Positive European markets, with the exception of Paris that travels around parity. The best stock exchange is Milan ahead by half a point, above 24.200 points. Frankfurt advances by 0,4%, Madrid as well. Outside the eurozone they are advancing London +0,5% and Zurich +0,3%. The dollar maintains the recent gains that pushed it to the highs of the year: cross against the euro at 1,1966.
It's emergency again Argentina: the central bank raised rates twice in six days to 33,25% in an attempt to defend the peso. Foreign exchange reserves are rapidly running out and the 100-year bond, placed in dollars last June, has slipped to an all-time low of 86.90 cents
The problems of Buenos Aires (and of the Turkish lira, down 4% during the week) do not disturb the markets much. The dollar retains the recent gains that pushed it to the highs of the year: cross on the euro at 1,1966.
The yield on the 2,94-year US bond is down to 1,72%. XNUMX-year BTP is trading at XNUMX%, spread with the Bund at 119 points.
Attention is focused on the US employment data which will arrive before the opening of Wall Street In April, the change in nonfarm payrolls should have been positive by 190.000. The trend in hourly wages should also be monitored, an element that indirectly signals the underlying movements in inflation. The consensus expects hourly wages to increase by 2,7% year on year.
In Europe, the new decline in the composite PMI (manufacturing plus services) to 55,1, the lowest level in the last fifteen months, confirms the limited slowdown in the economy for now, thus justifying, underlined the outgoing ECB deputy Victor Constancio caution in removing monetary stimulus.
Among the worst in Piazza Affari is Telecom Italy -0,6% while the meeting is in progress. 4.100 shareholders of the TLC group were present or represented in the room, holding a total of 66,77% of the capital. For the appointment of the Board the list presented by Vivendi (23,94%) and that of the Elliott activist fund (8,85%) face each other probably supported by CDP (4,78%). The board of directors that will leave the vote will already meet on Monday to reassign the proxies. Barring twists and turns, Amos Genish should continue to be the CEO. Whoever will be able to gather around him a consensus of even one vote higher than that of his opponent will express two thirds of the directors, 10 names out of a total of 15 directors.
The session is characterized by the sprint of Ferrari +6,4%, the best blue chip inthe day after the quarter's data: adjusted operating profit of $210 million, up 19% year over year, with margin on revenues rising to 25,3%. Net revenues of €831 million, up 1,3%, +6,3% at constant exchange rates; deliveries to 2.128, up 6,2%. The group confirms its objectives for 2018 which envisage: deliveries of over 9.000 units, net revenues of over 3,4 billion; adjusted Ebitda greater than or equal to 1,1 billion; net industrial debt of less than 400 million, capital expenditures of about 550 million. Some brokers have improved their stock estimates. Banca Akros promoted Ferrari to "accumulate" and brought the target price to 118 euros. Kepler Cheuvreux has improved the target price to 115 from 110 euros.
Well the rest of the Agnelli team: Fiat Chrysler+ 2,6%. Cnh Industrial + 1% Exor + 3%.
Weak Generali -0,5% at 12 after first quarter results: net income of 581 million euros, +8,6%. Premiums +2,5% to 18,604 billion euro. Operating profit +4,9% to 1,3 billion. Combined ratio at 91,4, much better than expected. Unipol Sai+ 1,4%.
It flies among financials Anima +6%: Citigroup promoted the stock to 'buy'. Unicredit +0,2% is preparing the sale of 3 billion of non-performing loans.
In the rest of the list:
- Maire Tecnimont +5%, it is among the best after the quarterly.
- EI Towers +2,7% after the accounts for the quarter closed with a net profit of 17,4 million euros, +21% year on year.
- Technological investments +4%, completed the acquisition of 51% of Camerfirma, a Spanish company active in the supply of certification services on electronic signatures and identity certificates.
- Still on the rise Notorious pictures +1,3% involved in the production of a Hollywood giant, "Lamborghini", played by Antonio Banderas. Banca Imi raises the target price.
