The first cracks begin to crack the pillars on which the stability of the global economy rests: the main supplier of Apple (-2,8%), the giant Taiwan Semiconductor (-5,7%), has launched a profit warning, signaling the decline in smartphone sales.
The drop in consumption combined with the rise in the cost of money is at the origin of the collapse of Philip Morris (-15,6%) and of the parent company Altria (-6%). The giant Procter & Gamble also fell (-3,3%), on the wave of the drop in requests from large-scale distribution.
To compensate for the losses, on the market front, there are the gains of oil stocks and the rebound of the financial sector, supported by the upward trend in interest rates. But the feeling is growing that the economy is destined to slow down, without the Fed, frightened by the return of inflation, showing a willingness to slow down the rise in interest rates.
CHIPS ALARM WEIGHTS ON ASIA: SAMSUNG -2,2%
The alarm on the chips conditioned the last session of the week of the Asian lists. Weak Hong Kong (-0,3%) and Tokyo (-0,1%). In Seoul, Samsung drops 2,2% amid fears of a decline in Galaxy sales. The Taiwan Stock Exchange, the one with the highest presence of semiconductor manufacturers and electronics companies, was the worst this morning in Asia: Taipei's Taiex index -1,2%. China's stock markets are down. Hong Kong -0,4%. Csi 300 index of Shanghai and Shenzhen -1%.
Closing down yesterday also for the US markets: Dow Jones -0,34%, S&P 500 -0,57%. The Nasdaq fell 0,78%. The march of bond yields continues, with the 2,9-year bond above 8%. However, the crisis does not affect financials: American Express, the best stock, is up XNUMX%.
BRENT UNDER $74. TODAY THE SUMMIT IN ARABIA
Brent fell this morning from the three-year highs reached yesterday over the threshold of 74 dollars, the highest since 2014. The latest price fluctuated around 73,65 dollars a barrel. The market has become more cautious awaiting today's meeting in Jeddah of the Joint Technical Committee meet in which both Opec and non-Opec countries participate, which could lay the foundations for new production targets. Each recommendation will then be ratified at the June meeting.
In Piazza Affari Saipem closed on parity, eliminating the gains of the session. Tenaris +0,6%, Eni +1%.
IMF: SPAIN RICHEST THAN ITALY
Even in Europe there are signs of a slowdown in the economy. A more precise indication will come today with the data on consumer confidence. Meanwhile, reading the spring report of the Monetary Fund reveals that, with purchasing power parity, Spain has surpassed Italy. The income of the Spaniards will be 2023% higher in 7 compared to the Bel Paese which in 2011 was ahead by 10 points. If the trend is not reversed, Slovakia and the Czech Republic will overtake us that year.
Futures signal a moderately uphill start for continental stock exchanges. In Milan, the index closed yesterday at 23.792 points (+0,14%). Volumes settled at 2,56 billion euro. The other bags are flat. The worst is Frankfurt (-0,19%). Between London (+0,14%) and Madrid (+0,11%).
Paris (+0,21%) was the best stock exchange. The Vivendi shareholders' meeting (+3,24%) approved the appointment of Yannick Bolloré as president replacing his father Vincent.
THE SPREAD IS REDUCING, INCOMING 3,75 BILLION CTZ
The Italian secondary closed down after the rally of recent days, but the spread with the German Bund also decreased, given the worst performance of securities across the Rhine which climbed back to 0,60%. In closing, the gap dropped to 117 points. The 1,78-year yield settles at XNUMX%.
The Treasury has announced that in the auctions of next Tuesday, April 24, between 2,75 and 3,75 billion euros in total of Ctz and Btpei will be offered to investors. In detail, the third tranche of the March 2020 Ctz is offered for an amount between 1,5 and 2 billion; the indexed offer, on the two maturities May 2028 and September 2032, is between 1,25 and 1,75 billion.
REUTERS: TOWARDS A NEW BTP ITALIA
According to Reuters, the Mef could announce the new Btp Italia shortly, within this week, in order to be able to proceed with the placement around mid-May. If no announcement arrives in this window, the most probable scenario would become that of a single issuance in 2018, to be carried out in the autumn. In terms of maturities, after the approximately 18 billion of securities redeemed last November, the next one is expected in April 2020 (over 20 billion).
CNH, GENERALI AND LEONARDO ADVANCE
In a list with little movement, there are few titles in the main basket to record significant fluctuations.
Leonardo-Finmeccanica (+1,78%) attacked the 10 euro area, consolidating the reaction of the last few weeks, closing at 9,98 euro, on a par with the beginning of the year, from the minimum reached at -15%. Mediobanca reaffirms the Outperform with a fundamental target of 14 euros.
Telecom Italia +1,5%. The civil court of Milan has set for today the hearing on the appeal filed by the board of directors against the decision of the company's board of statutory auditors to accept the requests of the Elliott fund to integrate the agenda of the meeting of 24 April. The judge's decision will be filed by Monday.
Cnh Industrial accelerates in the final and closes up 1% at 10,35 euro, the highest since mid-March. From the beginning of 2018 -10%. This morning Goldman Sachs strengthened the Buy judgment, pushing the target price to 14,40 euros from 14,30 euros. The agricultural machinery and heavy vehicle sector is favored by the increase in the prices of raw materials, which are still major players today. This morning the Bloomberg Commodities index which brings together the most important, rises by 0,7%, and is on the highs of the last three and a half years.
Generals +0,9% in day of the assembly, on new highs since the beginning of 2016. The market applauded the exit from Belgium, with collections of 540 million (150 of capital gain). Revenues from the sale of non-core assets reached 1,1 billion euros, beyond the minimum target of one billion indicated in the plan. The strong Italian shareholders, after the latest moves by Caltagirone and the Benettons, come to hold over 23% of the capital. Leonardo Del Vecchio thought about adding a little salt, who accompanied with a "maybe" the possibility of a potential buyer reappearing on the Lion of Trieste after the approach of Intesa Sanpaolo at the beginning of last year.
SNAM WINS THE GREECE CAMPAIGN, SUFFERS STM
The consortium led by Snam (-0,05%) was awarded 66% of Desfa, the Greek manager of natural gas infrastructures with an offer of 535 million. Positive comments from analysts. For Equita the multiples of the transaction are "reasonable". Credit Suisse stresses that the operation is in line with the company's strategy.
Among the stocks in decline, Stm stands out (-3,36%), in the wake of the weakness of the entire tech sector. The European index loses 1,23%.
Almost flat banks; Understanding +0,2%, Unicredit +0,46%.
RECORD COLLAPSE OF OVS (-32%). TREVI SUFFERS
In the rest of the price list, negative record for Ovs: -32,10%, to the historic low of 3,38 euros, with volumes more than four times higher than the average of the last 30 days, in the wake of the 2017 results below expectations. CEO Stefano Beraldo said that the non-distribution of dividends is not due to financial problems but was designed to create value.
Trevi also fell (-9%). The group has confirmed, at the request of Consob, that it is evaluating the valorisation of some assets in the Oil & Gas segment, but has not yet received any binding offers.
Mondo TV also fell (-8,11%), which announced new convertible bonds with Atlas aimed at financing the growth of the group also through acquisitions.
Gima TT is down (-6,25%): Ima's subsidiary paid for Philip Morris's crash on Wall Street.
Acotel flies (+11,5%) after the announcement of a three-year agreement with Vodafone Italia in the field of Energy&Building management solutions.
