The Tokyo Stock Exchange and the London Stock Exchange were closed today for public holidays. The month of May got off to a good start on Wall Street. The S&P index rose by 1%, in line with the Nasadq, ahead of the Dow Jones (+0,9%). But the gains did not compensate for the losses of the week, also caused by the weak trend of the US GDP. In Piazza Affari, the Ftse Mib index fell by 1,63% during the week.
THE MARKET MOVERS: LONDON TO VOTE
Among the appointments of the week, the vote in Great Britain excels in importance. On Thursday 7, voters will have to decide on the country's leadership for the next four years. For the first time, the traditional bipartisanship of the island is at risk, caused by the rise of the Scottish Party (competitor of the Labor Party) and the advance of the populists of UKIP (threat to the Tories). Bookmakers predict forced cohabitation between Labor and Conservatives.
Expected volatility during the week on the pound/dollar exchange rate. A statement by anti-EU forces could trigger a sell-off on the euro.
The single currency will also be under fire on the Greek front. By Saturday, the Brussels group and the Greek negotiators will try to reach an agreement on the reforms to be presented to the Eurogroup by the 9th and thus unblock the 7,2 billion loans to Athens that will serve to settle debts with the IMF. Meanwhile, the government has managed, albeit with difficulty, to pay salaries and pensions at the end of the month and should be able to repay 200 million to the Monetary Fund expiring on 6 May.
On the macro front, the most awaited statistic, as usual, is that on US employment arriving on Friday 8: after the disappointment of March, forecasts speak of 225 new jobs in April, with a relative drop in the number of unemployed to 5,4% . This morning, however, the manufacturing indices of the Eurozone will be communicated.
On the corporate front, the spotlight will be on the meeting of Berkshire Hathaway, the holding led by Warren Buffett, which will gather tens of thousands of shareholders in Omaha, Nebraska, to hear the words of the "wise man", flanked as usual by Bill Gates. It is the holding's 50th birthday, the right occasion to announce the name of the heir to the helm of the US Stock Exchange giant.
SPOTLIGHT ON THE BUND
Has the boost from ECB purchases already run out? Or was it a temporary course correction? The second is good, say the operators. But the sharp rise in the yields of the German Bunds, which rose by abundant points to 0,37%, together with the thud of the European markets on Thursday (also in this case led by the Dax of Frankfurt) confirmed that "the markets will have to get used to coexisting, in the era of QE, with high volatility”. At the beginning of May, compared to the beginning of the year, the situation looks like this:
– the Eurostoxx stock index recorded a gain of around 15%, just below Frankfurt and Paris (both +17%). In Milan the price list gains 21%;
– The euro loses 7% against the dollar;
– the yield on Bunds is down by twenty basis points;
– outside the euro area, stock markets benefited from the sharp devaluation of the single currency (on Wall Street, the S&P500 gained 11% in euros, +22% for the Nikkei, +46% for the CSI 300 index of the Shanghai Stock Exchange, Hong Kong +30%, Brazil and India slowing down with +7%).
LUXOTTICA AND BANCA GENERALI
Among the corporate appointments, the quarterly of Luxottica stands out this morning: conference call with analysts at 18 pm. The Banca Generali board dedicated to the accounts for the first three months will also be held: meeting with analysts at 15 pm.
Two important appointments today for the automotive world. Audi shareholders' meeting is held in Munich. Data on car sales in Italy in April will be released in the evening.
During the day, the dividend of various companies will be detached: Florence Airport (0,003 euro); Banca Desio e Brianza (0,0753 euro on ordinary shares, 0,0904 on savings); B&C Speakers (0,32); stable assets (0,022); Central Dairy Turin (0,06), Del Clima (0,058); Energy (0,045); Replies (0,85); Saes Getters (0,12 ord. 0,232579 resp.); Save (0,5402), Sat (0,394); Valsoia )0,3) Vittoria Ass.(0,19); Gala (0,65); Leone Film (0,09) and Triboo Media (0,125).
