Record stock markets today, on both sides of the Atlantic, after yesterday evening Fed turned out to be more subdued than expected, while today the Swiss central bank it put the icing on the cake by surprise cutting rates by a quarter of a point. There BoE instead he did not touch on the cost of money and before acting he wants to see inflation consolidate the slowdown, after the unexpected slowdown announced yesterday. The effects of the central banks' decisions are reflected on the currency, with the Swiss franc and the pound plunging against the dollar. The euro also loses ground, due to an exchange rate in the 1,058 area.
This spills over into the stock markets, where London ends a rally session favored by the stocks of exporting companies. The Ftse 100 it is the best blue chip index in Europe and appreciates by 1,86%. In the eurozone, however, they shine Amsterdam + 1,73% Madrid +1,1% and Frankfurt +0,87%; the increases are more modest Paris +0,22% and Milano, +0,1%, the latter weighed down by sales on Nexi -4,88% and Telecom -4,03%, the latter after the exploit of the day before. Today the FT reveals that there has been a record number of bearish bets on the TLC company's stock, starting with the presentation of the new industrial plan by the CEO Pietro Labriola.
Wall Street toned, despite Apple's fall
In the USA, Wall Street it started off strong straight away and remained in positive territory at mid-day, despite the drop in Apple Lossless Audio CODEC (ALAC),-3,6%, penalized by the news of the lawsuit brought against it by the US Department of Justice for violating antitrust regulations. According to the indictment, the Cupertino giant uses its power in the smartphone sector to limit competition and choice for consumers.
On the other side of the scale there is Nvidia +2,47%, on which the sun lit by expectations on artificial intelligence no longer seems to set.
In the other markets the gold rally, which retreats from the new highs. Crude oil futures fall fractionally.
Piazza Affari held back by Nexi and Telecom
Piazza Affari further improved its peak since 2008, reaching 34.327 basis points, but was held back by nexi e Telecom.
The stock of the digital payments company has been in the crosshairs of sales for six consecutive sessions and today it also suffered from the news that yesterday gic, Singapore's sovereign wealth fund, sold its 2,5% stake in pay tech through Morgan Stanley for 5,83 euros per share, according to sources familiar with the matter. Reuters.
Telecom on the other hand, after waking up yesterday following the plan of Merlyn fund, is back in the dark in this session after the Financial Times he wrote that bets against the title reached 930 million, a twenty-year high. The financial newspaper draws this picture from data from S&P Global on securities lending, considered a reliable indicator of the short positions on a company. According to S&P Global, reports the Ft, the shares on loan rose to 19,33% of the capital, a share which "marks the highest level of short positions since 2005" and whose market value amounts to approximately 930 million euros.
Also among the blue chips falling today Diasorin, -3,03%, Terna -2,63% Saipem -1,8% Ps-1,68%.
The counterweight is managed savings, with Finecobank +1,89% and Azimuth + 1,51%.
In recovery stm, +1,5%, in a chip sector driven by better-than-expected forecasts of micron Technology, which jumped by 15,9% in New York.
Bene Interpump + 1,68%.
The spread widens
The closing is negative for Italian paper: the spread between 10-year BTPs and Bunds of the same duration widens to 133 basis points, even if the Italian 3,71-year rate is stable indicated at XNUMX%.
Manufacturing is not working and Germany is in recession
Today the pulse of the economy of the euro zone and the United States was taken with the PMIs for March, which once again signal the different state of health of the two blocks.
In Euroland this month we came close to returning to the expansionary zone (above the threshold of 50), thanks to the recovery of activity in the service industry, which offset a more serious decline in the manufacturing sector. The preliminary composite PMI index of the HCOB, compiled by S&P Global, rose to 49,9 from 49,2 in February, above expectations, but still below 50 for the tenth consecutive month. Services rose to nine-month highs, at 51,1 (from 50,2 in February); while manufacturing fell to 45,7 from 46,5.
Furthermore, the Bundesbank, in its regular report, points out today that the German economy probably fell into recession in the first quarter of the year and underlines that the data indicates a delay in the start of the recovery.
The activity of US companies appears stable, however, what is worrying is the price trend, which raises fears for the trajectory of inflation.
According to S&P Global, the flash US Composite PMI Output Index, which tracks the manufacturing and service sectors, fell to 52,2 from 52,5 in February. The modest slowdown reflects a further cooling of service sector activity. The manufacturing sector hit a 21-month high and the PMI rose to 52,5, the highest reading since June 2022, compared to 52,2 in February.
