After a shower of good news from the US and a series of better-than-expected quarterly reports from one side of the ocean to the other, European stock markets closed the session mixed and Wall Street slowed down from its record start in the first few minutes, when the S&P 500 surpassed 4200 points for the first time. Evidently, at least in Europe, profit-taking prevails, especially in the auto sector alarmed by Ford (-9,98%) who fears the chip crisis in the coming months. The yields on government bonds also increased: the rate on the 1,66-year US Treasury is currently +2,6% (+XNUMX%).
On the currency market the dollar is recovering slightly (the exchange rate with the euro is stable at 1,21), but appears weakened by the prospect of an expansion of the stars and stripes debt and by the dovish attitude of the Fed, which yesterday once again spread its dovish wings . On the other hand, the raw materials are pressing on the accelerator, in particular the copper which during the day returned to its historical highs, exceeding the threshold of 10.000 dollars a ton for the first time since February 2011 (when it had touched the record of 10.190 dollars). According to Marex Spectron analysts, "the copper trend is supported by the weakness of the dollar, which favors purchases of metals denominated in US currency by those who buy in other currencies". Good support also comes from the increase in demand in China, which alone catalyzes half of global copper production.
Salt on Petroleum: the July 2021 Brent contract appreciates by 1,2% to 67,58 dollars a barrel.
In this context, it closed higher Madrid +0,25%. Goes down Frankfurt -0,83%, alarmed by worse-than-expected employment data in April. Weak Amsterdam -0,19%. They are flat Paris e London.
Business Square loses 0,74 and falls back to 24.278 points, on the day when Euronext (+1,36% in Paris) ha completed the acquisition of Borsa Italiana from the London Stock Exchange for a value of 4,444 billion euro and at the same time Cdp Equity and Intesa Sanpaolo became part of the group's "reference shareholders" with the subscription of a private placement of 579 million euro.
Sales weigh on the Ftse Mib Tenaris -6,78% and Saipem -4,92%, but also stellantis -3,81% and Amplifon -3,48%.
Tenaris ended the first quarter with net income of $101 million, $0,09 per share, versus losses of $666 million for the same period in 2020 and profit of $110 million in the fourth quarter. Ebitda, on the other hand, would be below analysts' expectations and this is at the origin of the profit taking on a share that has risen a lot this year.
In the oil services sector, Saipem's correction continues, after yesterday's results which, according to Intesa Sanpaolo analysts, were negative, well beyond expectations. The negative news from the project in Mozambique contributed to aggravating the picture.
Camp on the greenest side of the list stm +1,63%, at the end of a fluctuating session after the quarterly, where it showed off a net profit growing by almost 90% to 364 million dollars. The words of the CEO, Jean Marc Chery, gave a boost to the shares who, in the call with analysts, said he expected a sustained demand from the smartphone industry, also including Apple, one of the company's ten main customers.
Bene A2a + 1,47%.
The session is still positive for the banks, in particular Understanding +0,91%; Unicredit +0,86%; Mediobanca + 0,28%.
Outside the main basket, the rally continues Mediaset (+6,02%), in view of peace with Vivendi. MF reports on a potential agreement which, among other aspects, provides for the distribution of a dividend of 30 cents per share on the 2020 accounts by the Biscione and the commitment of the French group to progressively reduce its stake, selling the 19,19 % currently parked at Simon Fiduciaria over 5 years.
Shopping still heads up Tod’s (+1,64%), effervescent for a few weeks, after the arrival of Chiara Ferragni on the board of directors and the 10% capital increase by Lvmh. The speculative appetites today were rekindled by the words of the owner of the Italian maison Diego della Valle, according to whom "the increase in the quota was symbolic, but the idea is to see if we can do something together". Meanwhile, two days ago Intesa revised Tod's rating to hold (from a veteran) and brought the target price to 37,7 euros.
Raise your head Milan Fair (+3,63%), since the Salone del Mobile will take place in September, albeit in a reduced version.
In the bond: lo spread between 10-year BTPs and Bunds of the same duration it travels at 107 basis points (+0,5%), with growing yields. The BTP rate closes at +0,8t%.
Yields also rose on the primary, In the morning the Treasury auctioned the fifth tranche of the 5-year BTP, maturing 01/04/2026, for the maximum amount offered, equal to 2,75 billion with a gross yield of 0,17 .12%, up 10 basis points. In the auction of 01-year BTPs, maturing on 08/2031/2,5, securities were assigned for the maximum amount offered, equal to 0,88 billion, with a gross yield of 15%, up 10 basis points. In addition, the Treasury has assigned a second 01-year BTP, maturing on 04/2031/2, for the maximum amount offered, equal to 0,83 billion, with a gross yield of 6 percent. Finally, the Treasury fully assigned the maximum amount offered for 1,25-year CCTeus, equal to 0,06 billion, with a gross yield of -XNUMX%, up by two points.
