A few hours after the start of the new cycle of rate hike the platoon of equities crumbles like the large group of cyclists at the climbs of an Alpine stage of the Tour de France: the champions of the oldeconomy, supported by the verve dei financial and by the strength of energetic. Shell ended the third quarter with a Net income pertaining to 6,7 billion which compares with a "loss" of 447 million in the quarter of last year. Revenues reached 98,8 billion (+60%). The giant also announced a new buyback worth 4 billion dollars to be implemented by the end of the year.
Stock market latest news: Meta burns 600 billion, Shell earns almost 7 in nine months
Missing shots i technology stocks, in an oxygen crisis after the end of rates at almost zero. And so, against a drop in price lists of around 20% (or even less since the beginning of the year) i hi-tech titles which have led the rally in recent years, are experiencing delays of the order of 30%.
Saipem takes off in Piazza Affari, utilities do well, Stm falls with Hi Tech
Business Square -0,5%, but just below the highs for a month, is no exception. Unicredit +0,5% above 12 euros, consolidating the gains made on the eve. The headlines runthe energy starting from Saipem +8,16%, galvanized by the sharp increase in revenues from the offshore construction area. The company has improved its indications for 2022: net of the onshore drilling area, the year will close with nine billion euros in revenues. In strong recovery utilities, who have already digested the next rate hike: Ivy, A2A ed Italgas they advance by a generous 2%.
Conversely, despite quarterly results better than guidance, stm – 8,7% wear the black shirt of the list on the echo of the losses accused by tech stocks in the USA and in Asia and awaiting the numbers of Apple Lossless Audio CODEC (ALAC), out tonight. It weighs especially the Meta meltdown (formerly Facebook) which after the announcement of the accounts fell by 20% in anticipation of a particularly hot session. Since the beginning of the year, Mark Zuckerberg's company has left 600 billion dollars in capitalization on the ground.
Wall Street changes course on Microsoft, Alphabet and Meta. Spotlight on Amazon and Apple
This is not the only sign of a slowdown that emerged from the quarterly reports: Microsoft e A (yesterday -9,60%) saw their third quarter earnings down under the pressure of rising wages, energy costs, falling advertising rates, as well as the slowdown in PC sales and too many hirings. Meta, in its wake, also signaled a decline in turnover and forecasts of a further decline in sales for the fourth quarter of the year.
Spotlight now turned on the accounts of Amazon and, above all, on the Apple flagship, which these days has raised its prices on various of its service offerings, from music to TV. Also Spotify is considering the possibility of raising its prices, blamed on the increase in wage pressure and energy costs that are affecting the "energivorous" apps. Microsoft provided the best indication of this trend, announcing that it expects $800 million more in energy costs (+39% for the current fiscal year). But he is already running for cover by announcing the next ones job cuts.
The slowdown of hi tech however, it does not worry the central banks committed to winning the battle ofinflation. Indeed, the slowdown in employment (and above all wages) in the digital economy does not displease the Fed, which is committed to fighting any hint of euphoria.
Stock exchange latest news: ECB awaits for bonds, spread at 222 points
Europe is also committed to putting out the fire of inflation, blessed by the IMF. The general manager of the International Monetary FundKristalina Georgieva said Wednesday that central banks should continue raising interest rates to fight inflation until they reach a neutral level.
Looking forward to the conference Christine Lagarde the bond market is experiencing a climate of expectation: the Waist German ten-year trades around 2,16%. BTP ten-year is at 4,37%. spread to 222 points.
