Apple's race has stopped: in the first three months of 2016, 51,2 million i Phones were sold, or ten million compared to the same period last year. And so, after 13 quarters of constant growth in sales (and profits), Apple closed the quarter with a drop in turnover (to 50,6 billion dollars, -13%) and profits (-22%, or 1,9 .2 dollars per share against the expected XNUMX).
The news arrived after the stock exchange was closed, but the effects were immediate. In the evening trading, the Apple stock slipped just above 96 dollars (against the 104 dollars at the close) with a drop of about 7%.
The long wave has reached Asian price lists, hitting Apple suppliers in Japan and Taiwan. The Nikkei index in Tokyo loses 0,6%, awaiting the decisions of the Central Bank which will be communicated tomorrow evening: strong moves are expected to stop the rise of the yen (+9,1% since the rates were introduced negative).
Apple's stop was not the only negative note for tech stocks: Twitter left 10% on the ground, affected by the decline in advertising sales. But the big names in the traditional economy are not laughing either: the Standard & Poor's agency has removed the triple A rating from Exxon.
These and other disappointing data (orders of durable goods lower than expected) arrived while the first day of the Fed meeting was underway, which today will communicate its decisions on rates. No one expects an increase, but on the eve of the bond yields have nevertheless risen: the ten-year Treasury Bill has touched 1,91%, on the highs of the last four weeks.
Wall Street was supported by the rise in oil prices (+3% for Brent) favored by the increase in US inventories: S&P500 -0,19%, Dow Jones +0,07% and Nasdaq -0,21%. Among the other quarterly reports (yesterday 61 companies communicated data) it is worth noting DuPont (+2,2%): the chemical giant, which should merge with Dow Chemical (+2% during the year), revised the increase of 10% the 2016 targets.
EUROPE IN RECOVERY: THE CITY BETS ON THE EU
The comeback of the banking sector sounds in Europe (Stoxx of the sector +2,3%). Above all, the Southern European Stock Exchanges benefited: Madrid is the best (+1,7%), ahead of Piazza Affari (+1,4%), which almost entirely recovers from Monday's slide.
Weak Paris (-0,2%) and Frankfurt (-0,3%). Better London (+0,4%), galvanized by the polls that give the pro-Europe party the lead: Obama's visit has borne fruit. The pound is also growing. The better-than-expected quarterly results of BP (+4,5%), which offset the drop in oil prices with profits from refining, and Standard Chartered (+9,8%) also played in the City's favor.
WEIDMANN: THE ITALIAN DEBT THREATENS US TOO
The president of the Bundesbank Jens Weidmann, in a speech given at the German embassy in Rome, underlined how the EU budget rules have been violated over the years by various countries, including Italy. "The Commission continually tends to compromise to the detriment of respect for the budget, for example by extending from time to time the expiry of the adjustment periods for states in a situation of deficit", with a reference to our country.
It is also necessary, Weidmann added, to introduce as soon as possible a new regulation that provides for capital coverage by institutions and limits on the amount of bonds of individual countries held by a bank. Here too the disagreement with the Italian positions is clear. But the president of the Bundesbank has instead promoted the establishment of the Atlante fund.
Meanwhile, news arrives from Berlin that Mario Draghi has been invited to the Bundestag to explain (or justify) the low interest rate policy. The hearing in Parliament is set for 5 September.
BTPs LIVE. TODAY'S AUCTION: BOT TOWARDS RECORD NEGATIVE
A certain nervousness continues to reign on the debt market, conditioned by the political tensions in the Eurozone, after the advance of the right in Austria. Meanwhile, after breaking 1,50% on Monday, the rate on the ten-year BTP rose to 1,57% in the morning, to new highs since the end of February, to then settle back to the 1,54% area, just after the closing of yesterday.
The phase of caution is well evidenced by the rise in yield since the beginning of April, around thirty basis points overall. The spread between ten-year BTPs and Bunds touched 130 basis points this morning, a level not seen since last February 29, before falling back to 124 points, thanks to the increase in yields on the German bond (0,28%). The offer on the primary sector also conditions the market. The Italian Treasury has placed 750 million euros, the maximum amount envisaged, of the twentieth tranche of the BTPEI in September 2024.
The auction round continues today with the offer of six-monthly BOTs for 6 billion (out of an equal amount maturing) and Thursday with the launch of the new CCTEU July 2023 and the reopening of 5 and 10-year BTPs for a total amount of up to 7,75 billion. On the Mts gray market, the six-monthly Bot at auction was traded at a negative yield of -0,162%, at a new all-time low.
BANKS TO THE RESCUE. ATLANTE EMBARKS THE SOCIAL SECURITY FUNDS
The ups and downs of the Italian banks continue and US analysts continue to lead the dance. On Monday the market was cold-blooded by Moody's judgments, yesterday the American broker Bernstein took the field with opposite evaluations: the neutral opinion on Unicredit (+4,9%) confirmed, as well as the outperform verdict for Intesa (+2,8 .XNUMX%).
Monte Paschi is even faster (+6,2% to 0,70 euro), on the highs since the end of last January, the best blue chip of the session. The stock is moved by the news of the strengthening of the Atlante fund, which could receive the substantial contribution from the social security funds. To date, it has already exceeded 4 billion.
Ubi (+4,3%) and Mediobanca (+3,2%) also rose sharply. Among the popular ones, Pop.Emilia +3,2%, Pop.Milano +2,2%, Banco Popolare +3,7%. In the insurance sector, Generali (which could increase its stake in the Atlante fund by a further 100 million) advanced by 0,8%. UnipolSai +1,9%.
INDEBTEDNESS RISES, THE MARKET PUNISHES FCA
The market punishes Fiat Chrysler: -2,6% to 7,03 euros on the day of the quarterly report, after fluctuating between a minimum of 6,95 euros and a maximum of 7,425 euros. The pessimism of investors is explained by the increase in debt (from just over 5 billion to 6,6) and the feeling that the US market could slow down. For now, however, the performance of the Nafta area, which represents, in terms of operating profit, almost 90% of the total, has allowed the group to record sustained margins: 7,2%, against 3,7% of the first quarter 2015.
FCA confirmed its forecasts for 2016, which indicate net revenues above 110 billion, adjusted EBIT above 5 billion, adjusted net profit above 1,9 billion, net industrial debt below 5 billion. The increase in debt, according to Sergio Marchionne, is linked to seasonal causes and the exchange rate effect. In the conference call, the CEO assured that FCA "remains committed to debt reduction".
Meanwhile, Cnh Industrial (+1,5%) and Exor (+1,6%) are on the rise.
BOUNCES A2A, HIGHEST SINCE MID-FEBRUARY
The oil companies are doing well, driven by the rise in crude oil. Eni rises in Piazza Affari (+0,4%), Tenaris unchanged, Saipem +1,6%. Among utilities, Enel rose by 1,2%. A2A shines (+3,8%) at a price it hasn't seen since last January 11 at 1,245 euros. The loss since the beginning of the year is reduced to -1,5%. The stock quickly digested the negative news of the halt to the purchase of a share in Acsm-Agam, decided by surprise by the Municipality of Como. Atlantic +1,3%. Telecom Italia gains 1,2%.
