The crazy expenses of Meta for artificial intelligence, the Disappointing GDP of the first quarter and thestronger than expected inflation in the United States, weigh in today Wall Street (Nasdaq -1,7%) and are reflected in the European stock markets, which close lower also considering a long series of quarterly reports of important companies from the Old Continent.
Europe in the red, except London driven by the maxi offer for Anglo American
In the red European panorama he is saved London, +0,49% which updated its historical highs in the session in the wake of Anglo American (+16,1%) which received a takeover offer for 31,1 billion pounds (over 36 billion euros) from the mining group Bhp.
Business Square loses 0,97% and falls to 33.939 basis points, in a session with reduced volumes on the day of the Liberation Day. You save stm (+0,98%), despite the quarterly being disappointing, while Iveco falls (-3,14%) and luxury suffers.
It is also weighing on the big names today Hermes red (-2,38%), after that of Kering yesterday, on disappointing quarterly numbers in the watch division. The main price list of Paris it thus falls by 0,93%, even if the results support the French bank BNP Paribas (+1,57%). In the sector fly to Frankfurt (-0.87%) the German Deutsche Bank (+8,06%) on positive quarterly accounts and so on Sabadell Bank (+11%) a Madrid (-0,41%). Zurich drops 1,01%, weighed down by Nestle -2,28%, which missed first quarter organic sales growth estimates.
Wall Street down, between macro data and Meta collapse
Wall Street it is trending downwards, alarmed by the macro data, without managing to warm up to the earnings season.
On the macro front it disappoints GDP for the first quarter, which increased at an annualized rate of 1,6%, against expectations of an increase of 2,4% and after growth of 3,4% in the last quarter of 2023. The news does not seem useful even to modify expectations on the Fed's timing for monetary easing, because apparently inflation isn't letting up: the PCE data in the first three months of the year is at 3,4% and underlying inflation is at 3,7%, against expectations lower and above all a leap compared to the previous quarter (+1,8% and +2%).
The accounts presented yesterday by also weigh on the mood of investors Meta (-11%). The quarterly report did not disappoint, but what is worrying is the mix of weaker than expected sales in the current quarter together with higher capital expenditures especially in artificial intelligence. IBM bad (-9,56%) after the numbers.
In tech sector they will submit their accounts later too A (-3,5%), Microsoft (-3,59%), Intel (+0,65%).
The dollar weakens
Disappointing data on US economic growth are weighing on today dollar, which deflates slightly allowing the euro to recover an exchange rate around 1,07. He tries to regain his altitude slightly yen (which in any case remains in the 34-year low area at 155,52), while the BoJ monetary policy meeting is underway.
Among raw materials, there was a slight decline Petroleum, while the 'gold it is appreciated. Runs the copper.
Piazza Affari, mixed banks
There are only six blue chips making money today and among these two are banks, viz Bper +1,92% e Monte Paschi +0,56%. Popolare di Sondrio instead lost 0,93%, despite Fitch's promotion which raised the rating to 'BBB-', with a stable outlook.
The big ones are also decreasing slightly, Understanding -0,4% and Unicredit -0,57%.
It remains among the best stocks of the day stm, which had skidded this morning following a quarterly result below expectations, with a cut in the 2024 annual estimates (revenues between 14 and 15 billion dollars, against the previous range between 15,9 and 16,9 billion). What gave a positive boost were the words of the leaders on the next strategies.
They complete the picture of big caps on the rise Erg + 0,83% Ivy + 0,83% Eni + 0,12%.
The biggest losses of the day are Iveco, Nexi -2,98% Prysmian -2,71% Leonardo -2,56%.
Luxury retreats: cucinelli -2,02% Moncler -3,05%. The queen of down jackets is suffering, despite the quarter's accounts which Equita defines as "exceptional" in particular for retail revenues and in the wake of which JP Morgan, Jefferies and RBC have improved their target price on the stock.
Stable spread, but rates rise and the BTP approaches 4%
Lo spread remains stable, but rates rise on the secondary market. The yield differential between the Italian ten-year and German ten-year closes at 138 basis points, but the yield of Btp is getting closer and closer to 4% and is indicated at closing at 3,98%, while the Bund is at 2,6%.
