The economy in Japan improves: the stock market slows -1,06%. The real economy sinks in Europe: the price lists rise. It is the partly paradoxical snapshot of the situation on global markets. In Japan, the Abenomics cure bears its first fruits: not only on the Stock Exchange, but also in the industries and services of the Rising Sun. In the first quarter of 2013, Tokyo's GDP rose by 0,9%, at an annual rate of around 3,5%. A fact that clashes with the recession effect of the Old Continent.
The Italian GDP celebrates the negative record ever: seven consecutive quarters down. France falls into recession, after three consecutive quarters in the red. Germany saves itself with an anemic +0,1%. How can this phenomenon be explained? Expectations of a continuation of expansionary monetary policies by central banks are driving the market up in this period. Therefore, when the treatment gives the sensation of working, there is a fear that the therapy may be suspended.
Meanwhile, the commodity markets are dancing downwards: the confirmation comes from the financial flows. Oil falls, at the mercy of the price manipulation scandal involving the Bigs: the WTI is traded at 92,5 dollars (-1,7%), Brent at 101,6 dollars (-0,9% ). Under the impetus of the sales of George Soros, the descent of gold continues, down for five sessions: the yellow metal is traded below 1.400 dollars an ounce at 1.396 (-2%). But the star of the day lives in Wall Street: Google +3,3%.
Already in the morning, the shares of the Mountain View giant surpassed the $900 wall for the first time, to then close at 916,38. The market capitalization of the king of search engines and the Internet has for its part exceeded the threshold of 300 billion. The title's rally coincided with the launch of today's developer convention, the Google I/O in San Francisco, showcasing new projects: new map systems, tablets, Google Glass digital eyewear, and innovations in the Android operating system. The New York Times writes that Google has presented the engine that "reads your mind". Year-to-date, Google has gained about 28%.
GOLD FALLS THE FEVER RISES FOR THE BTP 30
Against this backdrop, the success of the 30-year BTP is looming: bookings for 13 billion euros in orders and a final issue amount of 6 billion euros, the first since September 2009. Realization day in Tokyo: from the beginning of the strategy expansionary trend by Shinzo Abe (less than six months) the Nkkei index rose by 45%. Wall Street "runs on virgin land" (poetic image from the Financial Times). The S&P index +0,51% closed the session at an all-time high of 1658 points. Dow Jones +0,40%, Nasdaq +0,26%. The Bull is so strong as to compensate for the decline in oil stocks ( Chevron -1,3%, ConocoPhillips -1,1% ) and the recovery of the Apple -4% landslide, which has returned to decline after the dividend and buyback effect. The changes in the European Stock Exchanges, excluding Milan, are modest: London +0,1%, Frankfurt +0,2%, Paris +0,4%.
THE AMERICAN FIAT SHINES AT PIAZZA AFFARI
Despite the GDP, it was a brilliant day for the Milan Stock Exchange which closed with the FtseMib index up by 1% and regaining the levels of the end of January. Star of the day is Monte Paschi, which jumped up by 9,3% after the results of the quarter: revenues beat expectations, the loss was less heavy than expected.
Purchases from Wall Street were the propellant of the Fiat increase +7,6%-. Finally, a strong increase by Mediaset +9% which was promoted to buy by Ubs. Among other banks, Unicredit rose by 2,1%, Intesa +3,4%, Banco Popolare -0,9%. Among the insurance companies, Fondiaria Sai +2,4% recovered part of the fall (-5%) of the previous day, Unipol +4,7%, Generali +0,1%.
Among the industrialists, Pirelli rose by 1,1% after the declarations of the president Marco Tronchetti Provera, according to which institutional investors of Qatar are considering entry into the capital of the Milanese company. StM gains 2,3%. Good rise for Finmeccanica +1,3% after the results of the quarter. Fiat Industrial lost 0,2%, Exor gained 1,4%.
Among the blue chips, the decline of Atlantia stands out, which lost 1,4% after the Singapore airport company, Changi, announced that it had started the sale of its Gemina share package, equal to 8,4% of the capital. Atlantia and Gemina are mutually engaged in a merger project. Gemina lost 1,5%.
