After the good news on Japanese GDP (+0,9% in the first quarter), the Tokyo Stock Exchange closed the week with an increase of +0,30% supported by new statements by the "stoker" premier Shinzo Abe: soon, he said, they will be taken fiscal measures to stimulate the recovery of consumption. According to a Bloomberg survey of analysts and operators, Abe is the most reliable politician on the planet. The Economist dedicates the cover to the premier portraying him in the guise of superman.
After a series of macroeconomic data signaling the risk of a slowdown in the US economy, the Wall Street indexes closed lower: the Dow Jones -0,28%, the S&P500 -0,50% and the Nasdaq -0,18%.
But the drop in inflation (1.1%, to its lowest since November 2010) sounds like a solid guarantee for the stability of the Bull: reassured by the lack of inflation, the Fed should have no problems in the next meeting in mid-June to confirm the current monetary stimulus policy, which provides for the purchase of bonds by the central bank each month for 85 billion dollars.
Gold made its sixth consecutive decline and is worth $1,388 an ounce. The news according to which John Paulson has also changed his strategy by selling gold stocks to divert part of his liquidity to cyclical stocks caused a sensation.
EUROPE MARKS TIME, DOES BETTER BUSINESS PLACE
An economic government to save Europe. This is what François Hollande is proposing by adhering, for the first time, to the path suggested by Germany. But, he added, "what is currently affecting Europe is the recession due to austerity policies", which is the German recipe. In short, the press conference for the start of the second year of office reflects more than anything else the uncertainties of the Old Continent that emerged from the data on the recession. In the meantime, Hollande, like Abe, can also boast a record, but of the opposite sign: no president has had such a low approval rating.
For the European Stock Exchanges it was a day of reflection. Throughout the session, the indices fluctuated slightly between positive and negative without ever taking a clear direction. The situation has not changed after the American data. Paris, London and Frankfurt closed unchanged. In Milan, the FtseMib index rose by 0,2%. On the government bond market, the 10-year BTP rose slightly, showing a yield of 3,96% (-4 basis points) in the final, with a spread of 264.
MOODY'S PUNISHES BPM, UNICREDIT BRILLIANT
In Piazza Affari some showy rises stand out, such as that of Mediaset, which gained 6% after rising by 9% yesterday. From February 26, after the polls closed, yesterday the Fininnvest group (Mediaset plus Mondadori and a share of Medilanum) saw its stock market value rise from 1,8 to 2,6 billion. Since the day the Letta government took office, 28 April, quotations have risen by 21% against 6% for the index.
Lottomatica closed up 1,6%: in the morning it reached a new all-time high. Finmeccanica also rose sharply +4%, which also presented less than exciting data for the quarter with an increase in debt. Fiat was up 0,3%, Pirelli closed down 1,1%.
Banks, the dominant sector of the Milan stock exchange, mainly moved upwards, with some significant exceptions. Unicredit rose by 2,34%, Intesa +0,6%, Banco Popolare +1,6%. Pop.Milano-3,5%, Banca Pop. Emilia -1,4% and MontePaschi -0,9%. Moody's lowered Pop.Milano's rating to Baa3.
Among the insurance companies, Generali rose by 0,2%, Fondiaria-Sai -0,2%, Unipol recovered 2,2% after yesterday's fall. Cattolica closed up 2,8% the day after the quarterly. Enel and Eni fell by 0,5% and 0,6% respectively. Telecom Italia gained 2,2%.
A day of lively swings for luxury stocks following the sharp rise of Swiss Richemont (brands Cartier and Dunhill) which gained 7,5% after announcing a 30% increase in profit to 2,01 billion euros: analysts had expected profits of $1,96 billion. Ferragamo rose by 2,5%. The reductions of Rcs -3,2% and Maire Tecnimont -6,1% stand out. Geox lost 4,9% after disappointing results.
