Apple Lossless Audio CODEC (ALAC), he threw in the towel. After ten years of effort (and exorbitant expenses) the Apple renounce toelectric car. The 2 thousand employees will be assigned toArtificial intelligence. It is a sensational defeat if you think about the tenacity with which Apple has pursued the objective of achieving supremacy in sustainable mobility thanks to the project Titan. But it is also a sign of the lesser appeal of the e-car in a moment of strong tension in the four-wheel market in which this step backwards by Apple has matured, forced to give up one of its dreams.
On a more domestic note, today we are taking another step back compared to the roaring years. Vodafone confirmed that it is in exclusive discussions with Swisscom for a potential sale of Vodafone Italia to a enterprise values of 8 billion euros. The rationalization of TLCs while waiting for the "new" TIM is thus picking up speed.
There is little to report on the central banking front. The most notable note comes from none other than New Zealand: The Kiwi dollar weakens after the Reserve Bank's Monetary Policy Committee maintained the official liquidity rate at 5,5%. The new forecasts point to a lower chance of rate increases this year, but no reductions until 2025.
Price lists were weak at the start of the day. Asia Pacific stock markets are almost all down at the end of the session. CSI 300 index of the Shanghai and Shenzhen stock markets -0,6%. Tokyo Nikkei -0,1%.
Brick crisis in China, births in Korea
Another brick crisis opens in China. After the failure of Evergrande The giant of the Chinese real estate sector Country Garden said it received a liquidation demand after failing to repay a loan worth $205 million.
Hang Seng of Hong Kong falls by 1,4%: the city government has announced the immediate cancellation of measures to contain housing demand, a measure that should help restore strength to the market. Home prices have fallen to seven-year lows. It gets worse the birth crisis in South Korea, at all-time lows: the South Korean stock market closed higher, Kospi +1%. The prices of Malaysia and Thailand fell by 0,5%. European stock markets should open slightly lower, EuroStoxx 50 futures -0,2%.
The BTP value breaks new records
Yesterday the FtseMib of Milan rose 0,46%. Just 19 base points away from the record. since 9. he continues the golden season of BTP. Fueled by the success of Btp Value. The spread BTP/Bund it is in 143 basis points, at two-year lows. The BTP Valore collected total orders for 11,05 billion euros in the first two days of placement.
In the previous issue of the BTP Valore in October - with a five-year maturity - the Treasury had received total subscriptions of 17,2 billion euros, of which 9,31 billion in the first two days. February data on consumer and business confidence in Italy, Portugal and theeconomic sentiment of the eurozone. Last week the German Ifo reported an improvement in the country's business morale in line with expectations. In Italy, data on manufacturing business and consumer confidence had improved in January.
The starting point of the Dax in Frankfurt is worth recording. Rising by 0,8%, it reached new historic highs thanks to the push of three big names: Infineon +4%, Basf +3% and Bayer +2%.
Wall Street in tension awaiting US PCE data
It is likely that wait-and-see behavior will prevail on Wall Street until Thursday and Friday when the data will be released first American PCE of January, one of the most monitored indicators by Fed, and followed by data on eurozone inflation, which may have fallen below +3% in January for the first time in three years.
jp morgan identified inflation as one of the main risks capable of derailing the bullish phase that brought the stock markets to historic highs. A persistence of high inflation rates due to robust labor markets and generous government spending policies could shift investor sentiment, JP Morgan strategists warned in a note on Monday, forcing the Fed to keep rates high for a longer period than expected. The probability of a cut in March has already been eliminated, just as the prospect of a cut in the spring has almost completely disappeared. We are now aiming for a first cut at the beginning of summer, immediately after which we will start talking about American elections.
In a nutshell, the underlying picture of the stock markets shows no signs of bad weather, but after sixteen weeks of growth out of seventeen it is legitimate to think that we should at least take a healthy pause for reflection
Bitcoin is flying, oil is falling
Fifth consecutive increase and price at two-year highs for the Bitcoin treated at almost 58 thousand dollars. Approximately +35% since the beginning of the year. The Fomo effect (Fear of Missing Out) strikes again, because the buying rush seems more determined by the fear of being left out of the rally than by fundamental considerations.
Petroleum slightly down from +1,3% yesterday. The phase of ups and downs continues, while concerns about the stability of global demand and the possible repercussions of geostrategic tensions are discussed. Meanwhile, we look at the evolution of US stocks. According to sources citing data from the American Petroleum Institute (API), US crude oil inventories increased by 8,43 million barrels in the week ending February 23. Gasoline inventories fell by 3,27 million barrels and distillate inventories by 523.000 barrels.
Bernstein downgrades Stellantis. Leonardo's moves
Vodafone, therefore, confirmed that it is in exclusive negotiations with Swisscom for a potential sale of Vodafone Italia to the Swiss TLC company for cash. According to a note, the parties have agreed that Swisscom's acquisition of Vodafone Italia has an enterprise value of 8 billion euros. Yesterday some sources told Reuters that the British telecommunications giant is in negotiations for a minority share of the company which could arise from a potential integration of its Italian activities with Fastweb, a Swisscom group.
stellantis. Bernstein downgrades rating to Market Perform.
Campari. Barclays lowers the target price to 10,10 euros following the presentation of the quarterly data. Jp Morgan cuts it to 7,8 euros.
nexi. Data from Worldline, also active in digital payments, came out this morning.
Leonardo. Leonardo signed with the Defense science and technology agency (Dsta) of Singapore a preliminary agreement (MoU) of collaboration, with a particular focus on naval weapons and underwater technologies. The US subsidiary DRS closed the fourth quarter of 2023 with an adjusted profit per share of $0,31, lower than the 35 cents a year earlier, but higher than the average expectation of 30 cents estimated by six analysts.
Anima. The board of directors will propose to the meeting on March 28th the cancellation of treasury shares in portfolio for an amount equal to 3% of the current share capital.
Tod’s. “L Catterton” holds a total of 6,103% of the capital as of 27 February, according to a Tod's note with the latest updates.
Buzzi, Cementir. This morning the Swiss giant Holcim said it expects a 2024% sales increase in 4, slightly better than expected. The stock rose 3% pre-market.
