The strengthening yen still weighs on the Nikkei, which closed down 1,3%. BoJ Governor Kuroda's decision on negative rates a week ago has already been shelved. The other Asian stock markets were weak with Shanghai losing 0,37%, Shenzhen 0,8%, while Hong Kong moved in positive territory. Yesterday evening the American stocks archived a positive closure, with the Dow Jones up by 0,49% and the S&P500 by 0,15% thanks to the optimism generated by the weak dollar on company accounts. In fact, the industrialists Alcoa (+10%) and Caterpillar (+4,3%) are rallying.
RALPH LAUREN CUTS THE ESTIMATES
Stocks in the consumer sector and Ralph Lauren, which collapsed after cutting its annual estimates, are instead bad: it expects revenues to fall by 3% while previously it had forecast them unchanged on the previous year. Sales have stalled since March 2015. The quarterly has been so disappointing that its new CEO has launched an internal review, which will be completed in the spring. In the three months ended December 26, the luxury apparel brand reported earnings of $131 million, down 39% from $215 million in the same period a year earlier.
OBAMA TAXES $10 A BARREL
The euro-dollar exchange rate is at 1,198 while Wti oil is at 31,09 dollars per barrel (+0,09%). Meanwhile, President Obama has proposed a tax of ten dollars a barrel. IMF managing director Christine Lagarde warned that on the emerging markets front "the slowdown in growth, the size of capital outflows and the recent declines in equity markets are a cause for concern in the short term". For Lagarde there is the risk of an increase in inequalities, protectionism and populism, therefore the number one of the Fund calls once again for a "partnership for growth", promoting a "faster and more sustainable convergence".
MARKET MOVERS
The market today looks to the US employment data for January and the trade balance for December. The expectation is that the Fed not only will not proceed with the rate hike in March but also subsequently in the wake of a US economy that is losing momentum. In the Eurozone, with closed price lists, German industry orders for December were released, recording a drop higher than expected: a drop of 0,7% in December on the previous month, the drop on the year is 1%. Istat's monthly note on the Italian economy for January is on the agenda.
The accounts of Intesa Sanpaolo and Bmps will arrive at Piazza Affari while the decree on banks in the Council of Ministers has been postponed again. The measure, eagerly awaited by the markets, concerns measures for credit institutions, including guarantees for bad banks and the reform of the CCBs.
DRAGONS READY TO ACT IN MARCH
Yesterday the Ftse Mib, thanks to a final shot. After a volatile day, it closed up more than 1% to 1,23%. Conversely, the other European markets contrasted: London rose by 1,06% while Frankfurt lost 0,44% and Paris snatched a meager +0,44%.
Also yesterday, Mario Draghi, during a conference organized by the Bundesbank in Frankfurt, confirmed again that "if necessary, we will adopt further expansionary policies to support the recovery of the economy". The president of the Eurotower also spoke of several “global forces conspiring to keep inflation down".
Yesterday in the morning, European macroeconomic data recorded a downward revision for the GDP of the Eurozone. The 2016 estimate was lowered to 1,7% and the 2017 estimate to 1,9%. In Italy the estimates were reduced to 1,4% in 2016 and 1,3% in 2017. In the meantime, however, unemployment in the Eurozone is expected to fall to 10,2% in 2017. The Btp-Bund spread rose to 120 basis points and yielded to 1,52%.
EYES ON ANSALDO STS
The ordeal of Saipem rights also continues in Piazza Affari: on the eve of the last day of trading on the Stock Exchange they ended up in a volatility auction and closed down by 5,64%. At the bottom of the Ftse Mib are Campari (-4,35%), Luxottica (-1,96%) and Finmeccanica (-1,82%). In a note released on Wednesday evening, Consob announced that it had revised the price of Hitachi's takeover bid on Ansaldo Sts to 9,899 euros from 9,50 euros (+4,2%), deciding to extend the public offer by a couple of weeks, setting the new deadline for 19 February 2016. Ansaldo Sts rises by 0,86%.
Outstanding among the blue chips Mediaset (+7,58%) and Tenaris (+6,10%). The banks rebound: Intesa +5,8%, Bmps +4,4%, Bpm +3,99%. Generali -1,10% awaiting next week's board of directors to initiate a choice for Greco's successor.
