EURO AND YIELDS FALLING AFTER THE ECB
US EMPLOYMENT DRAGS MARKETS
The highlight of the day, the board of the ECB with the cut in the reference rate of the euro, it did not provide any unexpected news. By lowering the rate to 0,5% from 0,75%, the European central bank essentially ratified a decision that had been largely "digested" in the weeks leading up to the markets, as now required by the "best practice" of central bank communication .
But the central bank's majority move may not stand alone: In fact, Draghi has not ruled out new cuts. The message had immediate repercussions on the market: the German government bond slipped to 1,16%, the 0,03-year Schatz to -XNUMX%, back in negative territory. The XNUMX-year yields of France and Belgium are at historic lows.
Lastly, slight improvements in the prices of government bonds with the 10-year BTP yielding 3,78% and the spread at 261 (down by 5 basis points).
The euro lost ground against the dollar falling to 1,305 from 1,318. The single currency is trading at 1,3073 in Asia this morning.
As far as Piazza Affari is concerned, the old saying "sell on news" is confirmed. May thus begins under the banner of "sell on may and go away", i.e. sell in May and stay away…
At the end of a session characterized by various ups and downs, the Milan Stock Exchange showed a modest drop of 0,1% in the FtseMib index. The other European Stock Exchanges are positive: Paris and London rise by 0,1%, Frankfurt +0,6%.
JOB OK, WALL STREET CELEBRATE.
BUT JP MORGAN IS IN THE SIGHT
A new scandal explodes around JP Morgan. The New York Times reveals that the bank is at the center of a new government investigation, even more devastating than the "white whale" case. Under accusation are "the manipulative schemes" with which the bank has distorted the performance of the energy exchange, transforming "production plants in structural loss into formidable financial profit centres".
In America, Wall Street is up sharply (Dow Jones +0,89%, S&P +0,94%, Nasdaq +1,26%) after the very positive data on applications for unemployment benefits, which fell to its lowest level in the last five years .
Wall Street reacts to falling claims new unemployment benefits on the lows of the last five years, a drop to 324.000 units completely unexpected by economists who expected 345.000 from 352.000.
Facebook salt by 3%. First-quarter revenue, announced tonight, beat analysts' expectations at $1,46 billion. It seems that Marck Zuckerberg's social network has finally meshed with advertising aimed at users via smartphone. Earnings per share were 12 cents against a consensus of 13 cents.
Precipitates LinkedIn -10% after the quarterly data: earnings per share rise to 0,45 cents, against a forecast of 0,31 cents. Mala guidance for the rest of 2013 is negative.
With the exception of Japan -0,7%, the Asian lists are moving towards a positive closure, in the wake of the good American data: Hong Kong +0,69%, Shaghao +1,8%.
INSIDE BUSINESS PLACE
Among industrial stocks, Fiat it rose yesterday by 0,5%. In the evening, however, the sales figures for the sector were announced.
As has been the case for 37 months, the car market closed with a decline in sales compared to the previous month. In April, the decline was 10,8% compared to a year earlier to 116.209 units. In the first four months of the year, new car registrations fell by 12,34% to 471.750 units. Registrations of the Fiat group fell by 14,1% in April compared to a year earlier to 35.140 units with a share that fell from 31,39% to 30,24%.
Fiat Industrial -1,5%. Finmeccanica gained 1,4%, StM+1,6%.
Among the Milanese blue chips, the fall of Tenaris which lost 4,1% after announcing first quarter results lower than market expectations.
Among the oil producers, Eni fell 0,2%, Saipem gained 0,4%. After losing 2,5% yesterday, oil is recovering today with Brent trading at 100,7 dollars a barrel (+0,7%) and WTI at 91,4 dollars (+0,4%).
At the end of several up and down blasts, the banking landscape it is mainly negative: Unicredit fell by 0,3%, Intesa -0,2%, MontePaschi -1,1%, Mediobanca -0,1%. Earn Pop.Milan +1,2%.
Insurance: Generals +0,9%, Fondiaria-Sai +1,8%.
Among the utilities, a strong increase of A2A +5,7%, while Enel closed unchanged.
Sharp rise of Mediaset + 4,2%.
RCS MediaGroup -2,31%. Enrico Cucchiani defined the decision not to subscribe to the capital increase as "irresponsible". However, Gilberto Benetton and Diego Della Valle are oriented in this direction.
In the last months the owner of Tod's +0,73% sent some communications to the Board of Directors and to the Board of Statutory Auditors of Rcs RCSM, MI criticizing, among other things, the "failure to use" the insolvency procedures provided for by the bankruptcy law in the renegotiation operation of the expiring debt. This is what we read in the mayors' report published in view of the May 30 meeting on the recapitalization of the publishing group, on which the creditor banks have conditioned the refinancing of the debt.
Day of sharp decline for i cement workers: Buzzi lost 3,4%, Italcementi -1,5%: Goldman Sachs intervened on both by cutting the target price.
