New confirmations are arriving from America that the recession, so often announced, is really upon us: unemployment claims are on the rise while manufacturing industry activity drops to a three-year low. Faced with these numbers, this morning oil slipped just above 80 dollars, leaving 2,5% on the ground overnight, thus eliminating the effect of the cuts decided at the beginning of the month by OPEC+.
The markets are thus heading towards a sad end of the week, awaiting the moves of the central banks.
Stock Exchanges today: weak openings in Europe, Asia in the red
- For the first time in six weeks the index Asia Pacific starts to close in red. China's Shanghai Shenzhen, CSI 300 and Shanghai Composite indices are down 1% The latest data showed that foreign direct investment in China grew much less than expected in March.
- It does better Japan -0,2%. Traders are betting that the Bank of Japan is preparing for a change of course. But the turning point will not come before June, when we will have the first evidence of the increase in wages that is affecting large companies.
- The index Hang Seng of Hong Kong and the KOSPI of South Korea lose about 0,6%. Taiwan -0,4%. In this list, Taiwan Semiconductor Manufacturing edged up slightly after the chip giant posted better-than-expected first-quarter earnings. In India, the BSE Sensex 30 index is flat.
- European stock markets also open weakly, waiting for the day's data: in the morning the PMI indices will offer an updated reading of the situation in the Eurozone as well as in France and Germany. In the evening, however, there will be an update of Italy's rating by S&P. The UK report card is also on the way. Ftse Mib +0,19%, Frankfurt -0,08%, London -0,12%.
Wall Street closes in red, dominates Elon Musk
The indications of Wall Street which closed down yesterday: S&P500 -0,6% and Nasdaq -0,8%.
To dominate the scene was once again Elon Musk. The adventure of his spaceship Space X it lasted only 30 seconds yesterday, enough for the tycoon to speak of a "successful failure" because the data collected will allow immediate and substantial progress.
The flop coincided with the stock market crash of Tesla -10,7%, yesterday overtaken by Meta in the ranking by value (517 billion dollars). In just one day, Musk's personal fortune fell by 13 billion. It is the market's response to the strategy of defending the market shares of the electric car leader at the expense of profitability. An affirmation which, in the case of Musk, must be taken with reserve: this morning, after six reductions, Tesla raised the prices of the Mobil 3.
However, Tesla's announcement had the effect of an avalanche on automotive stocks, in free fall in the face of the prospect of a downward price war. Among the most sacrificed stocks is Stellantis -5,5%, preceded by Renault - 7% on the day of the accounts. But Volkswagen and the US groups close with discounts of more than 3%.
Luxury does not stop its run
The difficulties of the four-wheeled world do not prevent the world of luxury, one step away from the historic record, to score new records: L'Oreal, controlled by the world's richest woman, climbs to its highest level since January 2022. The cosmetics maker said first-quarter sales beat estimates on strong performance across all products and geographies.
Stock markets awaiting the Fed and ECB meetings in May
In the meantime, the bags are getting ready for central bank meetings of early May. Philadelphia Fed Chairman Patrick Harker warned that i interest rates Americans are likely to rise further and stay there longer than expected even if economic activity cools. For Loretta Mester, another Fed hawk, rates will rise by more than 5% due to the high level of inflation. The orientation of the ECB is similar: today Vice President De Guindos will speak.
Il Treasury Notes ten-year bonds restart from 3,52%, ten-year BTPs at 4,30%, German Bunds 2,45%.
Euro/USD (1,095). Cross just below yesterday's levels. At these levels, the dollar would close the first positive week, after seven consecutive declines.
There are many reasons of interest today in Piazza Affari
- Starting with the Juventus title after the Coni guarantee college ordered a new judgement to the Federal Court on the penalty of 15 points in the standings following the investigation into the players' capital gains. But other judgments are looming.
- High voltage sitting also for Tim after yesterday, with the decisive contribution of Vivendi's abstention, the assembly rejected the management remuneration policy proposed by CEO Pietro Labriola.
- No less challenging is the test for Ferragamo: in the quarter sales decreased by -6,5% at constant exchange rates in the first quarter, due to the slowdown in the US market.
- BPER Barclays raises the target price from 2,70 to 3,20 euro, Equalweight rating.
- Italgas will make a binding offer for the water assets put up for sale by Veolia in Campania, Sicily and Lazio in mid-May.
- Saipem Morningstar raises the target price from 2 to 2,50 euros and strengthens the Buy
