The week of passion for the big names in technology continues. This time the victim was Amazon (-4,4%) ended up in Trump's sights, which has never made a secret of considering, not without reason, the e-commerce giant a serious threat to employment linked to traditional commerce. Hence, according to the online newspaper Axos, the president's idea of mobilizing the tax authorities and antitrust against the company of Jeff Bezos, owner of the Washington Post, one of the newspapers most hostile to the White House.
The pressure on tech stocks is the dominant note of the markets at the opening of the last session of the quarter: tonight most of the lists, including Piazza Affari, will close their doors for Good Friday. The mini-holiday could lead to price anomalies, in line with the increase in volatility recorded yesterday both on Wall Street and in Europe.
The Csi index of the Shanghai and Shenzhen stocks moved little. Hong Kong -0,2%, the Korean Kospi rises (+0,2%), supported by the confirmation of Kim's recent visit to Beijing. Tensions drop over the Pyongyang bomb.
Positive Tokyo (+0,5%). The Asahi Shimbun, the most widely circulated newspaper, anticipates the news of a forthcoming meeting between Kim and Prime Minister Shinzo Abe, who are looking for support at home to remedy the damage caused by a real estate scandal.
Volatility session yesterday on Wall Street. The Dow Jones Index, which was nearly flat at the close, traded 300 points both ways during the day. Similar trend for the S&P 500 index (-0,29%). Nasdaq down 0,85%.
The third and final revision of US GDP for the fourth quarter confirmed that consumption in the last 3 months of 2017 was very high: the figure was revised from 2,5% to 2,9% thanks to an increase in consumer household spending spending at a rate of 4%, which helps explain the physiological decline in spending in the first part of 2018.
Recover Facebook positions (+0,8%). The company announced it was breaking ties with some brokers who process data collected through social media. Google also bounces back (+1%). In red Apple (-1,1%).
Other tech stocks still under pressure: Netflix leaves 5% on the ground. Tesla, struggling with a fatal accident in California, lost 7,7%: Moody's downgraded its rating to "B3" from "B2" with a negative outlook following delays in the production of the Model 3 sedan.
This morning the euro traded at 1,232 against the dollar, up slightly from yesterday's -0,8%. Gold rebounds slightly, having lost 1,5% yesterday, at 1.325 dollars an ounce.
Brent oil traded at $69,8 a barrel, up 0,5%, after weekly U.S. crude stockpiles rose. At Piazza Affari Eni -0,6%, Saipem -1,4%, Tenaris -1,2%
EU EXCHANGES RECOVER IN THE FINAL: MILAN +0,5%
The crisis of tech stocks also scares Europe. But the Old Continent was able to count, to its advantage, on the utility shield, in flight thanks to the surprising spring of bond securities. In the afternoon the Eurostoxx, which managed to lose 1.4% in mid-morning, recovered to close with a moderate gain.
In Milan, the Ftse Mib index closed a weak session with a gain of 0,55% at 22.331, in which prices even fell below 22 points.
The other European markets contrasted: London +0,64%, Paris +0,29%. In red Frankfurt (-0,25%).
GROWTH AT 1,5% FOR THE DEF. PROMETHEIA SEES +1,4%
Two weeks from 10 April, the deadline for the launch of the Def, the Ministry of the Economy is oriented towards confirming the 1,5% growth estimate in 2018 and sees signs of an acceleration both in 2019 and in 2020. According to what government sources close to the dossier report, the Economic and Financial Document will confirm for 2018 a net debt trend of 1,6% of GDP, equal to the programmatic objective on which the Budget law was based. The Treasury could also revise upwards the growth estimates for 2019 and 2020, currently equal to +1,5% and +1,3%, assuming a more dynamic macroeconomic scenario compared to the September data.
According to Prometeia, however, the growth of the Italian GDP will undergo a marginal slowdown this year, settling at 1,4% from the 1,5% recorded in 2017. According to the research institute, the long wave of the international cycle is still able to sustain the growth of the Italian economy, between now and 2020, at a rate higher than that of the potential and will make it possible to continue improving the indicators but without the possibility of lengthening the pace.
BTP, RECORD AUCTION. LOWER THE SPREAD
Another excellent day for bonds, supported by the inflow of capital out of equities. Yields are down along the entire curve: the 2028-year rate in February 1,85 fell below XNUMX%, to levels not seen since mid-December to this part.
The medium-long term securities auction received an excellent reception, in which the maximum amount of 7,5 billion between 5 and 10-year BTPs was assigned together with the CCTEU. Operators speak of particular interest on the March 2013 Bond, placed 17/18 cents above the market, against 3 on the 2016-year bond, whose gross rate is in any case down to its lowest level since the end of November XNUMX.
The spread on the Bund drops to 135 points (from 138). In the meantime, the premium of the Italian benchmark has narrowed from the recent peak since August.
KEPLER SINKS FINCANTIERI -14,5%
The collapse of Fincantieri made an impression on Piazza Affari, which left 14,49% on the ground, with high volumes, despite the fact that the 2017 accounts were above expectations - with the exception of net profit - and the new industrial plan 2022 is substantially in line with analyst forecasts. Kepler-Cheuvreux, who has always been optimistic about the stock, has decided to cut the rating to Hold da Buy, with the target price unchanged at 1,45 euro.
Andrea Roventini, candidate for the post of Economy Minister of the M5S, wrote on the party's blog that the current government, before proceeding with the appointment of state-controlled companies (see Saipem) must seek the opinion of Parliament. The possible minister also said he was against the confirmation of the top management of the Cassa Depositi e Prestiti: "The CDP - he wrote - has been misused by governments and executive bodies".
Meanwhile, no news emerged from the CDP press conference on the conclusion of the agreement with the French State on the acquisition of 50% of the capital of STX France and the start of the activities of the working group for the integration with Naval Group.
STM PAYS THE STORM ON CHIPS
By chance yesterday also Stm, the Italian-French semiconductor joint venture (possible model for the Fincantieri-Naval group), had a very difficult day: -5,32% in the wake of the heavy losses recorded by the American technological giants. The group has confirmed that it will distribute a dividend of 0,24 dollars per share for 2017, in 4 quarterly installments of 6 cents each (yield approximately 1%). On the occasion of the next meeting on 31 May in Amsterdam there will also be the passing of the baton between the chairman and managing director Carlo Bozotti and his deputy Jean-Marc Chery, who will assume the role of sole member of the management board.
ENEL, SNAM AND TERNA: A THREE-OF-THE-BULL
Utilities supported the stock exchanges of the Old Continent (+2,9% the Stoxx index for the sector). Advancing to London United Utilities, promoted to Hold da Sell by Cfra. Terna (+4,77%) and Snam (+4,66%) took off in Piazza Affari in the wake of the decline in yields on BTPs. Enel also did well, up 3,71%, and A2A (+2,41%).
MPS BURNED MORE THAN HALF OF THE TREASURY INCREASE
The banks are recovering, with the exception of Monte Paschi (-3%), on new historic lows after 12 consecutive days of decline. To complicate the troubled existence of the institution, which is now worth less than 3 billion (against the 6,4 committed by the Treasury), some newspapers cite a lawsuit worth 11,6 billion in damages against former mayors, directors and advisers, again for Alexandria and Santorini affair, proposed by Bluebelle at the assembly on April 12th.
Unicredit (+1%) and Intesa (+0,5%) are recovering. Bench Bpm stable (-0,1%).
After the Creval capital increase (+1,57%) Algebris holds a potential indirect stake of 5,286%, ahead of BlackRock which controls 5,015%.
MONCLER AT THE TOP, TELECOM RESP
In progress Telecom Italy savings (+1,42%, against +0,74% for ordinary shares): Bernstein thinks that the conversion of savings shares proposed by Elliott is the right thing to do.
Moncler -0,25%, Goldman Sachs strengthened the Buy, raising the target to 37 euros.
Amplifon +1,7%, HSBC raised the target to 14 euros
Aeffe +2,7% after announcing yesterday that it has started the internal management of the online sales channel of its brands, previously in the hands of Ynap.
The march of Igd continues (+9,63%): Société Générale has raised the recommendation from hold to buy, with the target price going from 11 to 11,1 euros.
