months. Further indications could come with the Beige Book, arriving in the evening.
It should be noted that the Bitcoin is close to all-time highs just under $ 64,000, after going on the eve not far from the record of $ 64,888.99, after the debut on the NYSE of the first cryptocurrency futures ETF, which closed up 4.9%.
Leap Falck Renewables, is approaching a bid price
Falck Renewables, which failed to make a start price, accelerates by over ten points and approaches the price of the takeover bid to be launched by IIF at € 8.81. Falck and the Infrastructure Investments Fund (IIF) have signed an agreement under which IIF will acquire the entire stake held by Falck in Falck Renewables, equal to approximately 60%. The price is € 8.81 per share, which represents a premium of 29.2% compared to the weighted average market price of the last 3 months, 40.5% compared to that of the last 6 months and 45.2%. compared to that of the last 12 months. The completion of the transaction is expected in the first quarter of 2022. After the closing, the IIF will promote the mandatory takeover bid on the remaining share capital, again at € 8.81 per share, with delisting as the objective. For Equita analysts, «IIF will support the growth of Falck Renewables under the leadership of Toni Volpe (current CEO). We raise the target price to € 8.81, in line with the bid price offered ». The rating for Equita remains hold.
Focus on the quarterly season
Investors’ eyes are also turned to the quarterly reports that continue to arrive from the United States, starting with big techs. After Netflix, which saw profits and subscribers rise also thanks to the “Squid Game” effect, the South Korean series that was seen by over 111 million people worldwide in the first four weeks of broadcast, a record for the platform. Ibm and a car manufacturer like Tesla. The quarterly accounts are very important to understand where the stock exchanges could move, because they can make it clear how much the increase in the prices of raw materials and energy is weighing on the accounts of companies. For now, the response from the quarterly reports has been good and above expectations, but in recent days, mainly banks have emerged. The market is eagerly awaiting the industrial companies, which have started publishing the accounts.
Utilities do well in Milan, Moncler down
Utilities, starting with Enel, already brilliant on the eve, but the best performance is that of Azimut, on the Milanese stock market. In positive terms the banks with Intesa Sanpaolo which stands up. At the bottom of the Stmicroelectronics list, which is losing ground together with Moncler. Pharmaceuticals are also weak.
Spread up to 105 points, yield rises to 0.96%
A slight increase in the spread between BTp and Bund on the secondary MTS market for government bonds. The yield differential between the ten-year benchmark BTp (IT0005436693) and the same German duration is indicated at 105 points from the 104 basis points of the last reference recorded at the previous closing. On the other hand, the yield of the benchmark ten-year BTp rose to 0.96% from the last position of 0.94% of the previous closing.