Awaiting the data on US employment, arriving tomorrow with Wall Street closed for Good Friday, Asian stock exchanges recorded a technical rise: Tokyo rebounds +1,3% thanks to hedge fund hedging after strong short selling. Australia is also up, waiting for the next rate cut.
Oil dropped sharply this morning, waiting for Easter to bring the Iranian nuclear deal0.
Negative data from the US economy held Wall Street back in negative territory: Doww Jones -0,44%, S&P -0,49% and Nasdaq -0,42%
The ADP data on new hires signal a worse-than-expected figure, as does the activity index for the manufacturing sector. Thus the increase in interest rates has receded, to the detriment of the dollar which this morning trades at 1,0761 against the euro.
Meanwhile, car sales are slowing down to the detriment of Ford -1,4% and GM -2w%.
It should be noted that Donald's has announced an increase in the hourly wages for 90.000 workers in 1.500 refreshment points. The company will pay one dollar more than the legal minimum.
Excellent debut of GoDaddy +30%, the company that helps small and medium enterprises in the management of the digital economy.
PMI INDEX PUSHES EUROPE. MILAN IS THE TOP BAG
On the other hand, the European stock markets started the second quarter well: the Stoxx 600 index rose by 0,3% in the final session. The benchmark index closed the first three months of 2015 with a rise of 16,6%, the best result since the third quarter of 2009.
The positive effect of the weak euro is being felt on industry. In Italy, the manufacturing activity index is at an 11-month high, hopes of an exit from the recession are gaining ground. Export data is the best for nine months.
Piazza Affari + 0,87% reached the highs of the last 5 years. The PMI manufacturing index is recovering strongly both in Italy and in the rest of the Eurozone, with the exception of France.
Paris gains 0,7%, Frankfurt 0,4%. Madrid +0,42%.
GERMANY AT ZERO RATE. ATHENS TOWARDS THE DEFAULT ALREADY ON APRIL 9
April Fool's has arrived from Athens Minister Nikos Voutzis, in an interview with Spiegel, confirmed that Greece, if no money arrives from the EU, will not be able to repay the 9 million of the third installment due on April 450 Monetary Fund. The subsequent denial did not convince the markets: the Btp Bund spread closed the session at 110 bp, partially recovering from the 113 reached after the news, but above the 106 in the morning.
Meanwhile, with paradoxical effects, the price of the Bund continues, which yesterday reached a yield of 0,17%. Germany placed 3,39 trillion 5-year bonds at a yield of 0,1%: traders lined up to buy paper which generates a negative yield.
YOOX HAS BEEN THE BEST BLUE CHIP FOR THREE DAYS
The rush to purchases on Yoox continues +9,48% to 28,4 euros after the abundant 11% on Tuesday on the wave of the news of the merger with Net-à-Porter. The share of the Bologna-based e-commerce company boasts the best performance among the blue chips for three days.
The positive opinions of the brokers rained down: Kepler Chevreux went from veteran to hold but with a target price of 25 euros, lower than the quotations. Equita rises from 18,5 to 26 euros. The most generous valuation is by JP Morgan from 23 to 31 euros.
GTECH LEAVES MARKET PLACE. IN RED
Red farewell from Gtech's Piazza Affari -3,2%. For the company of the De Agostini sweatshop today will be the last average on the Italian Stock Exchange before the transfer to the City. In fact, the company has announced that all the necessary conditions have now been met to proceed with the merger with the American IGT. Hence the green light to the merger which will take effect from next April 7th. After that, the procedure for proceeding with the listing of the share in London will begin
CARS +15% IN ITALY. FCA DOES BETTER AND BEATS FORD AND GM IN THE USA
Fiat Chrysler -0,2% before registrations data released in the evening. In March, the group recorded slightly higher than the market sales in Italy: 15,2 against 15%, a figure influenced by an extra working day.
Yet another positive sign for Chrysler in the USA: +2%, an important figure because it runs counter to the declines of Ford, General Motors and Honda.
Finally, the design manager Ralph Guilles joins the GEC, the team of Sergio Marchionne's closest collaborators, replacing Lorenzo Ramacciotti.
Finmeccanica on the rise +2,53%. Down -1% Stm.
STOP FOR RAI WAY. BUT MEDIASET CELEBRATES
Strong leap by Mediaset +3,5% favored by the end of recovery in consumption, and not at all disadvantaged by the prospects for reform of Rai.
In the meantime, the Antitrust said yesterday that the takeover bid on Rai Way -0,8% by Ei Towers -1,1%, "in the configuration and perimeter described (...) is not likely to be authorised". At this point, the possible outlets for EI Towers, in addition to a review of the terms of the offer, could be the involvement of F2i or Cdp; remote but not excluded the sale of the company by Mediaset.
HSBC PROMOTES ENEL AND TERNA
The great leap forward by Enel +3,09% to 4,342 euros is good for the Ftse Mib basket. The boost to the title comes from HSBC which, as part of the update of the rating calculation methods, has raised its rating on the Treasury's utility to buy. Terna +1,12% was also promoted by the English bank: from underweight to hold, target price from 3,9 to 4,2 euros. Snam also rose +1,77% and second place +2%.
Enel Green Power-1% suffers: the company sold 440% of the American Egpna to General Electric for 49 million.
BANKS IN NO ORDER. BENEFITS TAKEN ON BPM AND BPER
Lastly, it should be noted that the pace of the day was variable for the banks on the day of the conclusion of the long contractual dispute. The big names are doing well: Intesa +1,2% and Unicredit +1,11%. More modest increases for Banco Popolare +0,7% and Monte Paschi +0,5%-.
After the strong increases, Bpm -0,46% and Bper -1,41% mark time
