The wall of a thousand billions of dollars in value (1.000.000.000.000) was broken yesterday by Apple Lossless Audio CODEC (ALAC), when the title of the Apple, with an increase of 2,9%, reached its quota dollars 207,05. In just two days, since the announcement of the accounts for the quarter, the Apple stock has gained another 82,5 billion dollars. A primacy announced but which contributes to the image of strength emanating from the US locomotive, which today could signal another record with employment statistics.
Another number deserves attention: the Tokyo Stock Exchange, albeit down by 2018% in 4, has overtaken the Chinese one in value (Shanghai plus Shenzhen), down 17% despite a 5,3% renmimbi devaluation. Chinese shares are worth 6,09 trillion, against 6,16 of the Japanese market (Wall Street capitalizes 31 trillion). The data serves to signal Beijing's difficulties in the face of the tariff offensive but also the unprecedented situation that is emerging on the market front.
The dollar rises both against the yuan (down for 8 weeks, as it hasn't happened since 1994) and against the euro, below 1,16. Meanwhile, upward pressure on Japanese rates is growing, despite the central bank's efforts to limit the rise in Japanese government bond yields.
Tension to raise interest rates, confirmed yesterday by the increase decided by the ECB, reduces the appeal of stock exchanges and euro area securities, including Bunds. But it is Italy above all that pays the price, the country with the most fragile public finances, as demonstrated by the increase in the spread. The increase in the cost of money in the USA (appointment on 25 September) and in Japan can translate into a bad deal for the Bel Paese.
ASIAN EXCHANGES WEAK, TESLA BOOMS
The Chinese Stock Exchanges are weak, on parity Hong Kong and Tokyo, Seoul and Mumbai rise.
Thanks to Apple, the Nasdaq gained 1,2%. S&P500 +0,5%. The Dow Jones remained unchanged, weighted above all by the companies most exposed to the always hot front of international trade.
Tesla rallied 16,2%; the quarterly accounts have convinced investors that the profit target is within reach.
Brent oil has moved little at 73,4 dollars a barrel: for about four months, North Sea crude has fluctuated between 70 and 80 dollars a barrel.
Sharply down yesterday in Piazza Affari Tenaris: -6,30% after the accounts.
The Turkish lira crumbles, on the fifth consecutive day of decline against the dollar: cross at 5,10.
Gold fell to $1.207 an ounce, its lowest in about a year.
Difficult day for the European markets, dramatic for the Italian market which must add to the general problems, from the new tensions on duties to the upward trend in interest rates, the overbearing return of the Italian risk which conditioned the opinion on the quarterly reports. Concern is growing in view of the autumn appointments, first of all the budget law.
The drop in the single currency was not enough to give the stock exchanges new life. On the exchange rate front, the euro fell by almost half a percentage point and hovered around 1,16, on the lows of the last two weeks. The correction against the yen, a traditional safe haven, reached 0,8%. On the other hand, the pound is in tune, thanks to the expected monetary tightening by the Bank of England, which brought the reference rates back to levels prior to the 2008 crisis.
MILAN AND FRANKFURT IN DEEP RED
Milan -1,73%, on a five-month low, at 21.414 points, records the worst performance in the Old Continent.
The value of trades amounted to 2,59 billion euros, with a change of 2,30%, compared to the previous 2,53 billion.
Among the markets of the Old Continent, Frankfurt is also under pressure, with a drop of 1,50%. Suffers London, which shows a loss of 1,01%, in line with Madrid. Paris hesitates, with a drop of 0,68%.
Futures on European stock markets risk an attempt to rebound after yesterday's abrupt stop.
BTP 10 (AT 3%) AND BIENNIALS (OVER 1%) UNDER FIRE
A day of strong tensions on the debt market, under the pressure of various negative factors: the escalation of the tone between the USA and China, the medium-long term auctions in France and Spain, the pressure on the Eurozone from the sales of Japanese funds, slow return to base. Above all, in a day of thin trading, the uncertainty of the domestic political picture was triggered
The spread went up to 252 basis points after the decisions of the Bank of England, the highest since June 28th, a sharp acceleration from 231 at yesterday's close, while the 3-year yield has come to breach the 2,97% ceiling. closing at XNUMX%, the highest since mid-June.
The 2-year rate, which had gone as far as a maximum of 1,03%, also decreased from the highs of the session, again at its peak since June. The spread with Germany also falls on the 2-year segment, which had gone as high as 162 basis points, the highest since early July.
THE SPREAD CRUSHES CREDIT SECURITIES
The wide fluctuation in the spread was mainly reflected in the sales of banking securities (index of the sector -3,6% against -1,7% of the European Stoxx).
Among the worst Banco Bpm (-4,6%) on the eve of the quarterly; Unicredit sells 4,3%, Intesa 3,9% and Mps about 5%.
Black day also for Poste Italiane, which lost 5,4%, penalized by a marked drop in Poste Vita's solvency ratio due to the volatility of BTPs recorded in the second quarter of the year.
GOLDMAN: PROGRESS IN HERITAGE AT RISK
The 100 basis points more spread since May canceled the enormous work of Italian banks in the first half of the year in two respects: on the one hand by cutting the legs of the Cet 1 ratio, the capital strength index, on the other by curbing the mutual fundraising. This will be seen in concrete terms as the quarterly reports are published, which started yesterday with Intesa Sanpaolo. Goldman Sachs analysts write it in an in-depth report on Italian banks and the political situation. If we think only of the collection of PIR, last year it was 10 billion euros, while in June it was stopped at half, 2,5 billion in the first six months. At a general level, the balance of mutual funds in June was positive for 9,32 billion against 56,9 billion last year.
CAR RECOVERS THANKS TO TRUMP, FERRARI SPRINT
A lifesaver for the automotive sector arrived from the USA in the afternoon (+1,18% the sector index after a morning in the red). President Trump, regardless of the consequences for the environment, is preparing to roll back California's rules on exhaust emissions and freeze fuel efficiency standards from 2020 to 2026. The administration has specified that the freeze on measures Pollution would increase US oil consumption by about 500 barrels per day by 2030.
The proposal, says the Department of Transportation, would reduce by more than 60 billion dollars the costs (estimated at 319 billion) that General Motors, Ford Motor Co and Fiat Chrysler Automobiles would have to bear until 2029 to comply with the rules established by the Obama administration.
In the final stages, Fiat Chrysler has recovered about two points of loss and goes back over 14 euros in the final stages after having scored a minimum of 13,78 euros.
In rally Ferrari (+4%) after losing more than 8% on Wednesday. Credit Suisse confirmed the outperform recommendation.
EQUITA BOCCIA FERRAGAMO, BUZZI AT THE MINIMUM FOR 20 MONTHS
Apple effect on Stm stock. From yesterday morning's low of 18,35 euros, it closed at 18,755 euros, up 0,8%. From the beginning of the year +5%.
Salvatore Ferragamo accelerates down by 2,7% in the final stages and reaches the lowest price of the last two years at 18,95 euros. Equita reduced the target price to 19,0 euro from 19,60 euro, confirming the negative recommendation Reduce (lighten the position). Micaela Le Divelec (formerly Gucci) has been appointed as the new CEO to relaunch the group.
Telecom Italy -1,9%. Vice Prime Minister Di Maio said yesterday, during a hearing before the Senate Transport Commission, that the unbundling of the network must not be "a package" thrown at the Italians.
Buzzi is among the worst blue chips yesterday: the decline accelerated after the announcement of the half-yearly, with the price reaching its lowest since November 2016 at 17,84 euros.
DIASORIN -8,5%, LOWER GUIDANCE
Diasorin fell sharply (-8,55%) after management revised its earnings guidance downwards due to declining sales volumes of vitamin D tests in the United States.
Ascopiave -5,23%: Kepler Cheuvreux lowered his rating to hold.
