The earnings alarm launched by Apple, the first for almost 12 years pushes tech stocks down dragging down the European stock exchanges. The luxury sector is also taking a toll on worries about China's slowdown. As a result, all the lists of the Old Continent are in the red, including Piazza Affari, down by about 0,54% around 18.200 points. Frankfurt -1,19% and Paris -1,15% are doing worse. Lower losses for Madrid -0,11% and London -0,36%. Wall Street futures weaken further, the Nasdaq anticipates a start down by 2,6%.
Last night after closing CEO Tim Cook has revised downwards estimates of revenues for the quarter by 84 billion. There was an immediate 8% drop after the Stock Exchange. If the data is confirmed, the market capitalization will drop by 60 billion dollars. The fall of Apple has affected the performance of the entire supply chain. The title stm slips in Piazza Affari below 11 euros: Akros and Equita confirm the buy rating at 23 and 22 euros respectively. The declines of the other stocks in the Apple supply chain are similar, representing approximately 11% of Stm's turnover. The worst losses concern Ams Holding -19,4%, the company that supplies the chips for the facial recognition sensors of the latest iPhones.
On the macro front, the spread between the XNUMX-year Bund and the BTP widens in the morning: 264 basis points against the 253 of the opening. The yield of the Btp 10 reaches 2,81%, a dozen points more than the day before (the worst daily performance for a month). The two-year period rises to 0,54% (+7 points).
The Euro/Usd cross was little moved at 1,137. In the first two sessions of 2019, the greenback has already gained 1,1% against the single currency. Gold opened to its highest level since May at 1.291 dollars an ounce, favored by purchases of safe-haven assets.
Oil goes up: Brent +0,1% to 54,90 dollars. Two forces face each other: fears of repercussions on the demand side from the slowdown of the Chinese economy, expectations of a further cut in production by OPEC. The data on US oil inventories is coming today. They keep the oil. Eni + 0,5% Saipem -0,6%.
Fears of a slowdown in the Chinese economy weigh on luxury stocks: Moncler loses 3,16%, Salvatore Ferragamo 2,53%, Tod's - 1,08%. Thanks to the flight of Brazilian Bovespa, at its peak after the inauguration of the new president, Tim rallied 2%, thus rebounding from the lows.
The automotive sector is bad: Pirelli -2,70%, Fiat Chrysler -1,13% also down sharply after the more than 10% drop in sales in 2018 in Italy. Also down were Exor -1,11% and Ferrari -1,64%. In the Agnelli galaxy Juventus continues to shine with an increase of almost 5%.
Carige remains suspended (who knows for how long). Opposed the other bankers: Understanding + 0,2% Unicredit -0,8%. Banca Iphis +2,3%, acquired a portfolio of NPL loans from Mps for a nominal value of 1,16 billion. Generali +0,3%. Leonardo Del Vecchio has risen to approximately 4,07% of the share capital.
