The US economy is losing speed, as evidenced by the slowdown in GDP in the first quarter (only +0,7%). But Wall Street doesn't care. Thanks to Apple, which tonight, after the markets are closed, will reveal the accounts for the quarter. In the meantime, the race for the Apple has already started. Apple stock (+2%) reached a new all-time high at 146,68 dollars, dragging the other big names in technology to new all-time records: Alphabet, Amazon, Facebook and Microsoft.
Analysts forecast revenues for Apple of 53 billion dollars, equal to 2,02 dollars per share (+5%) and do not exclude an increase in the buyback. Sales of the iPhone shouldn't disappoint expectations even if the experts are already focused on the first previews of the model that will be presented next September, on the occasion of the iPhone's tenth birthday.
There is also a lot of curiosity about the amount of cash: Apple's coffer, according to the Wall Street Journal, may have reached the record figure of 250 billion dollars. More than the foreign exchange reserves of Canada and the United Kingdom. A treasure that the Cupertino giant could bring back to the US if the tax rebate promised by Donald Trump is approved.
THE FED SUMMIT AT THE START: RATES EXPECTED UNCHANGED
The rally in the technology sector allowed the Nasdaq (+0,73%) to establish a new record at 6.091,60 points. The S&P500 also did well (+0,17%). The Dow Jones, on the other hand, lost 0,13%. After the disappointing growth data (GDP +0,7% at the end of the first quarter), the markets are looking with some apprehension at the April employment numbers, due out on Friday.
The slowdown in the economy will be examined today and tomorrow by the Fed's monetary committee. The forecast is that the FOMC will postpone the new rate hike to June, but more precise indications could arrive on the timing and methods of reducing the central bank's balance sheet .
TRUMP: I'M READY TO MEET KIM
Meanwhile, President Trump, having archived the celebrations for the (unmemorable) first hundred days, has cashed in on the agreement with Congress. The ultimatum on the federal budget is postponed to September: the government will have 1,1 billion to get the public machine going. But to get the yes, the president had to give up the wall with Mexico. And, so as not to deny himself one last coup de theatre, he has announced that he is "honoured" by meet the Korean dictator Kim Jong Un under the "right conditions". to defuse threats from Pyongyang.
The prospect of a peaceful solution to the Korean crisis, together with Apple's push, favored a rising session in Asia as well, despite the slowdown in the Chinese economy. The Topx index rises in Tokyo by 0,7%, Hong Kong +0,4%, Singapore +0,9%. Samsung +0,9% pushes the Korean Kospi index to new highs. Weak oil, the source of the increase in production I Libya. Brent trades at 51,44 dollars. Balance sheet data from BP and Shell will be released in London today.
JUNCKER: “MAY IS A DELUCUOUS”
In Europe, the data coming from the PMI indices should signal the acceleration of manufacturing activity in the Old Continent this morning. But the markets' attention remains focused on political news, in view of next Sunday's French presidential ballot.
Meanwhile, the tension on the Brexit front is rising. The Frankfurter Algemeine revealed that the meeting last Wednesday between Jean-Claude Juncker and Theresa May it was “literally a disaster. I'm leaving Downing Street ten times more skeptical than before – Juncker allegedly said in a phone call with Angela Merkel – May lives in another galaxy and is having illusions”.
Among the issues of contrast, relations with the City stand out: the European Union intends to impose Brussels' rules on the City's clearing activities, forcing British operators to move to the Continent or to accept inspections by EU officials.
ALITALIA COMMISSIONER, CAR DATA TONIGHT
In Italy today the economic maneuver arrives in Parliament: speeches in the commission by the Minister of Economy Pier Carlo Padoan, the representatives of the Court of Auditors and the number one of the Revenue Agency, Rossella Orlandi, are scheduled for tomorrow.
It is the decisive day for Alitalia: the shareholders' meeting will formally request the start of controlled administration. The commissioners will arrive tomorrow.
Tonight data on car registrations for April will be announced. Piazza Affari is preparing for a series of important corporate events.
DE PUYFONTAINE AT TELECOM SUMMIT, VEGAS PUZZLED
In the spotlight Telecom Italia. The accounts for the quarter will be announced tomorrow: good data on turnover are expected and above all a continuation of growth in the gross operating margin. The meeting will be held on Thursday which, barring surprises, should approve the appointment of Vivendi Arnaud de Puyfontaine as chairman of the CEO, despite the opposition of the Consob chairman Giuseppe Vegas, who defined this decision by the majority shareholder as "not irrelevant".
On the other hand, the role of proxies will certainly be relevant, the companies that collect the proxies to vote from shareholders, and above all from institutional investors (funds, foundations, insurance companies), also providing customers with advice on individual shareholders' meetings. Some have openly lined up for the Assogestioni list, but in the last few days, others have gathered a good number for Vivendi.
LEONARDO IN THE FORE. MONTEPASCHI N SHAREHOLDERS' MEETING
Also scheduled for tomorrow are the quarterly accounts and the shareholders' meeting of Leonardo ex Finmeccanica, the occasion for the debut for the new Alessandro Profumo.
The assembly of Monte Paschi will also be held for the approval of the 2016 accounts. The latest EU inspection revealed losses higher than those calculated up to now and which weigh in the calculation of the state intervention. Then there remains the crux of the sale of non-performing loans recorded in the balance sheets at a value of around 30 per cent, much higher than market prices.
The calendar of the week continues with the Enel shareholders' meeting (Thursday) and the data for the first quarter of Intesa San Paolo (Friday 5 May).
WORLD EXCHANGES UP FOR 6 MONTHS, AS IN 2007
Making the usual exorcisms, it is worth noting that in April the Morgan Stanley Capital Index World, the index of all world indices, rose by 1,6%, thus reaching the sixth consecutive month of rise. It hadn't happened for ten years, ie from the July 2006-January 2007 cycle, before the outbreak of the subprime crisis.
Leaving aside the unfortunate precedents, it should be noted that Piazza Affari closed the month of April with a positive change of 0,9%, in line with the result of the Frankfurt Dax index. Richer monthly budget for the Cac 40 in Paris, kissed by the Macron effect (+3% thanks to this last week's rally). The EuroStoxx 50 index marks a rise of 1,7%.
Equities and bonds rose, above all those from the European periphery: +0,5% for 10-year BTPs, +5,5% for Greek ten-year bonds. Modest appreciation also for the 10-year German Bund: +0,2%.
April was also a positive month on Wall Street (+1%), Nasdaq, +2,4%. In Japan, the Nikkei index gained 1,5%. The Morgan Stanley Capital Index Emerging Markets rose 2,2%.
