Today’s stock markets, April 23rd. De Guindos (ECB): “Barring surprises, a rate cut in June is a given.” The EU closes with a clear rise

Kering, revenues down 10% in the quarter. For Gucci -18%. In the half year it sees profit falling by up to 50%

Luxury group Kering announced on Tuesday that it expects an operating profit drop of “40-45%” in the first half, after a first-quarter revenue decline of 11% in a year to 4.5 billion euros ( -10% organic, with Gucci down 21% to 2.1 billion and 18% on a comparable basis “”Given the decline in first quarter revenues and our determination to continue to invest selectively in desirability and exclusivity. of our brands in the long term, we expect a significant decline in current operating profit in the first half of the year”, said CEO Francois-Henri Pinault quoted in the group’s press release, which specifies that this decline would be “of the order of 40- 45%” over one year.

The euro rises to two-month highs

The Euro closed at 1.07 against the dollar, effectively marking the highest levels in two months. The performance of the currency market is influenced by US PMI data which show an economy that is less robust than expected, supporting the thesis that the Fed will cut rates in June. Against the Japanese currency, the Euro stood at 165.57, marking an increase of 0.34%. Dollar/yen at 154.79.

Spread at 131 basis points

The spread between BTP and German Bund closed the session at 131 basis points, with the yield on the Italian ten-year bond at 3.81% on the secondary market, while that of the Bund stood at 2.50%. This morning the BTP-Bund differential had opened the session at 134 basis points with the yield on the Italian 10-year bond falling by one point to 3.82%.

Piazza Affari highlighted at +1.9%

The session closed with a clear rise for Piazza Affari with the Ftse Mib index gaining 1.90% to 34,363.75 points. At the end of the day’s trading, the shares of Banco Bpm (+3.8%), A2A (+3.74%), Unicredit (+3.52%) and Bper Banca (+3.43%) were highlighted . Tim’s stock rose (+1.79%) to 0.228 euros per share, after the outcome of the company’s meeting which saw the board of directors’ list win with Alberta Figari new president and Pietro Labriola reconfirmed CEO. Tenaris shares fell (-0.74%).

EU stock markets close on a good note

European stock markets end the day on a positive note. The Cac in Paris gains 0.81% to 8,105.78 points, the Dax in Frankfurt advances by 1.61% to 18,138.25 points and the Ftse 100 in London rises by 0.22% to 8,041.74 points. The Ibex of Madrid was also positive, marking +1.70% at 11,075.62 points at the end of the day. Amsterdam’s Aex also did well, rising by 0.96% to 874.79 points.

Wall Street opens positive, EU stock markets strengthen

European stock markets increase their gains with the strengthening of Wall Street and after PMI data show a less robust economy than expected, thus supporting the thesis that the Fed will proceed with cutting interest rates in June. Milan gains 1.47%, Frankfurt 1.33% while Paris and London advance by 0.54% and 0.13% respectively.

Zegna, revenues of 463 million in the three months, up 8.1%

In the first three months Ermenegildo Zegna recorded revenues of 463.2 million euros, up by 8.1% or 10.7% at constant exchange rates. If we do not consider Tom Ford, who together with the Zegna brand was a driver of the group’s growth in the quarter, organic revenues fell by 5.3% penalized by the weak performance of Thom Browne. Ermenegildo ‘Gildo’ Zegna, group president and CEO, noted that “closing the first quarter of 2024 with double-digit revenue growth in constant currency is reassuring, given the challenges the industry is facing. Our growth in the Americas , also in double digits, and the continued success of our Zegna One Brand strategy give me further assurance that we are moving in the right direction in the decisions we are making to accelerate our direct control of the business, in particular for Thom Browne and Tom Ford Fashion”. “As we look to the rest of the year, we have a clear and defined path ahead of us. I am confident that we are taking the right actions to make our brands even stronger and to realize our medium-term ambitions,” he added.

The Milan Stock Exchange confirms its rise

The Milan Stock Exchange increasingly leads the European stock exchanges. The Ftse Mib consolidates 34 thousand points and rises by 1.15%. The spread is little moved. The differential between BTP and Bund fluctuates around 135 points with the yield on the Italian ten-year bond stable at 3.83 percent. Nexi is gaining momentum (+4.4%) with Equita recently confirming it as a buy in view of the accounts. Tim confirms the good pace (+3.5%) on the day of the meeting for the new board of directors with CEO Labriola towards confirmation. Saipem is also recovering, changing register and rising by 1.8% with the confirmation by the CEO of the commitment to the coupon in 2025. Among the other assets Recordati (+2.45%), Banco Bpm (+2, 21%), Azimut (+1.65%), Ferrari (+1.59%). Outside the main basket, the focus is on IVS which is up +10.5% and is at 71.2 euros, very close to the 7.15 euros of Lavazza’s takeover bid.

Mixed closing for Chinese stock markets

Closing with opposite signs for the Chinese markets. Shanghai and Shenzhen are bad, Hong Kong is positive. Shanghai recorded a minus 0.7%, stopping at 3,021.98 points, Shenzhen lost 0.19%, closing at 1,675.05 points. A different trading day for Hong Kong which closed with a +1.92% at 16,828.93 points. In general, according to analysts, metal and oil stocks penalized the two Chinese markets. Chinese companies Jiangxi Copper and Aluminum Corp. fell 6.2% and 5.75%, respectively. Petrochina and Cnooc lost 2.6% and 1.8% respectively. The medical sector led the gains, with Hangzhou Tigermed Consulting rising 6.8%. Among Hang Seng stocks, Meituan was the biggest gainer during the session, rising 8.0 percent.

Eurozone, the manufacturing PMI index drops to 45.6 points

The Eurozone manufacturing PMI index fell in April from 46.1 to 45.6 points, against the 46.5 expected. However, the composite index rose beyond estimates, rising from 50.3 to 51.4 points, above the 50.8 expected, and the services index, rising from 51.5 to 52.9 points, against 51, 8 expected.

De Guindos: “The cut in June is a fait accompli, barring surprises”

“If things proceed in the same direction as in recent weeks, we will ease our restrictive monetary policy in June. Assuming there are no surprises until then, as they say in French, it is a “fait accompli“. This is what the vice-president of the ECB, Louis de Guindos, said in an interview with Le Monde carried out on 16 April and published today. When asked how quickly the ECB will reduce the cost of money after the first cut, de Guindos responded that this “will depend for example on the evolution of the data, the geopolitical situation and the possible impact on oil prices”. “We will also have to monitor the trend in wages and productivity. And we will have to take into account what is happening in the United States, where inflation is higher. The level of uncertainty makes it very difficult to make predictions. I already mentioned June. As for what happens next, I’m inclined to be very cautious.”

Tim, the title jumps to Piazza Affari on the day of the meeting

Tim stock jumps Piazza Affari with +4.38% to 0.2338 euros, on the day of the shareholders’ meeting which will have to vote for the renewal of the telco’s board of directors.

Germany, the manufacturing PMI rises to 42.2 points

Germany’s manufacturing PMI rose to 42.2 points in Germany in April, versus the expected 42.8 and the previous 41.9 points. The composite index did better than estimates, from 47.7 to 50.5 points against the expected 48.6, and the tertiary index, from 50.1 to 53.3 points against the expected 50.6 points.

European stock markets open positive

European stock markets started off positive in Tuesday’s session. The Dax of Frankfurt gains 0.95% to 18,021.66 points, the Cac 40 of Paris 0.42% to 8,074.24 points and the Ftse 100 of London 0.6% to 8,071.97 points. The Ibex 35 of Madrid was also positive, rising by 0.6% to 10,955.26 points, while the Aex of Amsterdam advanced by 0.79% to 873.39 points. The Zurich SMI is up significantly by 1.14% to 11,456.6 points.

Tokyo closes higher

The Tokyo Stock Exchange ends trading slightly higher, awaiting the start of the quarterly reporting season and this weekend’s meeting of the Bank of Japan (BoJ). The Nikkei reference index recorded an increase of 0.30% to 37,552.16, and a gain of 113 points. On the currency front, the depreciation of the yen against the dollar does not stop, at 154.70, despite the warnings of the monetary authorities against excessive devaluation of the currency, and against the euro at 164.70.