The bad mood of Wall Street infects the European Stock Exchanges in the afternoon which, after a slightly lower morning, close in the red. Piazza Affari loses 0,83%, but remains above the psychological threshold of 24 thousand points, stopping at 24.064. The worst stock is Moncler, -3,95%, where profit-taking prevails, after many gains since the beginning of the year. The title discounts the relegation of Jefferies, to "hold" from "buy", because it is "time for a break", after the progress of the last few months. Ferrari flat, -0,09%, on the day of the record quarterly. Similar trend for the Frankfurt Dax, -0,88%; Paris -0,5%; Madrid -0,5%; London -0,54%.
The New York indices, after a weak opening, are proceeding even worse, unnerved by a series of below-expected quarterly reports, by concerns about a potentially more aggressive Federal Reserve in raising rates and by trade tensions between the US and China. The 30 blue chip index fell below its 200-day moving average for the first time since April 2. Same fate for the benchmark index while the technology one remains above the average. Among the worst stocks, Tesla, following a call deemed unprecedented, given that the CEO refused to clarify the group's financial needs. Sharp decline Aig, after announcing quarterly earnings worse than expected. Bad Caterpillar and Boeing.
The euro-dollar exchange rate showed little movement, with the single currency remaining below 1,2. Among the raw materials, oil retreats moderately, still in the wake of yesterday's disappointing data on US inventories; Brent -0,35%, 73,1 dollars a barrel. Gold appreciates and rises to 35,29 euros per gram, +0,56%.
On the macro front, inflation in the Eurozone grows below expectations, while producer prices accelerate in March. The European Commission's spring forecasts confirm the expansive economic phase, even if they warn of the risks on the horizon. Italy remains under special surveillance, also because, for now, in 2018, he hasn't done his homework. After the "acceleration" of growth in 2017, the economy "will continue to grow at the same pace of 1,5% this year, largely supported by domestic demand". But with the “tailwinds abating and the output gap closing, GDP growth will moderate to 1,2% in 2019”.
The yield of the 10-year BTP today is in any case down, to 1,74%, as for the other government bonds in the Eurozone. The spread with the Bund widens to 121.10 basis points, +1,85%. Political unknowns remain, while the President of the Republic Sergio Mattarella will hold new consultations on Monday to verify, nine weeks after the March 4 vote, whether there are prospects for a government majority, after the failures of the attempts carried out with two exploratory mandates .
Fiat was down on the Ftse Mib, -2,32%, with a drop in registrations in Italy in April (-2,1% against +6,5% in the market). Negative session for banks starting from Ubi, -2,36%. Prismian -2%; Exor -1,97%. Among the stocks in the spotlight, Ferrari closed almost flat on the day of a new quarterly record (net profit +19,4% to 149 million euros). Telecom, -0,02%, at the window on the eve of the fateful meeting on the renewal of the board which pits Vivendi and Fondo Elliott against each other.
The best big caps are Buzzi, +1,17%; Terna +0,42%; Banca Generali +0,15%; Stm +0,11%; Ynap +0,08%. Outside the main basket, Salini Impregilo dropped 8,47% after the rally of recent days.
