The Dragon's economy slows down, perhaps too quickly. In the first quarter, China's GDP grew by 7%, against the previous 7,3%, despite the rate cut in November. It is the lowest figure since 2008, when Beijing too was hit by the Lehman Brothers storm. The Monetary Fund reports that, for the first time in 16 years, India is growing more than China. The Shanghai Stock Exchange also held back (-1,1%), while other Asian markets were weak. Stable Tokyo.
THE EU ANTITRUST COMPLAINTS GOOGLE. GOOD ACCOUNTS OF JP MORGAN AND INTEL
The Dow Jones index (+0,33%) and the S&P 500 (+0,16%) closed in positive territory. The Nasdaq is down (-0,22%) which once again postpones the assault on the 5 thousand points weighed down by the decline of Apple (-0,43%). In the meantime, the complaint by the European Commission against Google should be triggered today, accused of abuse of a dominant position.
Oil stocks are celebrating: for the first time in four years, the production of American shale oil has fallen. The S&P energy index is up 1,77%. Judging by the earnings reports, the health of Corporate America looks better than expected. Good reception to the accounts of JP Morgan (+1,6%) and Intel (+2,6%). Wells Fargo drops 0,8% after the accounts.
MILAN SLOWS DOWN, THE ECONOMY IS GROWING LESS THAN OTHERS
On the eve of today's ECB summit, the European Stock Exchanges, thanks to the dramatic uncertainty over Greece, are taking a step back. Piazza Affari in particular slowed down: the FtseMib index fell by 1%. The Madrid Stock Exchange lost 1,3%, Frankfurt -0,9%. Paris was also down despite the leap by Alcatel-Lucent in view of the sale to Nokia, endorsed by the Valls government.
The International Monetary Fund has slightly improved its growth estimates for the Italian economy, which however will continue to travel at a cruising speed lower than that of its eurozone partners. The International Monetary Fund estimates for Italy the deficit/GDP ratio, according to the Washington institute, will settle at 2,6% this year, then down next year to 1,7%
CANNATA: BTP ITALIA OK. TOO FEW BUNDS ON OFFER
“It is quite probable that sooner or later negative rates will be recorded on short maturities”. Word of Maria Cannata, head of the Italian public debt who yesterday commented on the trend of the retail response to the Btp Italia on offer until 14 pm this morning. The result is “definitely positive. Both the lengthening of the maturity from six to eight years and the objectively low coupon – she added – left us with some uncertainty, but I must say that we are very satisfied” she stated.
At the end of the day, orders totaling 4,8521 billion (3,4 in yesterday's session) had been collected. Cannata then reiterated the Treasury's willingness to continue with the lengthening of the average duration of the Italian debt during 2015, emphasizing that from the end of December to the end of March the average life of the debt increased by 0,07 years.
"The Qe was conducted in a shrewd manner - concluded the Treasury executive - So there is no negative impact on the liquidity of trading on the Italian secondary market". The situation is different in Germany, where the supply of securities that can be purchased from the ECB is now scarce: 28% of German issues are traded below -0,2%, or the negative rate on deposits with the central bank against 5% before Qe.
EXOR'S BIG HIT IN THE USA. AND A LEFT AT GOLDMAN SACHS
John Philip Elkann scored on the break, piercing the defense of Goldman Sachs. Yesterday afternoon Exor (+0,35%) announced that it had launched a friendly proposal to the board of the reinsurance company Partner Re for an amount of 6,4 billion dollars, with a 16% premium on the implicit value of the public company in which it participates by Vanguard, Franklyn Resources and Black Rock funds.
The move, surprisingly, was launched with the consent of the board of directors of the Agnelli safe and will be able to count, in addition to cash on hand (523 million) and the support of bond loans up to 3 billion approved yesterday, also on the money (at least two billion dollars) received with the sale of the real estate services company Cushman & Wakefield, managed by Goldman Sachs.
But the same US investment bank has been involved since January in assisting Axis Capital in the acquisition of Partner Re itself. Goldman Sachs, therefore, finds itself assisting Exor in the sale of Cushman & Wakefield by providing the Turin financial company with part of the money needed to blow Partner Re to one of his clients. It is a detail that serves to underline the determination and aggressiveness of the new Exor, which combines the role of number one shareholder of CNH, FCA and soon of Ferrari with the control of a large international financial lung, moreover well known in Turin because the old Ifi participated in its foundation in 1993.
The other stocks in the Agnelli galaxy were weak on the eve of the budget meetings: today it's the turn of Cnh Industrial (yesterday +0,26%), tomorrow it will be the turn of Fiat Chrysler (-1,6%) which, for the first time, will members at the Sofitel Grand Amsterdam in the Dutch capital. In addition to the anticipation for Sergio Marchionne's declarations on the timing and methods of the Ferrari IPO and the take-off of the Alfa Romeo plan (appointment in Arese on 24 June), there is curiosity about the participation of shareholders in the event.
MASSIAH (UBI) NO CONTACT WITH MPS
Stocks that have traded the most in the last few weeks have depressed the Stock Exchange price list, among which stand out the bank stocks also penalized by the technical situation: the sector's Stoxx index is struggling to "break through" the resistance in the 160 area, at its highest since 2014. Heavy losses of Unicredit and Intesa (-2,5%). Banco Popolare drops by 1,4%, Pop.Emilia -2,1%, Mediobanca -2%. Only Monte Paschi was up (+1,24%).
Victor Massiah, managing director of Ubi (-0,47%) stated that there is no contact with the Siena institute for a possible aggregation. In asset management, the race of Anima Holding has stopped, at least for now (-6,7% to 7,79 euros). Profit-taking has taken place after a 15% rise in the last two days. Yesterday's news came that Norges Bank bought 2%. The operation dates back to April 7 last year.
TIM SKY IS BORN, MEDIASET SUFFERS
Telecom Italia advances (+0,3%), Mediaset slows down, down by 2,4%. This is the combined effect of the news that the integrated broadband offer between Telecom Italia and Sky will start in a few days. The details of the operation should be announced tomorrow: the Sky offer will arrive in Italian homes through Telecom Italia's ultra broadband connectivity services which today offer solutions starting from 30 Mbps. The former telecommunications incumbent has already committed to purchasing a certain quantity of digital decoders to distribute to users (120 decoders purchased each year for a commercial value close to 70 million).
The offer, which should be called TIM Sky, could cost 19,90 euros a month for the basic service to which Premium packages such as sport or cinema will then be added. Telecom Italia is also negotiating with its subsidiary Fininvest to stream Mediaset Premium content. Meanwhile Ei Towers resists (+0,47%) after Consob's no to the new offer on Rai Way (-0,89%).
SAIPEM IS THE TOP STOCK. EGP ALSO ADVANCES
The best blue chip of the day was Saipem (+3% at 11,66 euros), a new high since the beginning of the year (+32% since January XNUMXst). According to Reuters, contacts continue with Gazprom to transform the contract for the construction of the South Stream gas pipeline, suspended last December, into a participation in Turkish Stream, the infrastructure that should bring gas from the Caspian to the Turkish coast and no longer to Bulgaria.
The other oil companies were positive: Eni advanced by 0,1%, Tenaris +0,7%. Among the utilities, Enel (-1,4%) and Snam (-1%) fell. On the other hand, Enel Green Power performed well (+0,78%). Analysts welcomed the news that the company has won the right to power supply contracts with South African utility Eskom for 425 MW of wind projects.
LUXURY, ONLY MONCLER RESISTS
Salvatore Ferragamo capitombolo (-3,8%): Exane Paribas cut the neutral recommendation from outperform, confirming the target price at 32 euros. Tod's -1,9%. Moncler almost unchanged (-0,2%): JP Morgan raised the target price on the stock to 18,5 euros from 16,5 euros, leaving the rating unchanged at overweight.
