Stock exchanges, with the exception of the still galloping Chinese lists (Shanghai +2,1%), slow down their run. There Greece, now one step away from default, the engine of the European stock exchanges jams, while, on the wave of Wall Street, the oriental lists take a step back from the peaks reached on Thursday, to the maximum values for seven years.
Here is a summary of the picture of the stock markets: negative day in Tokyo, with a loss of around half a percentage point: the week is starting to close with a drop of just under a percentage point. Down also Australia and Korea.
US stock markets were flat: the Dow Jones index fell by 0,04%, the Dow Jones by 0,08%. The Nasdaq -0,06%, however slightly above the 5 point mark (5.007,79). Sharp surge in Brent +6,1% just under 64 dollars. This morning in Asia prices drop to 63 dollars.
GOLDMAN SACHS AND NETFLIX IN THE RACE. TODAY THE ACCOUNTS OF GE
Signs of a slowdown continue to arrive from the US economy: the March figure for new construction sites is negative, while requests for layoffs are on the rise. Manufacturing activity in the Philadelphia area recorded a timid +0,7%, however the only positive macro indicator for the week.
The speeches by the president of the Atlanta Fed, Dennis Lockart, and of the Cleveland Fed, Loretta Mester fit into this framework: the statistics on the trend of the economy, Lockart said, convinced me that a rate hike in June would premature. Dovish tones also from Mester, a voting member of the Fomc, the Fed committee that decides on rates.
On the corporate front, confirm the data coming from Goldman Sachs and Citigroup, the best since the outbreak of the subprime crisis. Today attention will be focused on the accounts of General Electric, -0,65% yesterday, announced to the market before the start of the session.
The best title, yesterday, was Netflix (+18%), on the back of better-than-expected results.
Among the 51 companies that have so far announced their quarterly results, 76% have recorded results that beat expectations: the suspicion arises that the forecasts have been marked by excessive prudence.
MILAN, WORST SQUARE IN THE EU. BUNDS ONE STEP FROM ZERO QUOTA
Even the European Stock Exchanges are retreating after having reached their all-time highs on the eve. The Stoxx 600 index closed yesterday's session down by 0,7% to 411 points from the 415 points, all time high, reached during the previous session.?? In Milan, the Ftse Mib index shows a drop of 1,7%. Negative closures also for Frankfurt -1,2%, Paris -0,6% and London -0,5%. The worst, after Piazza Affari, is Madrid -1,4%.? On the government bond market there is a new all-time low in Bund yield (0,08%) now one step away from zero and a parallel weakening of the BTP, whose yield rises by 12 basis points to 1,37%. The spread between Italy and Germany it widens by 14 basis points to 129 basis points, a level not seen for two months.
GREECE, THE MARKETS SEE THE DEFAULT PILOT BY MERKEL
The prospect of a showdown on Greece looms over the eurozone debt market after months of fruitless negotiations. From Athens, Alexis Tsipras reiterates that in the end an agreement will be found, but this is not the mood of the markets: the Athens 70-year bond yield jumped 12,4 basis points to XNUMX%, a value last seen in March of 2013. The yield of the two-year bond it was up 230 basis points to 26%, a default rate.
Angela Merkel herself, according to the authoritative Die Zeit, is working on a project to manage the default (bankruptcy) of Greece without taking the country out of the single currency. The German plan envisages initiatives to allow the European Central Bank to continue to finance the banks of Athens even in the event of default, a solution which is however not permitted by the constituent treaties of the Monetary Union and by the ECB itself. In return, Angela Merkel is demanding that Tsipras be more cooperative with what was once called the troika. If things go in this direction, Angela Merkel would thus go into direct confrontation with the Bundesbank, which has always been opposed to any form of aid without guarantees.? ?Meanwhile, S&P has downgraded the Greek credit rating from B- to CCC+. Finally, Greek officials would have asked the International Monetary Fund for a postponement of the payments due, receiving a resounding no. However, Athens has denied.
BANKS UNDER FIRE, GUZZETTI: YES TO FOUNDATIONS IN POPULAR
The tensions on the money markets have unloaded on the banking sector, the most penalized by the sales: the Eurostoxx index of the sector loses 2% and is the worst today.? Unicredit -3,1%, cuts year-to-date earnings to 16%. Understanding -2,2%, Mediobanca -1,7%.
The Populars are also heavy. It is becoming increasingly probable that foundations will enter the capital of cooperative banks, said the president of ACRI, Giuseppe Guzzetti yesterday evening, speaking to journalists on the sidelines of a hearing in the Senate. Guzzetti, on the other hand, ruled out that the foundations could invest in cooperative credit banks.
Ubi Banca falls -2,51% despite the fact that UBS analysts raised the target price to 7,5 euros from 6 euros, confirming the neutral recommendation. The Banco Popolare loses 2,3%. Also Monte Paschi leaves 2,2% on the ground on the day of the meetingdespite the capital gains received on the sale of 10% of Anima Holding to Poste Italiane. Alessandro Profumo, in the replies to the questions posed by the shareholders regarding the Alexandria derivative during the shareholders' meeting, declared that "if there is anyone who needs to be worried, it is Nomura".
Day off for asset management: Azimut -3,8%, Banca Generali -2%, Mediolanum -2,5%. Generali slows down -1,3%.
FCA CONFIRMS GOAL: 5 MILLION SALES IN 2015
Dry braking also for Fiat-Chrysler -2,1%. Yesterday in Amsterdam (17 shareholders present) the company approved the 2014 financial statements and confirmed the 2015 guidance: sales of between 4,8 and 5 million vehicles, with revenues of 108 billion euros, an EBIT in the range between 4,1 4,5 and 1 billion, a net profit between 1,2 billion and 7,5 billion and a net industrial debt in the range between 8 billion and 19,8 billion. Goldman Sachs raised the target price on the share to 14,6 euros from 10 euros, confirming the stock in its Conviction List-Buy. The IPO of Ferrari, which will take place in the third quarter, will involve no more than XNUMX% of the capital.
FCA sales in Europe grew by 15,7% in March, better than the market trend (+10,8%).
Cnh Industrial also fell -0,8% after the leap on the eve of + 6,4%. Goldman Sachs raised the target price on the stock to 8,5 euros from 6,8 euros, confirming the rating at neutral.
Resists market declines Exor +0,26%: Mediobanca Securities raised the target price on the stock to 48,6 euros from 45,3 euros, confirming the outperform recommendation in the wake of the offer made by the group for PartnerRe.
SAIPEM GOES BACK
Saipem -3,9% after eight consecutive increases and a new record for the year, set in the morning at 12,74 euros. The day of correction has arrived for Saipem. The stock has rebounded 80% from its mid-January lows. From January 40st +5%. Analysts continue to remain pessimistic about Saipem's prospects: only 32 out of the 8,30 surveyed by Bloomberg recommend its purchase. The average target price set at 1,7 euros is well below today's quotation. Tenaris also down -1%. Eni loses XNUMX%.
YOOX, AWARDED BY CITIGROUP - NO HOURGLASS ON RCS RADIO IN A BUCKET
In the rest of the list to report: Yoox returns to growth +2,9%: Citigroup raises its target price to 33 euros from 23,5 euros, Buy judgment confirmed. Bad Telecom Italia -3%. Mediaset loses 0,9%. Unchanged Fincantieri; yesterday the joint venture with Finmeccanica, Orizzonte Sistemi Navali, received the communication of the exercise of the option for the construction of the ninth and tenth Fremm units, to complete the supply to the Italian Navy. Finally, yesterday, as anticipated by FIRSTonline, Claudio Sposito's Clessidra has renounced the purchase of the three RCS radios (Radio 105, Virgin Radio and Radio Montecarlo) acknowledging the impossibility of reaching an agreement within the timeframe envisaged by the exclusive negotiation on which the curtain therefore falls.
