Up, up, higher and higher. The race of the returns with bonds It doesn't seem to know any limits. In the United States the Treasury Notes at ten years it reached a peak of 4,55% yesterday, the highest since 2007. In Milan the BTP it closed at 4,73%, very close to the highs of the last eleven years. The spread, a few hours after the definition of the DEF update note, shot up to 193 basis points. Faced with these numbers, the result among other things of the rigid attitude of the central banks, the space for stock listings is increasingly narrowing. The housing market is also suffering, especially in the United States where prices and sales are slowing down because owners who have an old mortgage are holding onto it tightly. In the Bel Paese only the people of savers celebrate, rewarded by interest on bonds. So much for current accounts.
• In this frame the stock market seems to have little to say: European stock markets are set to open slightly lower, EuroStoxx 50 futures -0,2%.
• The Ftse Mib of Milan it closed yesterday down 1%, the fourth consecutive session down.
Luxury suffers, headhunters for Unicredit
• Among the sectors in difficulty is the luxury: the Stoxx Luxury index falls to its lowest level since the beginning of the year and is about to complete, at these levels, the worst month of 2023 with a provisional balance of around -6%. Ferragamo slips to its lowest levels since November 2020. For Morgan Stanley, thanks to lower Chinese demand, it is "almost" over.
• In the credit sector it holds Mediobanca awaiting discussion at the meeting.
• The board of directors Unicredit has chosen the headhunters who will collaborate in the selection of candidates to be included in the list for its renewal. Egon Zehnder and Spencer Stuart will support the Corporate Governance & Nomination Committee and the board of directors. The confirmation of Andrea Orcel seems obvious, given the results, while the confirmation of president Padoan is more at risk.
The German confidence index worsens. Nadef arrives in Rome
• It worsens and disappoints expectations German consumer confidence in October 2023. The GFK index, based on the survey conducted this month, highlights a value of -26,5 points, compared to -25,6 in September (data revised from a preliminary of -25,5) . Meanwhile, the sentiment of the German export-related industry has "significantly deteriorated". Export expectations detected by the Ifo research institute fell to minus 11,3 points in September compared to minus 6,5 in August.
• Today the government presents the update note of public accounts, the Nadef. Meanwhile, the Ministry of Economy is preparing to reduce thegrowth objective for 2023 at 0,8% from the +1% indicated in April, Reuters wrote yesterday. The trend growth for 2024, without incorporating the expansionary effect of the measures in the pipeline in view of the budget, is equal to 1% and signals a downward revision compared to the current target of +1,5%. The growth target for next year should still be a little higher than 1%.
US stock market futures turned overnight and showed a slight rise this morning
Yesterday the stock markets closed in deep red: Dow -1,14%, S&P 500 -1,47%, Nasdaq – 1,57%.:
Antitrust under attack by Jeff Bezos
The techs were ballasted by Amazon-4%. The Federal Trade Commission, along with 17 states, accuses the company founded by Jeff Bezos to illegally maintain a monopoly on online retail sectors, crushing merchants and favoring their own services. “The lawsuit seeks to hold Amazon to account for these monopolistic practices and restore the lost promise of free and fair competition,” said Lina Khan, chair of the Federal Trade Commission.
In Congress there has been some important, but not decisive, progress in negotiations between Republicans and Democrats on government funding. The steps forward in the formulation of the texts on which to start negotiations should not be such as to avoid the shutdown.
Euro/dollar at 1,056, six-month lows.
The Bank of Japan is divided on rate increases
Asia Pacific stock markets are mixed following Wall Street's fall to medium-term lows.
Nikkei of Tokyo -0,2%. There is no consensus within the Japanese central bank on the start of the rate hike, this is what emerged from the minutes of the July monetary policy meeting. A change of direction, after years of stimuli and negative rates, is required, as inflation has exceeded the 15% target set by the same for 2 consecutive months Bank of Japan. One member said that “there is still a long way to go before we revisit the negative interest rate policy.” But another countered that reaching the 2% target “in a sustainable and stable way” appears within sight.
The Hang Seng of Hong Kong gains 0,7%, the CSI 300 of the Shanghai and Shenzen lists gains 0,5%. Profits generated by Chinese manufacturing and industrial companies began to rise again in August, the 17% year-on-year increase coming after more than a year of decline.
The stock markets of India, Korea and Australia fell slightly.
MSCI world index at ten-year lows
The MSCI World index is in its ninth consecutive session of decline, a negative streak not seen for more than ten years. Brent at 95 dollars, WTI at 91. +1%. Bloomberg Intelligence analysts expect an extension at least until the end of the year of the production cuts introduced by OPEC+ in the first half of the year.
Danieli eliminates Russia, Kme insists on delisting
Il Tesoro is thinking of placing an initial share of 8%. Ps by the first ten days of October. This is what Il Messaggero writes.
Danieli estimates an Ebitda between 400 and 430 million for the 2023/2024 financial year after the approximately 424 million (+18% on year) recorded in the 2022/2023 budget closed at the end of June. The order book, which no longer includes any value for projects in Russia due to the low prospects for future development, is expected to amount to 6-6,5 billion.
Datalogic has decided to increase the maximum number of treasury shares subject to the buyback program by 1,1 million shares, for a maximum total of 2,3 million shares.
KME reopened the terms for joining the takeover bid for another five trading days, relating only to ordinary shares, from 5 to 11 October.
Poste Italiane in seven months since its departure it has exceeded 370.000 contracts signed for electricity and gas users.
