An apple a day, the proverb goes, keeps the bear away. Apple's good accounts, announced in closed markets, are having the same effect on Asian stock markets, the most sensitive to the trend of technology, and on Wall Street futures, which yesterday, still under the shock of the tightening announced by the Fed, experienced a new session in the name of volatility, only partially comforted by the positive trend of the GDP. According to analysts, the increase is above all the result of the increase in inventories to deal with supply problems, one of the causes of the inflation which is threatening the recovery. Europe, at the forefront of the Ukrainian crisis, is going straight for now. But on Thursday, on the occasion of the ECB directorate, a battle between doves and hawks is looming.
Beijing newspapers recommend to buy
The rebound in price lists allows Asia to reduce the damage of a complicated week: Sydney earns 2,2% (-5% per week). Tokyo Nikkei +2% (-2,8%). Kospi of Seoul +1,4% (-6,4%). Singapore's Ftse Straits Times +0,2% (-0,85%).
The recovery of the CSI 300 of the Shanghai and Shenzen lists was weaker +0,1% (-3,3%). Hong Kong's Hang Seng, -0,8% due to the fall in techs, is about to end the week with a drop of almost 6%.
Beijing seems willing to rush to the rescue of the Stock Exchanges, exhausted by the drop in technology and the long-lasting real estate crisis.
The main economic and financial newspapers of China, all publicly controlled, today have editorials on their front pages stating that the drop in share prices, in this macroeconomic context, is a buying opportunity. The Shanghai Securities News reports that more than 70 listed companies have announced share buyback plans in recent weeks.
S&p still down, weighs on the chip crisis
Wall Street futures also rose this morning after the eighth drop in the last nine sessions of the S&P 500 (-9,54%). Dow Jones -0,02%, Nasdaq -0,14%.
The stocks most affected by the delays in chip supplies are down sharply: Intel -7%, Tesla -11%. Netflix recovers (+7,5%) after the entry into the capital of the manager activist Bill Ackman.
Apple: super profits and revenues. 27 billion returned to shareholders
But what brought comfort to the market was the Apple flagship (+2% after the Stock Exchange), capable of withstanding the chip crisis and reaffirming its sales leadership in China as well. The maker of smartphones, tablets and other consumer electronics posted sales of $123,9 billion in the fiscal quarter ended Dec. 25: the consensus was $119 billion. The net result was also better than expected: 2,10 dollars per share (against 1,89). CFO Luca Maestri confirmed that the group will return $27 billion to shareholders in the next quarter.
Samsung Electronics also closed the accounts in records, with about 64 billion dollars in revenues in the last three months of last year.
The T-bond at 1,82%, euro/dollar at 1,15
The 1,82-year Treasury Note trades at a 1,85% yield, up from 63% yesterday. The yield curve flattens, a movement that usually heralds an economic slowdown. The spread between two-year and ten-year bonds drops by eight basis points to 2020, the lowest since September XNUMX.
The dollar index is down slightly, from the highs since June 2020 reached yesterday. The euro, little moved after four sessions of decline, travels at 1,115.
WTI oil up 0,4% to $87. Brent at $89,8. Provisional weekly balance around +2%. Gold, which fell below 1.800 dollars an ounce, has already lost 2% since last Friday, displaced by the strengthening of the US dollar.
Europe full speed ahead thanks to the banks
The run of the US economy, with GDP growth not seen since the 5,7s (+XNUMX%) and the positive prospects of the banks thanks to the end of the zero-interest season, amply compensated for the effects of the policy tightening US currency. Europe thus puts in a contrasting performance: banks are on the rise, driven by the air of rate hikes; technology slows down, in line with the volatility that seems destined to govern the season of price lists between (rare) increases and (frequent) corrections.
Ballerina bonds in a thin market. The greater propensity for risk favored the recovery of Italian securities with respect to the "core" area: the spread decreased to 141 points (from 147). The 1,37-year rate stands at 1,40% after closing at 0,488% the previous session. The rate of six-month Treasury bonds placed yesterday also rose: -XNUMX%, up by eight points compared to the November offer.
Medium to long-term auctions are on the agenda today, in which the Treasury is offering up to 8 billion euros overall in 5- and 10-year BTPs and 7-year Ccteu.
Milan above 27 points, economy recovering
The end of Piazza Affari was below the highs of the day, but in clear progress: the index closed at 26.882 basis points after again exceeding the 27 thousand mark during trading with a final rise of 0,99%.
The Minister of Economy, Daniele Franco, expects growth of 2021% for 6,5 compared to the 6% target indicated in September. For the current year, however, GDP should register an increase of over 4%.
Deutsche Bank: best result for ten years
The other markets follow at a distance: Frankfurt +0,4%, Paris +0,6%, Amsterdam +0,16% and Madrid +0,95%. Outside the Eurozone, London performed better, +1,16%.
The banking sector sounded the charge, driven by the prospect of the decline of zero and lower rates Deutsche Bank accounts (+4,45%), which closed 2021 with the best result for ten years and expects higher revenues for 2022, expecting to significantly exceed the target of 25 billion.
SAP drops 6% after announcing the purchase of a majority stake in unlisted US fintech company Taulia.
On the foreign exchange market, the Ruble is recovering sharply (+2,4%), after the calm tones of the Russian foreign minister on the issue of confrontation with NATO.
Lvmh +1,52%, sales boom in the USA. Pandemic canceled
The global luxury flagship LVMH, yesterday up 1,52%, has booked an upward session for today after the publication of the results. The giant that controls 75 leading brands in the luxury industry ends the year with 64,22 billion in revenues (+44%) with strong growth on 2019 data (53,7 billion) before the pandemic. In the last quarter the group, whose main market has become the USA after the purchase of Tiffany's, owes its performance above all to the fashion and leather goods division.
The utilities run in Milan
The utilities led the charge of the Ftse Mib: A2a (+3,67%) leads the race ahead of Hera (+2,28%), which approved the new industrial plan for 2025 and anticipated that it will propose to the board of administration of a 2022 dividend (relating to the 2021 financial year) of €0,12 per share, slightly higher than the €0,11 of the 2021 dividend (for the 2020 financial year); Italgas (+2,24%) and Enel (+2,04%) follow.
The race for oil continues, with Brent above 80 dollars: Tenaris (+2,88%) and Eni (+2,43%) on the shields, Saipem flat (-0,1%).
Stm slows down in the afternoon (+1,94%), still rising sharply after the results of the fourth quarter and a guidance on investments and revenues above expectations.
Poste Italiane is appreciated (+2,21%), which has entered into Moneyfarm.
Among the weak industrialists, Pirelli rebounds (+1,98%). Down Prysmian (-2,34%), Buzzi (-1,76%), Interpump (-1,57%) and Ferrari (-1,52%).
Stellantis ready to return the money to the state
In contrast Stellantis (+0,79%), which, writes Bloomberg, is ready to repay the 6,3 billion euro loan guaranteed by the Italian state in advance to deal with the crisis caused by the pandemic. The group intends to take control of the joint venture with Gaic in China, now divided into equal shares.
Leonardo rebounds (+0,98%), which is evaluating the sale of some subsidiaries of the US subsidiary Drs.
Telecom, -0,37%. The board has entrusted CEO Pietro Labriola with a mandate to explore possible strategic options for the group's infrastructural assets, including through solutions that involve the separation of services from the network.
WeBuild (+1,65%) announced the start of the buyback plan approved by the shareholders' meeting on 30 April 2021. De Longhi +9,28% after the publication of preliminary 2021 revenues up to 3,21 billion.
