Weak day for the European stock exchanges, which yesterday had reached the highest levels for 20 months. After a negative start, during the morning the price lists partially recovered the losses, but in the middle of the session they remained in slightly negative territory: a Milano the Ftse Mib loses 0,2%, in line with Frankfurt e Paris. London -0,3%. The profit-taking triggered by some corporate results prevails.
In Asia, the stock markets of Shanghai e Shenzhen they closed the session down (-0,3% for both) in a market characterized by a tightening of liquidity and profit-taking in the construction sector. The Exchange of Hong Kong, like those of Tokyo e Alonewas closed for holidays.
In addition to the shower of economic and quarterly data, investors' attention is focused on the statement that the Fed will issue tonight at 20 Italian time, at the end of the board meeting. The market assumes that the US central bank will not change monetary policy, but expects Janet Yellen to give some hints that a rate hike is possible next month.
Meanwhile, the new data on the GDP of the Eurozone, which between January and March – according to Eurostat's preliminary estimates – grew by 0,5% compared to the previous quarter and by 1,7% on an annual basis. The numbers are in line with the consensus of economists. Growth in the last quarter of 2016 was revised upwards from 0,4% to 0,5% quarter-on-quarter and from 1,7% to 1,8% year-on-year.
from Germany, however, confirmation arrives that in April the German unemployment rate remained at 5,8%, the lowest level since reunification. The figure, released by the German federal agency for employment, is consistent with analysts' expectations.
On the bond side, the BTP-Bund spread stands at 193 basis points, slightly down, with the yield on BTP ten-year Italians which travels at 2,26% in the same minutes.
As for the individual shares of Piazza Affari, they travel in decided contrast Unicredit (+ 1,4%), Bpm bank (+ 1%) and Luxottica (+1,3%), which lead the Ftse Mib. Among other banks, Understanding unchanged and Ubi -0,3%. The worst actions are instead those of Tenaris, Cnh Industrial e stm, all down 2%.
For the semiconductor company, the decline comes after yesterday's +1,8%. In the same sector, Dialog Semiconductor fell today by 2,9% in startups after its main customer Apple reported an unexpected decline in iPhone sales. Shares had lost 14% in April on fears that Apple would bring some of its component manufacturing in-house.
Sales continue on fca (-0,4%) after -4% on the eve: yesterday evening the data on registrations in Italy in April showed a sharp stop with a -4% for Fiat Chrysler sales. Even the German blue chips Daimler e bmw are in negative territory due to disappointing US auto sales.
Travel around parity Telecom Italy on the day of the BoD on the accounts and in the decisive week for the renewal of the board.
in Frankfurt Hugo Boss scores -6%. Traders explain the collapse with the data on sales on a like-for-like basis, which was slightly below expectations. However, the German fashion house posted profits up 25% in the first quarter, slightly above expectations, also thanks to the recovery in demand for luxury goods from China. Similar signals have come from lvmh, world leader in the sector, and from Hermès.
Among the best-performing stocks in Europe are pharmaceuticals stocks, with Novo Nordisk e Fresenius up 4,6% and 2,7% respectively after raising profit estimates for 2017. The Finnish Nokian Tires it was among the worst performers, down 4,8% after missing its first-quarter operating profit target.
On the currency market, the euro it holds $1,09. The price of oil rebounds, with WTI at 48,06 dollars a barrel (+0,84%) and Brent at 50,92 dollars a barrel (+0,91%) after the API data showing a decline of inventories in the US and awaiting the official data that will be released today. However, it should be noted that world stocks remain at their all-time highs despite the cuts in OPEC production. In Milan Eni -0,2%.
