The US rate hike is a week away, but the Bull is already ko. The big names in tech are rapidly adjusting to a world where they will pay far more for money and earn less. Also because, after Elon Musk's landing on Twitter, the clash over freedom on the net widens. The result was the collapse of the Nasdaq (-4%), dropped to the values of two years ago (-12% since April XNUMXst) e the fall of S&P (-2,81%) and Dow Jones (-2,3%). And it is certainly not the worst news of this hot spring: China is holding back, under the pressure of Covid. Europe at war is dealing with energy: from today Moscow will not supply gas to Poland, which it does not intend to pay in rubles.
It costs Musk dearly to conquer Twitter
At the center of the financial scene is the dramatic session of the US markets. As usual, the first actor was Elon Musk, who set out to conquer Twitter for 44 billion dollars, largely financed by banks. But the appeal is missing more or less 20 billion which he will pay out of his own pocket. As? Probably with the sale of Tesla shares, which left 12% on the ground yesterday, or 126 billion dollars.
After the accounts, Microsoft and Alphabet withdraw
No less impressive is the fall of two stars of the caliber of Microsoft and Alphabet (formerly Google), both down by 4% after the balance sheet data. Much worse overnight (Alphabet lost another 6,5%), despite a $70 billion buyback.
The accounts of the two giants, in reality, are not bad: with a turnover of 49,36 billion dollars compared to 41,7 billion dollars in the previous year, Microsoft exceeded Wall Street's expectations for its quarterly revenues. Growing profits also for Alphabet, which recorded revenues of 68 billion compared to 55,31 last year. But the figure, in the face of more expensive money and slower revenues, does not move analysts.
Apple, which will report Thursday, lost 3,7%.
Yields on T bonds are rising again
After yesterday's rally, bond selling is back. The 2,76-year Treasury Note yields 4%, +2,84 basis points over the close, from XNUMX% yesterday. Futures suggest a slight recovery from the start.
The Asian price lists are weak. Tokyo's Nikkei loses 1,3%. Kospi of Seoul -1,5%. Mumbai BSE Sensex -0,7%.
Beijing promises new public investments
The exception is China, hit by the lockdown. A plan for new public infrastructure, from aqueducts to airports, was announced tonight.
The CSI 300 of Shanghai and Shenzhen stocks are up 1%. Around parity the Hang Seng of Hong Kong.
WTI oil recovering: +3% yesterday closing, +0,3% this morning at 102 dollars a barrel. Brent at 106.
Gold is below $1.900, down 0,4% to $1.897.
Germany, yes to the oil embargo. Gazprom withdraws gas from Poland
“Germany is very close to independence from Russian oil. And today I can say that an embargo has become manageable”. This was stated in Warsaw by the German Minister of Economy and Climate, Robert Habeck. In return, Russia has suspended gas supplies to Poland. Polish energy adviser Naimski said PGNiG (the Polish gas distributor) would not meet Russia's request to pay for the gas in rubles. EU natural gas futures climbed as much as 17% on Tuesday, exceeding €100 per megawatt-hour.
The euro slides to 1,064. New interest rate pressures
New lows for the euro, which dropped last night to levels not seen for five years. The cross this morning is at 1,064. Against this backdrop, the front for rate hikes is growing: The European Central Bank is expected to hike interest rates soon and has room for up to three hikes this year, Central Bank governor Martins Kazaks told Reuters. Latvia
8 billion Btp and Ccteu will be auctioned on Friday
The yield of the BTP slows down, which goes from a maximum of 2,63% to a minimum of 2,54%. The Italy-Germany spread touched its maximum since the beginning of the war in Ukraine to 173 points.
On Friday 29, the Treasury will offer Brp bonds worth 8 billion over 5 years, a new XNUMX-year bond and a Ccteu.
Mixed banks in Europe: Santander collapses, UBS rises
The quarterly banking reports dominate the scene on European lists, without shining. Madrid (-1,59%) sinks with Banco Santander dive by 6,17% after the quarterly.
Zurich also falls (-1,25%), where Ubs also saves, which showed the best net profit in 15 years in the first quarter. HSBC, the largest European bank, slips by 5,74%.
In the coming days, the January-March numbers of Credit Suisse, Barclays and Deutsche Bank will be announced.
Negative are Amsterdam (-0,51%), Frankfurt (-1,2%) and Paris (-0,54%).
Faurecia, the auto components group already in the orbit of Stellantis, collapses by 11% after launching a profit warning on the accounts.
Record judicial auction for 100 thousand Burgundy and Bordeaux
In a difficult moment for the markets, it is worth noting the auction on Saturday 30th April at the Palais de Ducs in Dijon in the heart of Burgundy. One hundred thousand exceptional bottles seized on various occasions by the French judicial police will be put up for sale. A Romanée Conti 2000 starts at 11.500 euros (58.00 for the case of six bottles). The French taxman is already thanking you.
Milan -0,95%. The MPS dossier restarts (+4,14%)
Piazza Affari loses 0,95% and falls back to 23.681 points, weighed down by sales on large banks and industrial securities.
Shines in the Banca Mps list (+4,14%) on the wave ofhearing of Economy Minister Daniele Franco to the bicameral Commission on Banks. The minister spoke of the ongoing negotiations with the European DGComp to define the new terms of the sale of the controlling interest in the hands of the MEF: a capital increase within the year, then the subsequent sale.
The prospect worries Unicredit (-3,22%), already affected by the energetic cut of the target to 14,10 from 20,50 by Ubs. Understanding was also bad (-1,57%) cut to 2,7 from 3,15 euros.
Tenaris rebounds, Prysmian and Leonardo do well
Among the few stocks to save themselves from the downturn are oil companies, pushed upwards by the new flare-up in crude oil prices. Tenaris is the pink jersey of the day and grows by 3,5%, Eni +0,2%. Saipem -1,5%.
Among the other blue chips, money on Prysmian (+1,2%) and Leonardo (+0,6%).
The car suffers. Sogefi loses hits
The automotive industry suffers: Stellantis -3,2%, followed by Pirelli (-2,5%). Iveco (+0,82%) goes against the trend, after the publication of the quarterly above expectations.
Sogefi Splash: -6,05%. Banca Akros confirmed the buy opinion but lowered the target to 1,15 euro from 2. "Despite the good results of the first quarter - write the analysts - the outlook appears clearly more difficult than originally expected".
