The real economy is stingy with good news these days. Among the negative signs, the slump in sales of electric cars in China stands out this morning (-10,5%), in part to be linked to the lockdown that paralyzes some of the key regions of the Dragon industry. On the other hand, the virtual economy breaks unthinkable records. Yesterday Epic Games, the Fortnite subsidiary that churns out pastimes for the metaverse, raised a total of two billion dollars from two excellent partners.
Soni and Lego bet two billion on metaverse games
Sony and Lego have each contributed one billion to participate in the development of the metaworld. Meanwhile, both in Shanghai and on the Nasdaq, the only satisfactions came from Douyu, Huva and Bilibili, the Chinese gaming companies which yesterday, after months of bans, were able to put 45 new video games on sale in China. What to say? Waiting for new surprises (negative) on inflation, under the echo of the Ukrainian bombs, the markets mark time in anticipation of the US quarterly and the ECB, two appointments that do not arouse great expectations. Might as well take refuge in the other world.
Back down to earth, Hong Kong's tech index closed in the red for the fifth day in a row. CSI300 index of Shanghai and Shenzen stock exchanges loses 0,4%. The Tokyo Nikkei (-1,5%) is in the red. Kospi of Seoul -1%.
The Nasdaq loses 2,1%. Negative futures
The future on the S&P index anticipates a red start for US stocks, held back yesterday by awaiting inflation data. However, the quarterly reports should record a slight increase in profits (+4,5%): Dow Jones -1,19%, S&P -1,69%, Nasdaq -2,19%.
Elon Musk has renounced to join the board of Twitter, of which he is today the first shareholder.
Gasoline is back at $4 a gallon, its lowest since March 6
The dollar index is just over one hundred, the ninth consecutive day of gains. Euro down slightly to 1,087. Gold unchanged at $1.958.
WTI oil yesterday closed down 4%, tonight, also due to the partial easing of the lockdown in Shanghai, prices recovered, this morning +2% to 96,2 dollars. But Joe Biden is breathing: gasoline in the US is back at 4,1 dollars a gallon, the lowest since March 6.
Bitcoin below $40.000, yesterday -7%.
After the French vote, the ECB: rates in tension
Emmanuel Macron's advantage in view of the runoff is in line with forecasts but does not leave operators alone. And so the rise in European lists was soon reduced to little. The unknown factor of inflation weighs on the markets, the stone guest of Thursday's ECB summit meeting.
In the meantime, the most significant data of the day is the run-up in yields on eurozone bonds in the wake of the slowdown in the economy: according to the OECD super-index, the eurozone economy is losing momentum even if growth remains sustained. For Italy, the index drops to 100,8 from 101,0 in February; for the whole area of the single currency the drop is from 100,6 to 100,5; for the G7 to 100,2 from 100,3.
Btp at the top, but the spread narrows. Today the Bot auction
The spread between 10-year BTPs and Bunds of the same duration narrows slightly to 164 basis points (-0,71%).
However, rates are on the rise: +2,45% for the Italian stock (at the highest level since March 2020) and +0,81% for the German one (at the highest level since 2015). Even yields on French 1,3-year bonds, which at first seemed poised to celebrate Macron's lead, saw the yield climb back more than 2015% to its highest since XNUMX.
The mid-month auction round gets underway today, with the Treasury making 6,5 billion euro available in BOTs.
Soc Gen +1,7 bids adieu to Rosneft
Paris stands out (+0,12%) in the European stock lists, in the aftermath of the first round of the presidential elections. But it was above all the purchases on Société Générale (+5,17%) that dragged the index, after the announcement of thebank exit from the Russian market. A move that will have an impact on the accounts of the French giant for 3,1 billion euros. Socgen will sell its entire stake in Rosbank to the investment fund Interros Capital, created by Vladimir Potanin, an oligarch close to President Putin and hit by EU sanctions.
Nokian sales collapse: -12% in Moscow. Pirelli under fire
Dark red for Amsterdam (-1,38%). Frankfurt (-0,61%), Madrid (-0,25%) and London (-0,65%) are in fractional decline. Vodafone (+2%) is the best blue chip following a report that the company's Spanish division is in the process of divesting its fixed broadband network.
Nokian Tires loses 12%: the producer of special tires for cars has announced that the European Union sanctions on Russia will have a significant impact on production. The news damages Pirelli -0,68% for which the Russian market is worth only 3,5% in terms of EBITDA.
Russian Railways in default. Unicredit exposed for 575 million
Cold climate in Moscow: the Moex loses 1,3% and the index denominated in dollars loses 5,8%.
The ruble fell, on which the decision of the central bank to loosen the temporary capital control measures to defend the currency was felt. Meanwhile, the country's railways are in default, having failed to honor a payment on notes issued to guarantee a loan of 250 million Swiss francs. Unicredit is also among the creditors for having issued a seven-year loan linked to ESG issues.
The OECD leading indicator for Italy signals a slowdown in the momentum for growth prospects in March. The 'composite' index, which anticipates economic trends over a 6-9 month horizon, fell to 100,8 from 101,0 in February. The OECD signals a stable growth outlook for the United States and Japan, a slowdown in growth for the euro area as a whole.
Atlantia, tomorrow the tender offer for the delisting
On the eve of the takeover bid for Atlantia (-1,09%). According to Bloomberg, tomorrow Edizione Holding of the Benettons and the US fund Blackstone will launch a takeover bid on the entire share capital aiming at the delisting.
Leonardo, Prysmian, Iveco: a Euroleague trio
Two Italian companies stand out among the leading stocks in Europe: Leonardo +4,5%, involved in the production of the new European tank and Prysmian (+4,18%), awarded by Credit Suisse which brought the recommendation to "Outperform" from "Neutral" and target price at 35 euros from the previous 33. Iveco does even better (+6,16%).
Maire Tecnimont's order book rises in Isa
Maire Tecnimont also stood out (+4,2%). The group has been awarded an order in the United States worth approximately 185 million dollars for a new urea Diesel Exhaust Fluid (Def) plant. "Since the beginning of the year, the order collection is approximately 800 million dollars, 19% of what is estimated for the year," writes Equita.
China scares luxury, Moncler is holding back
Moncler drops 5%, the worst on the list, after Rbc cut its target price to 60 euros from the previous 61 euros. The stock more than canceled the rise accumulated in last Friday's session and fits into a negative context of the luxury sector grappling with the uncertainties related to the war and the new lockdowns in China.
Tod's was also down, down 2,2% and Cucinelli down 2,3% while waiting for the 2021 revenue results on Wednesday.
Bpm, Unicredit for now does not react to Agricole
The banks are losing their edge. Profit-taking weighs on Banco Bpm (-2%), which in any case recovers from the lows of the session, after the upward leap on Friday following the announcement of the purchase of a 9,18% stake by Credit Agricole.
Unicredit rises by 0,5%, Intesa stable.
