Bernard Looney, the CEO of BP, who launched the challenge of the oil group's green turnaround (no more CO2 in 2050), is leaving. The news falls on the day the Brent exceeds 92 dollars and the oil offer, under the pressure of production cutsOpec + falls to the lowest levels of the decade. It's a bad sign ahead of the central bank meetings on rates. Reuters claims that in the ECB offices it is taken for granted that inflation will remain above 2024% in 3. So many clues that lead us to think that tomorrow there ECB can raise rates further. In the USA the spotlight is on the data'inflation which will be announced in the afternoon: a further drop to 4,3% (from 4,7%) is expected, but concern about the surge in energy is growing. In short, a cautious start is in the order of things.
Braked start. Eni and Saipem save Piazza Affari
• European stock markets open lower: i Euro Stoxx futures50 they report -0,5%.
• The index yesterday in Milan FTSEMIB, which rose by 0,2% to 28.584 points, held up well thanks to energy stocks. Eni reached a 4-year high, Saipem the highest in 13 months. Also highlighted stellantis which started the purchases of the third tranche of buy back (500 million by 11 December).
ECB, operators are betting on the rise
• On the eve of the meeting of ECB, money markets increased expectations for a 50 basis point rate hike to 25%.
• In the Eurozone: German Bund at 2,64%. Ten-year BTP at 4,39%.
• Germany. L'ZEW index on the prospective conditions of the German economy improved in September, recording an increase in the economic sentiment index to -11,4 points from -12,3 points in August. The index rises for the second consecutive month but remains below the historical average. Today, industrial production in the eurozone is on the agenda.
Nasdaq slowing down, inflation data today
• The Wall Street the two main indices, Nasdaq and S&P500, lost practically what they had gained in the first session of the week, confirming the profound uncertainty about the evolution of the scenario. Investors are wondering whether inflation will really continue to rise, or at least not slow down as expected, and whether with these levels of cost of money the American economy will really continue to grow at a rapid pace.
Apple -1,7% raises prices, Oracle crashes
• On the day of the presentation of the new products Apple Lossless Audio CODEC (ALAC), it closed down 1,7%. The most interesting new feature of the titanium iPhone 15, in addition to the increase in price (just under $1.200), is the USB port for charging.
• Meanwhile, -13,50% caused quite a stir Oracle, which arrived because the company announced that its cloud division grew in the quarter “only” by +30% from +54% in the previous quarter. The day before, Oracle had reached its historical record and despite the fall it maintains a gain of around +2023% in 34.
The 2-year T-bond yields more than 5%
• High tension on the T-bond front given the enormous amount of primary issues. Ten-year Treasury at 4,29%. Biennial at 5,02%. The 35 billion ten-year Treasury Notes placed yesterday by the Treasury were issued at a 4,829% yield, the highest level since 2007. The share of indirect subscribers fell to 66,3%. The $30 billion 20-year Treasury auction is on the agenda today
• The data on inflation of August will be announced at 14pm.
• ll dollar continues in the adjustment phase, at three-month highs against the euro and at six-month highs against a basket of six main world currencies. Also in this case, the focus is on US inflation. The eight weeks of consecutive increases have highlighted that the market has now become convinced that the FED, even if it does not touch rates at its meeting on September 20, will leave them at very high levels for much longer than expected.
Weak Asia, good news on the Chinese brick
• Almost all major stock exchangesPacific Asia are falling in the wake of Wall Street. Perhaps the news that North Korea has fired two missiles in its territorial waters also weighs heavily.
• Nikkei of Tokyo +0,1%, from -0,7% at the start.
• Hang Seng by Hong Kong -0,1%. Hang Seng Tech -0,5%, is about to close its sixth consecutive session of decline. CSI 300 of the Shanghai and Shenzhen stock exchanges -0,9%.
• Chinese real estate companies bounce on expectations of a restart in home sales. The agreement reached between Country Garden and its creditors also helps. Logan Group +9%.
• Kospi of Seoul -0,1%. BSE Sensex of Mumbai -0,2%: in India industrial production rose by 5,7% in July, better than expected. Inflation in August was 6,83%, less than the 7,1% estimated by economists.
Libya in disarray, Brent is running
Oil at 92,10 dollars in the Brent version, above 89 in the WTI. Concerns about the supply of a major producer such as Libya are important, as it closed four of its oil export terminals in the west due to the tragic storm that hit many areas of the country. OPEC, meanwhile, maintained its forecasts of robust growth in global oil demand in 2023 and 2024. European natural gas lost 3,2% to 34,70 euros/mwh.
Intesa SP in Egypt. A convertible for Maire Tecnimont
A Business Square the banks are in the spotlight after the harsh criticism that the general director of the Abi Giovanni Sabatini launched in Parliament against the decree on extra profits. The ABI has asked that the extraordinary tax on banks introduced at the beginning of August by the government be deductible from IRES and IRAP.
Intesa Sanpaolo is discussing with the government Egyptian the possible purchase of a further 20% stake in the local bank AlexBank of which AlexBank already owns 80%.
Mediobanca. Delfin partner he said no to the mediation proposal that came from the company's top management. The disagreement remains over the name of the president. Corriere della Sera reports that the hypothesis of an alternative list to that of the board of directors is gaining ground.
Eni. Algeria, Egypt and Libya will be the main suppliers of natural gas to Italy in the coming years. Guido Brusco, Eni's general director of natural resources, told Reuters.
Maire Tecnimont approved the issue of a fixed rate, unrated Senior Unsecured Sustainability-Linked non-convertible bond for an amount between a minimum of 120 million and a maximum of 200 million. The bond loan will have a minimum fixed interest rate of 6% and a duration of 5 years.
Saes Getters. US authorities have said yes to the sale of the Nitinol business.
