Apple never disappoints. Apple's accounts restored good mood to the markets, after the disappointments of Facebook, Netflix and Twitter. The iPhone company gained 4% after the Stock Exchange, on the wave of the results of the quarter: +17% revenues to 53,3 billion dollars, +32% profits to 11,5 billion. In reality, iPhone sales are lagging behind (+1%, to 41,3 million units). On the other hand, the purchases of the public were directed towards the more expensive models (the average price rises to 724 dollars). Revenues are also booming (+36%) from the services divisions (Apple Store, Cloud and Music) and wearables, with Watches in the lead, "a sector born only three years ago, which has a turnover of ten billion dollars", said CFO Luca Maestri. After the Stock Exchange, Apple shares, which distributed 25 billion in the form of buybacks to shareholders during the quarter (the cash flow today is "only" 129 billion dollars), reached 197,95 dollars for a value of approximately 997 billion: the 1.000 billion capitalization wall is really one step away.
JAPAN ADVANCES. CHINA/USA TRUCE TRIALS
The push from Apple invested a large part of the Asian price lists this morning. The stock markets of South Korea (Kospi +0,3%) and Taiwan (+0,2%) rose. The Japanese Stock Exchange is about to close up by 0,7%, in July the gain was around 1,5%. The yen weakens against the dollar to 111,9 from 111,1 yesterday. There is still tension on the bond market today, after the Bank of Japan warned that it wanted to continue with the same ultra-expansionary monetary policy that has been in place for some years now. The reference ten-year bond trades at a yield of 0,10%, from 0,05% yesterday.
Hong Kong's Hang Seng index lost 0,1%, the Shanghai and Shenzhen CSI 300 index lost 0,4%. In the last few hours, the yuan has moved a lot, due to rumors about the latest developments in the trade dispute between the United States and China. Yesterday in the late afternoon Bloomberg reported a resumption of dialogue between the Washington Treasury Department and the Chinese vice premier. Tonight the Wall Street Journal warned that the White House is considering the possibility of raising customs tariffs to 25% on two hundred billion dollars worth of Chinese goods: these would be goods on which the threat of tariffs equal to the 10%.
This morning the dollar-yuan cross is at 6,81, yesterday in the early evening it was down to 6,78, but tonight it was at 6,84.
INDIA TOWARDS THE RISE. BRAZIL RECORD
Spotlight on India. The central bank could raise rates for the second time this year today. India's Stock Exchange is on par, gaining 6% in July.
Among the lists of emerging markets, the +8,8% recorded in July by Brazil should also be noted.
WAITING FOR THE FED, S&P +3,7% IN JULY
Wall Street was up yesterday awaiting tonight's announcements from the Federal Reserve. The Dow Jones rose by 0,43%, S&P500 +0,49%: July closed with a 3,7% increase. The Nasdaq rebounds (+0,55%). Brent oil is down, at 73,9 dollars a barrel.
PIAZZA AFFARI CLOSES JULY AT +2,7%
Piazza Affari takes off on a day of alarming economic data. Slower pace in the rest of the Old Continent, on which it weighs the slowdown in growth (+2,1% on an annual basis). A weak opening is expected this morning. A new series of quarterly reports is planned, including Ferrari, Intesa and Poste Italiane.
In Milan, the index recorded an increase of 1,25% to 22.216 points. Exchanges for 2,5 billion euros. Thanks to this exploit, the index gained 2,7% in July. The monthly performance is slightly behind that recorded by the Frankfurt Dax (+4%), much more favored by the recent truce on the tariff war signed between Donald Trump and the EU. The performance of the FtseMib since the beginning of 2018 has turned positive by about one and a half points.
London's Ftse 100 (+0,6%) lagged ahead of Thursday's central bank meeting, Paris' Cac 40 (+0,4%), Madrid's Ibex 35 (+0,3%) and the Frankfurt Dax (+0,1%).
THE SPREAD DOWN TO 230 POINTS
Positive end of session for the Btp secondary, which reduces the differential between ten-year rates to around 230 basis points. The yield on Italian 2,74-year bonds was also down, ending the day at 2,8% from XNUMX% on the eve.
On the occasion of the reopenings intended for specialist operators, demand for five- and 10-year BTPs and the September 2025 Ccteu stopped at 1,524 billion euros compared to the supply of 1,725 billion.
MONETARY FUND SOS: GREECE CAN'T MAKE IT
The Greek governments are under pressure, weighed down by the fears expressed by the International Monetary Fund on the eve of the conclusion of the loan programme: according to Washington experts, the Greek public finances are sustainable in the medium term, while in the long term it prevails a climate of uncertainty.
WORK, GROWTH, INFLATION: THREE WARNINGS FOR ITALY
The Italian economy slowed down its growth rate in the second quarter, showing the weakest cyclical trend for a year and a half. Between April and June, GDP grew by 0,2%. On an annual basis, the expansion was 1,1%, after the 1,4% recorded between January and March and against a forecast of +1,2%.
"After the peak in 2017, which we can consider the maximum point of the cycle for both Italy and the euro area, the deceleration brings the growth rate closer to potential", comments Stefania Tomasini, economist at Prometeia. Paolo Mameli, economist at Intesa Sanpaolo, also underlines how the slowdown is a trait common to the main European countries and appears to be due more to a less lively global demand than to internal factors. Although the expansionary phase of the economy lasted for 16 consecutive quarters, in absolute values the level of GDP is still 0,7% lower than the previous peak in the second quarter of 2011.
Istat also provided a cross-section of the labor market for the second quarter. To tow the increase in employment (+196 thousand units in the quarter) were fixed-term contracts, which grew by 123.000 units while permanent employees decreased by 83.000 units. If in the euro area the unemployment rate remained stable at 8,3%, in Italy in June it rose again to 10,9% from 10,7%.
Finally, Istat provided the preliminary estimate of inflation in July, the month in which an acceleration in prices emerged that was higher than expected. The national consumer price index settled at 1,5% on an annual basis from 1,3% in June.
LEONARDO TURN ON THE BAG. THE TARGETS GO UP
The queen of the Piazza Affari session was Leonardo (+10,6%, with strong exchanges), rewarded for the half-year results above expectations and for the upward revision of the objectives for the end of the year. Goldman Sachs confirmed the Buy judgment with a target price raised to 11,7 euros from 11,2. Mediobanca reiterates the Outperform judgment with a target of 14 euros from the previous 13,5.
Positive quarterly results also in utilities, with Italgas (+ 1,4%), A2A (+ 2,1%) and That (+ 2%).
INTESA AND MEDIOBANCA SU WAITING FOR THE BOD
The banking sector is in tune with the Italian sector index (+2,2%) which outperforms the European one (+0,9%) in view of the quarterly reports in the coming days. Intesa +4,1% and Mediobanca +2,4% on the eve of the accounts.
Banca Mediolanum also stands out with +3,5%, which released the quarterly. Fineco Bank was down (-1,5%), which closed the first half of 2018 with a net profit of 125,2 million euro, up by 20,1%.
Advance Generals (+1,5%). Yesterday the Board reviewed the organizational structure with the creation of the figure of General Manager, in the person of Frederic de Courtois, reporting directly to the CEO, Phlippe Donnet. Presented the half-year report with profit up 8,8%, is the highest figure in the last 10 years. Resignation target exceeded (over 1,5 billion).
TISCALI-FASTWEB LIKES IT, MOLMED HOLDS OFF
Vola Tiscali (+21,9%) in the wake of the important new strategic agreement with Fastweb.
On the contrary, Molmed was heavy (-5,2%) after the company announced that it was late in the initial phase of the marketing of Zalmoxis and announced "actions" against Dompé.
