The real news is that US stock market records are no longer news. Yesterday both the Nasdaq, which closed at 8.162 (+0,2%), and the S&P index (at 2.943, +0,1%) scored new highs, on the wave of more positive elements. Consumption is flying (+0,9% in the month), spending per family has risen to its highest level since 2009, the crowds who loot jeans shops leave their mark. In the meantime, there is no sign of inflation: the Personal Consumer Expenditure index, an indicator held in high esteem by the Federal Reserve, marks only +0,2%. Given these premises, it is obvious that the Central Bank will confirm the expansive policy which has made it possible to reverse the trend in price lists, even if, in truth, the real economy is struggling to pick up speed.
GLU TRUMP AMBASSADORS IN BEIJING
The US locomotive, however, is left alone to push the convoy of global finance, including China, where Donald Trump's ambassadors are expected today to add other pieces to the tariff agreement between the two superpowers, which is getting closer and closer. The data on the manufacturing activity of the Dragon came as a disappointment for those who hoped for a recovery favored by the abundant government stimuli.
The sentiment in Europe does not improve, judging by the increasingly black mood of economic operators, which fell in April for the tenth month in a row. However, the populist wave in Spain has not made it through: thus recovering positions the euro, traded at 1,1184 against the US currency.
This is the situation on the eve of a day full of macro and corporate events.
KOREA SUFFERS, TOKYO FESTIVAL FOR THE EMPEROR
Chinese lists lose but not much after the publication of the manufacturing indexes. Shanghai limits damages (-0,1%); shares traded in Hong Kong worse (-0,8%). The market is betting on a new easing of credit conditions.
However, the Korean Kospi continues to suffer (-1,7%). Australia also down (-0,8%).
ALPHABET MISSES, WALT DISNEY CELEBRATES THE AVENGERS
The most negative note rained on Wall Street with the markets closed. Surprisingly, Alphabet, the parent company of Google, recorded a significant drop in revenues to 29 billion (against 4 billion). The title left a generous 30,06% on the ground after the Stock Exchange.
The market continues to advance, albeit in small steps. In closing, the Dow Jones marks +0,04%, Nasdaq +0,10%, S&P 500 +0,11%.
Out of 232 S&P 500 companies that have already published their quarterly earnings, 78% exceed consensus, even if revenues are struggling (only 53% are above estimates, however conservative).
Walt Disney advances (+1,1%) after the booming debut of The Avengers: Endgame, which grossed 1,2 billion dollars at the box office in its first weekend. But analysts are not excited: the market likes Netflix profits, stable over time, more than an episodic flare-up.
OIL STOPS, SOY SUFFERS
The oil race stops: Brent at 71,5 dollars after the warning from the White House. Meanwhile, the battle for Anadarko is raging in the USA: Warren Buffett's intervention in the duel between Chevron and Occidental is looming. At Piazza Affari Tenaris -0,8% Eni -1,6%. Advance Saipem (+ 1%).
Among commodities, it should be noted that soy fell to its lowest since November after China, the world's largest buyer, cut imports. In addition, Chinese farmers plan to increase soybean acreage by 15% this season. More generally, there is a great abundance of soybean inventories in the world, compared to consumption: the next data on the quantities present in storages will be released in 10 days. It's bad news for Argentina, who are under pressure again.
MADRID BLACK JERSEY AFTER THE VOTE
Brilliant start for the European markets, after the Spanish vote and the postponement of the S&P verdict on the Italian rating. But the positive sentiment was short-lived, only to resurface on Wall Street.
The exception is Madrid, down 0,8% amid difficulties forming a new government.
BTP: 6,5 BILLION TREASURY AUCTIONS
Piazza Affari, in perfect harmony with Paris and Frankfurt, closed at +0,23%, pending today's appointment with the auction of medium-long term securities. The Treasury is offering an amount between 5,25 and 6,5 billion euros.
S&P confirmed Italy's sovereign rating at BBB on Friday evening, two notches above non-investment grade, with a negative outlook. The next appointment with the agency is scheduled for the end of October.
After a morning in positive territory, the BTPs wiped out their gains, closing a session with limited liquidity at parity due to the long bank holiday.
At around 17,30, the yield differential between Italy and Germany on the 10-year segment closed at 259 basis points, not far from the 261 at the end of last Friday's session, after fluctuations between 254 and 261 points.
The 2,59-year reference rate is 2,60%, the same level as the last closing, after a peak of XNUMX%.
In today's auctions, yields are expected to rise for the 5-year bond, trading at around 1,75% at the close, from 1,71% in the last auction, and slightly down for the XNUMX-year bond.
BANCA BPM FLIES, MORGN STANLEY PROMOTES MEDIOBANCA
In Piazza Affari, thanks to the drop in the spread, which fell to 260 basis points, the entire banking sector came to the fore. Banco Bpm stands out (+3,6%) ahead of Ubi (+3,48%). The big names also do well: Unicredit +2,4%, Intesa +2,06%.
Mediobanca did well (+1,83%): Morgan Stanley raised its target price from 10,3 to 11,1 euro, confirming the overweight recommendation.
At the end of March, Italian banks had national government bonds in their portfolios for a value of 395,674 billion euros, more or less the figure of a month earlier.
In the managed Italian post + 1%. General Bank + 1,1%.
Avio -0,6%: KeplerCheuvreux starts hedging with Buy.
sapphire
+3,3% after the announcement of a joint venture in South Korea with Parma International.
Bank Ifis (+3,7%) today detaches 1,05 euro of dividend
She went up Pierrel (+5,93%), following news that the company has received marketing authorization for Orabloc's Articaine in Indonesia. Excellent performance also for Bialetti (+10,97%), after the company announced on Friday that the Court of Brescia approved the restructuring agreements. ty48
