Dollar down on the yen, prevalence of sales on the Stock Exchange. The new financial year in Japan begins under the banner of prudence, after the closing of the balance sheets at the end of March. The Nikkei index lost about one point, under pressure from yen purchases. Other Asian markets were also down, with the exception of China. The economy is still holding back, expectations of central bank interventions are growing.
The euro also recovered to 1,0773.
The surge in consumer confidence hasn't stopped Wall Street from undergoing a sharp correction after Monday's exploit. The Dow Jones slips (-1,11%). S&P -0,7%. The Nasdaq closes down -0,94%. The US lists thus closed the month in the red with losses between 0,4 and 0,6%. But in the first quarter both the Dow Jones (+0,5%) and the S&P closed with a positive balance, as has been the case for 9 quarters, one of the longest post-war streaks. Even better was the performance of the Nasdaq (+4,1%).
Crude oil prices are faltering: Brent below 57 dollars, Wti at 47,7. Attention is focused on the final stages of the Iranian nuclear negotiations. The thesis of continuing the works to the bitter end, after the midnight deadline already fixed as the last date, prevailed.
BUFFETT: GREXIT WOULD NOT BE BAD FOR THE UROZONE
Stock markets in the Old Continent are lagging behind: both the data on inflation and the number of jobless have cooled spirits. Meanwhile, beyond the official reassurances, the agreement on Greece has not arrived. Warren Buffett said that “Greece's exit would not be bad for the eurozone”. Yesterday Milan thus closed the session with a drop of 0,44%. Worse Frankfurt (-0,99%), Paris (-0,98%) and London (-1,72%). Madrid also yields in the final (-0,07%).
MILAN ARCHIVES THE RECORD QUARTER: FIRST BPM, FOLLOWS FCA
Despite the muted ending, the first quarter of 2015 gave, thanks to the Qe of the ECB, memorable performances on the European stock exchanges. The Ftse Mib index of Milan records a rise of 22%, flanked by the Dax of Frankfurt. Madrid is up 12%.
As many as 26 Ftse Mib blue chips out of 40 beat the index. None closed the quarter in the red. Oils resist, even if below the average of the main basket: Eni +11%, Saipem +7,8% and Tenaris +4,5%. Bpm (+73%) prevails in the top ten, but Bper (+47,8%) and Banco Popolare (+43,6%) also appear. Roaring quarter for Fiat Chrysler (+58,6%). But there are many positive themes, from luxury to the race for managed goods.
YOOX KING OF E-COMMERCE. AND AFTER RICHEMONT, OTHER SHAREHOLDERS ARRIVE
Yesterday's leading stock was undoubtedly Yoox, +11,09% after the agreement with Richemont which projects the Bologna-based company to the top of global luxury e-commerce. Federico Marchetti and the luxury giant with a Swiss portfolio have decided to merge Yoox with Net-à-Porter, the group's Parisian company already courted by Amazon. The operation provides for the creation of a new company incorporated under Italian law into which the activities of the two competitors will merge, which today boast an aggregate turnover of 1,3 billion.
Governance envisages that Marchetti will lead, while Richemont will have 2 directors out of 12: the pact envisages that Richemont, with a strong 50% stake, will vote with only 25%. A capital increase of 200 million is envisaged and the entry of new members: Qatar is knocking at the gates. JP Morgan promotes deal which will have transformational value for Yoox. For Mediobanca Securities "the operation makes a lot of sense" on an industrial level.
FCA HOLDS DOWN, EXOR MAKES CASH WITH THE US BRICK. THE PININFARINA RACE STARTS AGAIN
Setback for automotive stocks. Fiat Chrysler is also holding back (-1,4%) on the eve of today's data on registrations for March. Exor closed in positive territory (+0,28%). The holding company expects to close the sale of Chshman & Wakefield by the beginning of May. Pirelli slows down (-077% to 15,46 euros), on the day of the dividend: 0,367 at the ordinary, better than expectations and the coupon, 0,32 euros, of a year ago. The write-down of assets in Venezuela (72 million) weighed on the profit.
Instead, Pininfarina returns to fly (+8,68%) pending the sale. Alongside the offer from the Indian Mahindra and Mahindra there is a second one from the US fund Cheyne Capital.
SARAS DOESN'T STOP ANYMORE. BROKER LIKE BUZZI
Saras confirms itself as a thoroughbred: +8,38% on the wave of improvement in refining margins. Mediobanca Securities (target price from 1,8 to 2,34) and Kepler Chevreux (1,8 from 1,6) also increased their estimates for the company. Banca Imi and Société Générale had made a similar move in recent days.
Among the titles awarded by the brokers there is also Buzzi after the purchase of Sacci: Fidentis has raised the judgment from hold to buy; Citigroup increases the target price from 11,3 to 14 euros and Kepler Chevreux from 11,5 to 13,5 euros.
A positive note also for RCS (+2,3% yesterday). Even Urbano Cairo, who increased his stake to 4,67%, presented a list of directors for the next Board of Directors which will, among other things, have to choose the new director of Corriere della Sera.
WEDDING AIR FOR BPER AND BPM. SOUL BLESSED BY GOLDMAN
The rally of Anima holding continues (+1,1%) blessed by Goldman Sachs (buy recommendation, target price 5,85 euros). Among the banks, Bper is advancing (yesterday +0,18% to 8,135 euros): Equita has raised its target price from 7,1 to 8,8 euros. The reason lies in the perspective of the risk of the popular companies, Bpm's preferred partner (yesterday -0,89%). Ubi (+1,32%) and Banco Popolare (+0,48%) closed up. Intesa (-1,25%) and Mediobanca (-0,72%) fell.
