Once the 3% barrier has been breached, US Treasury bond yields continue to rise (3,035%, one step away from the highs reached in 2011) also dragging up German bunds (0,655%) and British gilts (1,57. 2008%). Even more significant is the new two-year high since 2,48, at 1,217%. But equity markets, unlike what happened in February, seem able to sustain the blow thanks both to the boost of corporate results and a more relaxed geopolitical picture. The rise in yields on the T-Bill supports the dollar, which rose to XNUMX against the euro, the highest in three months, on the day of the ECB directorate.
A CAKE FOR THE TWO KOREAS. RECORD ACCOUNTS FOR SAMSUNG
Asian price lists were positive this morning. The Kospi index of the South Korean Stock Exchange is starting to close higher: Samsung Electronics rises by 2,7% on the day of the presentation of the quarter's record data.
The representatives of the two Koreas are meeting today, for the first time since 1953 on South Korean soil and will celebrate the event by cutting a cake depicting the map of the united country, including the islets occupied by Japan, the common "enemy".
The Japanese Stock Exchange is also up, with the Nikkei index +0,5%. The exchange rate with the Japanese yen was little moved, at 109,3. Chinese price lists are down. CSI 300 index of Shanghai and Shenzhen -1,4%, Hong Kong -0,7%.
BOEING RUNS, 5 BILLION PROFITS IN THREE MONTHS FOR ZUCKENBERG
After a mixed start, Wall Street gathered courage during the session, driven by fund purchases, until it closed in positive territory: Dow Jones +0,25%, S&P 500 +0,18%. NASDAQ +0,05%.
The accounts of some giants, starting with Boeing (+4,2% after the balance sheet and the increase in estimates), took the sprint.
The new economy has also played its part. Facebook presented data for the first quarter of the year, only partially conditioned by the Cambridge Analytica scandal. The results are impressive: revenues increased 49% to $11,97 billion. Just under half of sales turned into profit, at $4,99 billion. Active users continue to grow worldwide. The stock is up 5% tonight.
OIL AT 75 DOLLARS. IN VIEW OF THE BREAK WITH IRAN
Oil is back on the rise. Brent at 74,4 dollars a barrel despite the surprise increase in US inventories. But yesterday evening Emmanuel Macron, on a visit to the US, anticipated that the US intends to proceed with breaking the nuclear deal with Iran: today, thanks to the withdrawal of the multi-year sanctions, Tehran is able to pump about one million barrels a day .
Weak oil companies in Piazza Affari. Saipem -3,8%: the day after the presentation of the quarterly data, Jefferies cut the rating to Underperform. Eni -1,1%, Tenaris -2,2%.
EUROPE IN RED. MILAN -0,97%
Closing down for the European stock exchanges, intimidated by the performance of US government bond yields and awaiting the indications coming from today's ECB directorate. European stocks trimmed losses slightly in the afternoon on improving indices on Wall Street.
Milan, amid reduced trading for the holiday, left 0,97% on the parterre at 23.801 points. The worst price list was that of Frankfurt (-1,02%).
KERING SHINES IN PARIS. THREE BILLIONAIRE TAKEOVER OFFERS TO THE CITY
Paris -0,62%. Kering's star shines (+4,61%) after the publication of the excellent results for the first quarter of 2018, driven by Gucci.
London -0,64%. The City was yesterday at the center of three exceptional operations. Shire, the Irish-based pharma group, has accepted the offer of 65 billion dollars advanced by the Japanese Takeda. The American Comcast presented on the London Stock Exchange a £22bn offer (£12,5 a share) for the purchase of Sky, 16% more than that of the Murdoch family's 21st Century Fox (£11,7 billion, £10,75 a share). The independent directors of the Sky board have expressed themselves in favor of the US offer but the stock has soared beyond the price offered in anticipation of a raise. Lastly, Whitbread has announced the spin off of Costa Coffee, the chain of clubs that is now owned by Premier Inn Hotels. Since the beginning of the year, total M&A on the British Stock Exchange has reached 212 billion pounds.
THE SPREAD REACHES NEW LOWS, BOT AUCTION TODAY
The Btp/Bund spread slipped in the morning to 111 basis points, the lowest since April and then climbed back to 115 at the end. The yield on the 10-year Btp rose to 1,79%.
Treasury auctions resume: today it's the turn of the offer of six-month Treasury bills for 6 billion, an amount identical to that due. At the end of the session, on the gray market of Mts, the security in auction today was traded at a yield of -0,405% from -0,43% at the end of March.
In anticipation of the meeting of the European Central Bank, the Lithuanian exponent of the board, Vitas Vasiliauskas, said yesterday that the growth of the euro zone provides room for maneuver in Frankfurt to start the transition from QE, but the normalization process will have to be gradual and every move well communicated.
BOLLORÉ ENROLLED IN THE REGISTER OF SUSPECTS. TELECOM AND MEDIOBANCA DOWN
Mediaset raised its head in the final (+0,06%), hit by heavy sales in the morning the day after the 2017 results which also recorded a return to profit of 90,5 million euros, compared to the red of 294,5 .XNUMX million a year ago.
Telecom Italia lost its share (-2,7%) in view of the May 4 meeting for the appointment of the new board.
Meanwhile in Paris, after two days and one night of detention, it was entered in the register of suspects Vincent Bolloréaccused of helping two African leaders win elections in exchange for port concessions and other favours. The share of Bolloré Sa yesterday lost another 2,24% on the Paris stock exchange. Financière de l'Odet also lost 1,86% in the red. In contrast, Vivendi (of which Bollorè is the relative majority shareholder with 20,66% of the capital) gained 1,53% to 21,18 euros. In Italy, the financier is present, in addition to Telecom and Mediaset, with a 7,94% stake in Mediobanca (-2%).
BRAKE THE AUTOMOTIVE. TODAY THE FIAT CHRYSLER ACCOUNTS
The automotive sector is under pressure, starting with Fiat Chrysler (-3,1%) on the eve of the quarterly report: for Jefferies it is no longer worth buying. Cnh Industrial -2,6%, also penalized by the warning from Caterpillar. Exor (-2,1%) and Brembo (-1,23%) are also down. Outside the blue chip index, Sogefi loses more than 4%. Stm rebounds (+3%) after the excellent quarterly performance. Weak banks also due to modest volumes. Unicredit -0,8% on a par with Intesa San Paolo (-1,3%).
AFTER LIVERPOOL, ROMA WINS
Kering's rally in Paris boosted luxury stocks: Tod's +1,1%, Salvatore Ferragamo -0,45% in the finale after a lively session.
Among the small caps, the thud of As Roma (-9,94%) should be noted, after a dive the defeat in the semi-final first leg of the Champions League at the hands of Liverpool.
