The script doesn't change. Wall Street continues to set new records while awaiting the first company results of 2024, the first of the Artificial Intelligence era. The Dow Jones, in particular, surpasses the barrier of 38 thousand points for the first time. The other squares adapt. Also Europe rises, albeit with the caution that the imminent ECB meeting requires. But it Stoxx 600, which signals business moods on the Old Continent better than other indices, is down 0,3% since the beginning of the year, confirming the caution of operators. However, the boost from US stock markets is being felt in a very different way Asia, much more sensitive to the call of US technology.
278 billion dollars arriving for the Chinese stock market
The ones who sound the charge could be the Chinese bags, meanwhile slipping to a 19-year low. Bloomberg reports that the Chinese government is working on a stabilization fund from 278 billion dollars capable of restoring investor confidence in Chinese stocks. The resources, arriving mainly from the offshore accounts of Chinese state-owned enterprises, would be used to buy shares onshore through the connection with the stock exchange Hong Kong +2.7% now recovering after finishing below Mumbai levels. The project involves some large financial institutions, including China Securities Finance and Central Huijin Investment.
The CSI 300 of the price lists Shanghai and Shenzhen it managed to gain 1%, but at the end of the session it was just below parity. The cross dollar yuan it reaches 7,17, down 0,3%.
Tokyo does not change its policy
Meanwhile, Tokyo is slowing down after having adjusted its fresh record. There bank of Japan left the ultra-expansionary monetary policy unchanged as expected, waiting for the hoped-for wage growth to be able to guarantee the achievement of the objective of stable inflation at 2%. The steering committee has decided that i interest rates will remain in negative territory to -0,1%, and in the meantime asset purchases will continue to keep long-term rates around zero percent. The institute also revised its price index forecasts downwards.
It reopens its doors there Indian stock exchange after the celebrations for the inauguration of the Rama temple, rebuilt on the ashes of the old one, destroyed by the Muslims. The major Bollywood film company collapses -30% after the failure of Sony's offer. The Kospi index of Alone the S&P ASX0,6 gained 200%. Sidney 0,5%.
Piazza Affari remains close to the highs
Such animation is not confirmed in Europe, protagonist of a "flat" opening. The stock markets of the Old Continent have been moving sideways for a few weeks, close to discriminating thresholds whose breakage could trigger a new bullish rally similar to that of Wall Street. Our Ftse Eb today it is down 0,44%, moving less than two percentage points from the record of the last 15 years.
Record returns, Meloni promotes BTPs
Il Ten-year BTP deal at 3,83% while the spread it remains at 154 basis points, the lowest since April 2022. Citigroup sees the spread, in the absence of an increase in geopolitical risks, closer to 140 bps by June, also due to a moderation in pressure on the supply of new "paper".
The premier Giorgia Meloni invites the wealthy to buy BTPs to keep the debt in Italian hands. “We hope that those who are in a slightly better situation will give us a hand in keeping the Italian debt in Italian hands,” Meloni said in a television interview with the program Fourth Republic of Rete4. The Prime Minister explained that Italian government bonds "did very well because we give a certain type of return".
In 2023 the Treasury has focused heavily on small savers, which analysts believe will continue to play a significant role this year. The share of Italian government bonds in the hands of retail investors is around 12% according to recent data from the Bank of Italy, while the share in the hands of foreign entities is over 27%. Italy has a debt of approximately 2.860 billion euros.
The bills from Tesla, Netflix and Procter & Gamble arrive
Wall Street is preparing for the first wave of results among which stand out Netflix, Procter & Gamble and Tesla. the new historical highs marked yesterday by Dow Jones, S&P 500, Nasdaq 100, FANG Plus are thanks to the usual very small patrol of super-techs... the so-called Big Seven: Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta Platforms and Tesla. But precisely this unprecedented phenomenon means that the multiples on the fundamentals of the S&P500 index, Wall Street's benchmark par excellence, are not that expensive, despite the record value just reached.
Dollar little moved. Attention is now focused on ECB meeting, which ends Thursday. Frankfurt is expected to leave rates unchanged at 4%, after several officials said it was too early to cut rates. The experts will follow the statements in the press conference by the president, Christine Lagarde, step by step.
Oil, more Russia than Arabia for China
Petroleum flat for $80. A Ukrainian drone strike has hit Russia's Novatek fuel terminal, as extreme cold continues to hamper US crude production. The Israeli offensive against Gaza shows no signs of respite. Attacks by pro-Iranian Houthi rebels continue against ships transiting the Red Sea, despite US reactions. Weighing on the markets, however, are concerns about the country's uncertain economic recovery China, which has overtaken Saudi Arabia as the largest buyer of Russian crude.
From Unicredit to Amplifon: the stocks in the spotlight
Campari: Citi raises the rating to Buy. Morgan Stanley cuts the target price to 10 euros.
Unicredit said that it will exercise the option of full early repayment of 1 billion of Fixed Rate Resettable Tier 2 Subordinated Callable Notes on 20 February 2024. This was stated in a note from the institute recalling that the deadline was 20 February 2029 and that the decision comes after receiving authorization from the ECB.
Enel concluded the share buyback program, launched on October 16th, in which a total of 4,2 million Enel shares were purchased (equal to approximately 0,0413% of the share capital), at the weighted average price for the volume of 6,3145 euros per share and for a total value of 26,52 million euros.
Amplifon is working on an expansion of its operations in China, reports the Republic.
believe could consider selling its digital payments business: according to rumors it could collect 70 million euros.
Banca Popolare di Sondrio: the Unipol reference shareholder will present the list of candidates to the board of directors together with the outgoing board of directors and the members gathered in the "Together for Popolare" association.
Monte Paschi Bank: the market is implicitly discounting the arrival of the dividend earlier than expected in the industrial plan.
Ferragamo: Pierre La Tour has been appointed CFO by the Board of Directors with effect from March 18th.
