The financial markets closed the month with conflicting signals: the recovery of raw materials, favored by the weak dollar, extinguished possible hotbeds of crisis, especially in China and among the Emerging Countries. Oil, the great protagonist of April, is still on the rise: the WTI rises by 72 cents, to 46,05 dollars a barrel, the highest since November 4, Brent gains 92 cents, over 48 dollars.
But the rise of the yen, today at an 18-month high, at 107,07 against the dollar, is putting a strain on the Japanese economy. The Tokyo Stock Exchange, closed today for holidays, lost 5% during the week, disappointed by the lack of intervention by the Central Bank. The other Asian lists were weak: Hong Kong -1,4%, Shanghai -0,3%.
US GDP BRAKES WALL STREET, EUROPE RECOVERS
In the USA, the data arriving from the economy have shown that the Fed's caution on rate hikes has good reasons: in the first quarter, US GDP rose by only 0,5%, slowing down from the +1,4% in fourth quarter of 2015. The consensus, which had fallen a lot in the last two months, was expecting at least +0,6%. The 0,5% increase in the first quarter is the lowest in two years.
Wall Street felt the pinch. The Dow Jones fell 1,17%, the S&P 500 about 1% and the Nasdaq 1,19%. Europe too suffered the Tokyo effect on Thursday morning, only to then recover during the day, thanks to oil and some positive quarterly results. Frankfurt finished up 0,21%, buoyed by results ahead of Deutsche Bank's forecasts. Together with the banks (European Stoxx of the sector +0,2%), oil stocks (+0,6%) and those of raw materials (3,2%) rose. The London Stock Exchange closed down by 0,1%, Paris -0,2%.
MILAN +0,43%. THE TREASURE HAS FULL UP
Piazza Affari, weak in the morning (Ftse Mib index at a minimum of 18.540,11 points), accelerated at the end of the session, closing at +1,21%, at 18.976 points, at mid-January levels. Meanwhile, the Treasury has filled up, collecting 7,75 billion euros in yesterday's auction between Btp and Ccteu. In detail, the five-year BTPs were assigned with an annual gross yield of 0,49%, up by 15 basis points. The ten-year BTPs were placed with an annual gross yield of 1,51%, up by 27 basis points.
THANKS TO ZUCKERBERG AND BEZOS THE NASDAQ FORGET APPLE
More twists and turns among the big names in technology. Apple still suffers, yesterday -3,3%: the raider Carl Icahn, already one of the major shareholders of Apple, announced that he has canceled his share. But the market has already focused on new purebred horses. Fly Facebook, up 7,3% to 119 dollars after the data of the quarter: the net profit has tripled to 1,5 billion dollars. Revenues grew to 5,38 billion from 3,5 billion in the first quarter of 2015. Amazon promises to do even better today, which shot up by +13% yesterday evening after the Stock Exchange thanks to the announcement of results higher than expected: the company by Jeff Bezos celebrates unexpected profits of 513 million dollars.
Fireworks in the health sector: Abbott Laboratories (-6%) announced the acquisition of St. Jude Medical for 25 billion dollars (with a premium on the stock price of 37%) thus expanding the presence in the cardiovascular sector . In pharma, Merck (-1%) and Pfizer (-0,5%) retreat.
BANKS TO THE COLLECTION AWAITING THE COUNCIL OF MINISTERS
In Piazza Affari the good news is linked to the recovery of the banking sector. Deutsche Bank (+3,9%) contributed to the increase, announcing better-than-expected accounts for the quarter, favoring the recovery of the European Stoxx index (+0,1% at the end after going down by two points in the morning percentages).
But the decisive push in Piazza Affari is linked to the expectation of the measures that should be approved today by the Council of Ministers. Today, in fact, the green light should arrive for the decree to speed up credit recovery times. Reimbursement to the bondholders of the four rescued banks is also scheduled at the end of the year.
Finally, there are comforting signals from the capital increase of Popolare di Vicenza. Unicredit took advantage of this, +4,2% to 3,5620 euros thanks to the acceleration in the finale. Similar script for Banco Popolare (+4,3%) and Pop.Milano (+3,7%, the meeting is tomorrow). Pop.Emilia +3,9%, Intesa (+1%) and Monte Paschi (+2,4%) also positive.
Weak Generali (-0,36%) on the day of the shareholders' meeting. General Manager Alberto Minali said that "'For dividends we foresee a trajectory of sustainable growth and the 72 cents approved today are the first step in that direction".
OIL INDUSTRY: SAIPEM SUPERSTAR WAITING FOR ENI ACCOUNTS
Big bustle in the energy sector. It has risen on the Tenaris roller coaster: from a low of 11,40 euros in the morning to a closing at 12,08 euros after recovering more than 5 percentage points. It was not so much the figures for the quarter just ended that put pressure on prices, but the indications for the near future: the company estimates that the Ebitda margin for 2016 will fall below 15%, from the 16% previously indicated. Sales on the title were heavily impacted by Equita Sim's ratings.
Opposite script for Saipem (+12%), in great recovery after the results. The company, the worst blue chip of the FtseMib since the beginning of 2016 with a loss of 55% (against -12% of the index), received the applause of analysts yesterday: SocGen raised the target price to 0,52 euro from 0,42. previous 0,46 euros bringing the recommendation from the previous Hold to Buy. Akros brought the target to 0,40 euro from 0,41 euro, Jefferies to 0,39 euro from 0,39 euro. Only Kepler-Cheuvreux moved against the trend by cutting to 0,40 euro from XNUMX euro.
Meanwhile, expectations are growing for Eni's accounts (+0,9%), scheduled for today. According to Reuters, three of the main European utilities are finalizing an offer on the six-legged dog's retail business, an operation that could be worth up to 3,4 billion dollars. Interested are Edison (controlled by Edf), the Spanish Gas Natural and the British Centrica. Eni has appointed Goldman Sachs as advisor for the sale, which could take place from the fourth quarter onwards.
Meanwhile, Prime Minister Matteo Renzi has announced an Eni plan on the renewables front. Enel did well (+1,7%): Credit Suisse started hedging with an Outperform recommendation and a target price of 4,6 euros.
FINMECCANICA REVIEWS THE GUIDANCE THANKS TO KUWAIT
Among industrialists, Stm corrects: -1,3% after yesterday's leap. Finmeccanica +0,2% on the day of the shareholders' meeting which, among other things, approved the name change to Leonardo. With the approval of the quarterly report, scheduled for May 5, the holding company will review the 2016 guidance on orders and free operating cash flow. The managing director Mauro Moretti announced it during the meeting. The reference to an upward revision of the estimates is implicit.
Fiat Chrysler (+2,3%) and Cnh Industrial (+0,6%) also recovered. A day of revenge for Telecom Italia which ended up 2,9%. Mediaset +1,2%.
