Technology keeps afloat Wall Street. After Microsoft, yesterday was Meta, Mark Zuckerberg's creature, to take off after much better results than expected: +12%. Tonight it will be ad Amazon, the most sensitive test of e-commerce health. The good news, however, ends there. The markets, awaiting tomorrow's numbers on US inflation and central bank meetings, are experiencing many reasons for tension.
First Republic on the verge of cracking
The landslide of FirstRepublic, the "bank of the rich" of San Francisco, which lost another 30% on the stock market yesterday after 50% on Tuesday in the face of the flight of deposits. For now, the government doesn't intend to intervene, nor do the big banks, who don't want to take on any more losses after the 30 billion already anticipated. Bloomberg writes that the bank could lose the ability to borrow capital from the Fed.
Looking forward tonight of the accounts of Intel, the fall in turnover of chips, the key raw material for the economy, is confirmed in Asia. Samsung announced tonight a loss for the quarter of $3,4 billion (versus $7 billion in profit in the prior three months). OM metta also held back the profits of Tmsc, the Taiwan giant. Meanwhile, the US is threatening to extend the ban on imports of Huawei and Alibaba's clud products.
Natural gas at lows, oil below 80 dollars
Even the data on energy, while positive for inflation, point to the arrival of a recession. The gas European natural gas fell by -3% to 38,55 euro/mWh, a new low since January 2022. Petroleum Brent below 80 dollars in the expectation of an imminent slowdown in the global economy.
Weak opening for Europe. Deutsche Bank: +8% profit
Against this backdrop, the markets open slightly down. The Ftse Mib in Piazza Affari is held at parity supported by the recovery recorded by various securities in the banking sector. Today at 11 the European Commission's consumer confidence index comes out.
However, the quarterly reports of will set the tone for the day Barclays need Deutsche Bank. The German institute announced this morning a profit of 1,3 billion euros (+8%). Profits from fixed income are down more than expected (-17%), but asset management funding is up (+9 billion).
In decline yesterday European lists: Milano -0,54% Kering brakes Paris.
The Stability Pact does not support BTPs
Il BTP ten-year closed stable at 4,26% completely insensitive to the presentation of the proposals of the European Commission on revision of the Stability Pact, more or less on the levels of the day before. The Commission proposes that each country negotiate a plan to reduce public finances. The document must be approved, if anything modified, by the Council and Parliament. The stakes of deficit and debt remain.
Dollar at 12-month low against the euro
THEeuro dollar trades at 1,1095, +0,6% yesterday. The rate hikes launched by the European Central Bank are starting to show their effects on the economy, as can be seen from the drop in inflation, even if the ECB still has to work to bring down the underlying one. This was said yesterday by the Cypriot adviser to the ECB, Constantinos Herodotou. “We are now starting to see the first signs of the impact on the real economy but the 'core' data is still too strong. Therefore, we still have to work on it."
Futures up in the US. Today the GDP numbers
Futures on the US markets are up pending the results of the tech world. During the day, the data on the GDP trend in the first quarter will be released.
Yesterday the Nasdaq it closed up 0,5% thanks to a boost from Microsoft and some of the tech giants. L'S & P 500 it lost 0,4%. First Republic Bank was suspended several times for excessive downside during the session, the stock marked a 30% drop at the end of the day.
Goal: more revenues and investments. Run title +12%
MetaPlatforms it expects revenues of between $29,5 billion and $32 billion this year. Over the course of the year, the company will invest between $30 and $33 billion, about what the consensus expected. On the other hand, the quarter closed with an increase in revenues of 2,6% to 28,7 billion, one billion more than expected.
Nomura (-7%) weighs on the Tokyo Stock Exchange
Banks under pressure also in Asia. He misses out Nomura -7%: First quarter data released tonight was worse than expected, net income fell -75% year over year.
Il Nikkei of Tokyo is flat before the announcements of the Central Bank of Japan. The consensus on the absence of incoming news regarding the securities repurchase plan and the control of the interest rate curve is increasingly broad.
Hang Seng of Hong Kong, CSI300 Chinese and Kospi of Seoul almost unchanged.
The recovery of the Chinese economy for now is not helping listed companies. Earnings of Chinese industrial companies fell by about a fifth year on year in the first quarter of 2021, the National Bureau of Statistics in Beijing said tonight.
STM and Tenaris, accounts ok. Tender Offer for Savings Saes Getters
Some important quarterly reports arrived during the night. STMicroelectronics reported better-than-expected Q3,11 results, but they don't support the stock (-4,25%). Revenues grew to 4,42 billion dollars, compared to 49,7 billion in the previous quarter, the gross margin at 160 (1,10 points more than forecasts). First quarter diluted earnings per share of $0,99 beat analysts' median estimate of $XNUMX
Tenaris expects sales and margins to remain stable but to gradually decline over the rest of the year, after a 75% increase in sales in the first quarter of 2023. The group, active in the production of steel tubes for the oil and gas industries, said and some gas. “While sales in the Eastern Hemisphere are expected to consolidate above first quarter levels, sales in the Americas will be impacted by lower prices and a marginal reduction in US drilling activity,” Net sales from January in March it was $4,14 billion, benefiting from an increase in pipe shipments. EBITDA increased by 135% over the previous year to $1,48 billion. Despite the accounts, the stock loses more than 2% in Piazza Affari.
Intesa Sanpaolo (+0,25%) in 2022 it halved its gross exposure to Russia, bringing it to 2,5 billion euros, which includes 1,6 billion euros of loans to Russian clients. The institute said so when answering questions from shareholders in view of the meeting.
Saes Getters approved the guidelines for a simplification of the ownership structure which envisages the launch of a partial tender offer on savings shares at a price of 29,3 euro. Undelivered savings will be converted into ordinary.
