BUSINESS PLACE RAISES ITS HEAD, GERMANY HOLDS BACK. GOOGLE, IBM AND MICROSOFT: MORE USEFUL, LESS REVENUES
Strange but true: Piazza Affari likes the elections for the Quirinal. The Milan Stock Exchange interrupted its negative streak yesterday and went back down after four consecutive sessions: the Ftse Mib index gained 0,63% to 15.480 points, the liveliest list in Europe.
On the government bond market, the Btp Bund spread rose above the psychological threshold of 300 points, during the morning it had fallen to 292 basis points. In the eyes of investors, the arrival of a new tenant at the Quirinale should lead to overcoming the institutional deadlock that has blocked Italy since February 26th.
Different script in Germany. After the decline in car sales (-13,5% in the first quarter), the stock market continues to decline Frankfurt -0,25% arrived at the fifth consecutive session of decline on the new lows of the year.
The confirmation of the triple A by Moody's does not bring relief: the rating agency appreciates the solidity of the German accounts but the outlook is negative: the troubles of the eurozone loom over Berlin.
THE INDEXES
The world travels at three speeds, explains Christine Lagarde, the director general of the Fund from Washington: the growth of emerging markets continues, comforting news from the USA, still in deep crisis, Japan and Europe.
In the meantime, comforting signals are coming from Asia from the stock markets, driven by the positive data from chip producers and the rebound of mining stocks, at the end of the worst week since August. Tokyo's Nikkei index advanced by 0,5%. The growth in Hong Kong +1% and in Shanghai +1,4% was much more robust.
Wall Street closed weak after disappointing data on the conditions of the US economic cycle. The Dow Jones index marks -0,56%, S&P 500 – 0m67% and Nasdaq -1,20%. They let down the data of Morgan Stanley, down 4% and continues to decline Apple Lossless Audio CODEC (ALAC), -1,8%. Rain of data in the Big Data of technology. The common datum is a decline in revenues accompanied however by an increase in profits, confirming the attention to costs.
The accounts of Google -2,13%: Eps at 11,58 dollars per share against a forecast of 10,69. Revenues amount to 13,97 billion (14,04 billion forecasts). Revenue decreases IBM -1,2%, Profits per share rise to 3 dollars but revenues amount to 23 billion (against 4 in estimates).
The Chinese Lenovo +4,2% announced it is in talks to take over IBM's server division. In the end Microsoft +0,12%. Here, too, they hold profits (0,72 dollars per share) but hold back revenues. The other stock markets in the Eurozone are less brilliant than Milan: Paris +0,3%, Madrid +0,3%.
BOND, THE REVIVAL OF THE WEAK
Spain placed 4,7 billion of bonds this morning, more than the 4,5 billion maximum indicated, with yields declining on all three issues. Ireland financed itself in 3 months by placing 500 million bonds at 0,195% and requests equal to 4,8 times the offer.
On the government bond market, the Btp Bund spread rose above the psychological threshold of 300 points, during the morning it had fallen to 292 basis points. Not only. The 2-year Btp/Bund Spread drops by 4 bps to 131, for a yield of the 2-year Btp at 1,33%, one step away from the historic low of 1,23%.
The 12-month Bot yields 0,82%, the historical low is 0,81. The differential with Spain rose to 43 basis points, the highest since February.
INSIDE BUSINESS PLACE
In Piazza Affari, the increases were widespread among all sectors. Among the best titles Lottomatica, up 3,9% after Exane raised its recommendation to outperform from neutral.
The banks are positive, despite the reverse of the BTP. Unicredit + 1,9% Banco Popolare + 2,7% People of Emilia + 1,9% Intesa Sanpaolo+ 0,7% MontePaschi +0,8%. The assurances moved little: Generali+ 0,3% Fondiaria-Sai -1,9%.
Mediolanum +0,8% after the positive indications on the business provided by the vice president Massimo Doris. Among the industrialists. Fiat + 0,3%. Finmeccanica-0,4%, Prysmian -2%.
StM-1,3% on the day of the collapse of Nokia, down 8% after first quarter results. In luxury/retail, Luxottica + 2,7% Tod’s + 0,1%Ferragamo + 1,8%. Mediaset+ 1,8%. Espresso -1% Rcs -6,8%. In February, investments in advertising in Italy fell by 17,7%, according to Nielsen data. Positive Enel+1,9% ed Eni + 0,4%. Telecom Italy -1%.
