The Dragon raised his head. China's gross domestic product rose 6,4% in the first quarter, better than forecasts. But among the data released overnight, analysts like the acceleration of industrial production +8,5% at the end of March against +5% up to February: the US decision not to proceed with the increase in duties on imports of Beijing thus had an immediate effect, together with the robust stimuli put in place by the authorities to avert the recession. The positive effect has already been transmitted also to consumption +8,7%.
The positive news did not excite the Chinese stock exchanges too much which, moreover, have already widely anticipated the recovery: since the beginning of the year, the Csi 300 index has gained 35%:
Tokyo's Nikkei (+0,2%) and Taipei's Taiex (+0,5%) rose, Shanghai and Shenzhen lists were weak -0,3%, as was Hong Kong's Hang Seng. The South Korean Stock Exchange is flat. The Chinese currency, the renmimbi, is at its highest in a month at 67034 against the dollar.
The generally positive results of the US quarterly reports did not cause bursts of euphoria on Wall Street: Dow Jones +0,26%, S&P 500 +0,05%, Nasdaq +0,3%.
Enthusiasm was aroused by the agreement between Apple and Qualcomm which yesterday averted the clash in court between the two groups. Once the dispute was closed, La Mela signed a six-year supply agreement with the chip product. The title Qualcomm rose 23%.
NETFLIX LOSES, ACCOUNTS OK FOR BLACKROCK
Weak instead Netflix (-1%), despite the positive results. But Walt Disney's offensive in streaming has prompted the company to cut its forecast for new subscribers. New subscriptions in the first quarter stopped at 5 million, less than the 5,5 million expected.
On the rise after the accounts Blackrock (+3,2%). Instead, brake in the after hours IBM (-3,6%).
The improvement in the economic situation is holding back the advance of safe-haven assets: gold falls to 1.276 dollars an ounce, the lowest for the year.
Geopolitical tensions, with Libya in the lead, push oil prices upwards. Brent is at its highest level since the end of October at almost 72 dollars a barrel, up 0,4%.
The euro appreciated this morning to 1,130 against the dollar (+0,2%), yesterday it lost 0,2%.
Supporting the European lists was the Zew, Germany's confidence index, which rose to its highest level in the last 13 months. But the moods of European finance remain mixed. Reuter revealed yesterday that, during the last meeting of the ECB, a "significant minority" of the directorate contested the overly optimistic forecasts of the Frankfurt offices.
Weak Milan, held back by energy. Thanks to a shock at the end, the index nevertheless closed up by 0,12%, reaching 21.918 points, at the end of a colorless session.
The brightest places were Zurich +0,71% and Frankfurt +0,66%. Negotiations continue between Deutsche Bank and Commerzbank +0,8% to 7,81 euros at a price much lower than the book value, 26 euros, of the stake held by the State which controls 15,6% of the bank.
Paris +0,36%. London +0,44%. Stop Madrid (-0,01%).
NEW BENCHMARK, THE SPREAD IS WIDENING
The Italian paper archives a negative session weighed down by a series of factors, including Bank of Italy's fears on public finances, which caused a widening of the Italy-Germany spread by 10 basis points.
The new benchmarks have been in force since yesterday. At around 17,30, the yield differential between the BTP and the Bund closed at 254 basis points from 237 at the end of Monday's session after fluctuations between 249 and 259 basis points.
At the same time, the 2029-year rate maturing on 2,59 August 2,43 rose to 2028% from XNUMX% at the last closing (on the old December XNUMX benchmark).
BANKITALIA: WITHOUT VAT THE DEFICIT AT 3,4%
The fears of the ECB on the growth prospects of the euro area in the second half and those of Bank of Italy on the 2020 deficit/GDP which could rise to 3,4% in the absence of a VAT increase weighed on the session. Eugenio Gaiotti, head of the Bank of Italy's Economics and Statistics department has in fact defined "the macroeconomic scenario presented in the Def as overall acceptable". But without including the 23,1 billion expected from the increase in VAT and excise duties in the budget balances, the deficit would mechanically amount to 3,4% of GDP in 2020, 3,3% in 2021 and 3% in 2022.
According to the Parliamentary Budget Office (UPB), the programme
privatizations by the Italian government could “prove to be totally or partially unfeasible”.
TARGET SHOOTING TODAY ON JUVENTUS, ENI SUFFERS
A difficult day is looming for the Juventus stock, -1,08% yesterday, after the elimination from the Champions League by Ajax.
The main index of Piazza Affari was held back yesterday by the drop of Eni (-1,56%), down from four sessions, to which Fitch assigned an A- rating with a stable outlook for medium-term creditworthiness.
LENGTHEN TENARIS, UTILITIES AT FIRE
On the contrary, still among the oil producers, he lengthened Tenaris (+3,38%), the best blue chip. The Argentine Court of Appeals, which examined the November 27 preliminary decision issued by the judge of first instance which annulled the indictment of Paolo Rocca.
Saipem (-0,2%) passed the qualifiers in a maxi race in Qatar.
Saras +1%. Refining margins are increasing in the Mediterranean area.
In red the utilities:Enel -1,86% Terna -1,74% Snam -1,4%.
A2A -0,7% presented an offer for the gas distribution activities of Ascopiave.
The deal between Apple and Qualcomm has pushed chips up in Europe. stm + 2,33%.
NEXI LANDSLIDE AT DEBUT, US FINE PUSHES UNICREDIT
Weak debut in Piazza Affari for nexi: -6% to 8,48 euros after trading for 62 million pieces. At 9 euros, the price of the IPO, the capitalization was equal to 5,6 billion euros. “It's the first day of a long journey” said CEO Paolo Bertoluzzo.
Between the banks salt Unicredit (+2,6%), which has agreed to pay 1,3 billion dollars to the US authorities to resolve violations of US sanctions on Iran.
PASSERA DETECTS 650 MILLION BPM NPL
Where's Banca + 1,3%. Intesa Sanpaolo + 0,8%. Bpm bank (+ 0,77%) has reached an agreement with Illimity for the purchase of a Npl portfolio with a gross value of approximately 650 million euro. In the managed Azimuth + 2,7%.
Bene Moncler, +0,99%, on the day of the budget meeting. For CEO Remo Ruffini, the results for the first quarter are positive and in line with expectations. ?)/g
