Also Intesa Sanpaolo, dopo Unicredit, achieved “the best balance sheet ever: 7,72 billion in net profit. Shareholders receive 5,4 billion between dividends (7,1 billion) and share buybacks. “We prefer to remunerate members in cash, having among our members many pension funds, foundations and families who use cash to pay for services” here is the most cautious response from the market compared to Unicredit's fireworks. What matters is that in two days the Big Banks of Piazza Affari have passed on more than 15 billion to their shareholders. And the markets applaud, as the reports show: among the first to react, Société Gènérale raised Intesa's target price to 3,50 euros. JP Morgan takes it to 3,80 euros. Thanks to the quarterly reports of our banks, European stock markets are preparing to open slightly higher. EuroStoxx50 Futures +0,1%.
Milan rises to 15-year highs
Il FtseMib of Milan closed yesterday up 0,55%. highs for 15 years. The FTSE Italian Banks index (yesterday +0,25%) projected itself to levels it had not seen since 2016. While Wall Street breathed, still remaining in the area of historical highs, the baton passes to Europe where yesterday the index EuroStoxx50 (+0,76%) reached the highest levels since 2001, the Frankfurt Dax (+0,76%) reached new historical highs.
China continues to advance, Tokyo cancels the zero rate
Attention remains focused on China, while waiting for the stimuli promised by Xi Jing Ping. The positions taken by the authorities have led foreign investors to believe that at these prices, with valuations considered very low, it is possible to come back to buy. Yesterday was the seventh consecutive session of positive contribution from foreign buyers. L'Shenzen Composite index gains 2%, the Shanghai Composite 1%. The smaller companies are also highlighted today: CSI 1000 index +5%.
After starting higher by more than 1%, the Hang Seng in Hong Kong slowed down and turned lower, -0,2%.
Seoul's Kospi index is set to close up 1%. Mumbai's BSE Sensex little changed at the start of the session.
It takes consistency Tokyo -0,25% the prospect of exiting the long season of rates below zero. This is what the fixed income giant Pimco says, according to which the Bank of Japan could abandon its policy of negative interest rates already at March and proceed with more increases this year. At the end of 2024, the reference rate should be +0,25%, we read in a report on market prospects. The acceleration of wage growth will likely create persistent inflation in the economy, ensuring “favorable” conditions for an exit from negative rates. It takes flight Toyota +4% for the second day in a row after the accounts from which the success of hybrids compared to electric cars.
Dollar at highs, rate cuts delayed
Il dollar consolidates at three-month highs at 1,076 against the euro, favored by the prospect of higher US rates for longer. Cleveland Fed President Loretta Mester said Tuesday that if the U.S. economy performs as expected, it could open the door to rate cuts. But Mester said she was not ready to provide a timeline for a more accommodative policy in a continuation environment uncertainty about inflation. Traders are currently pricing in a 19,5% chance of a cut in March, compared to a 68,1% chance at the start of the year.
Bond market little moved in the absence of significant macroeconomic data. Even today the macro agenda is rather sparse. 4,10-year Treasury yield at 4,12% from 2,29%. German 2,31-year Bund at 3,85% from 3,87%. Ten-year BTP at 155% from XNUMX%. Spread stable at XNUMX.
Stellantis, today Elkann by Giorgetti
Continue bank parade: Mount Paschi closed 2023 with a profit of 2,052 billion euros, compared to a loss of 178 million euros at 31 December 2022. The result is higher than the 1,344 billion expected by analysts and allows the bank to return to paying the dividend after thirteen years, two years ahead of the plan objectives: 0,25 euros per share, for a dividend total of 315 million euros. Pop Bank. Sondrio recorded a net profit of 2023 million euros in 461,2, +84%. The core operating result rose by 26% to 1,34 billion, interest margin +38% to 937,0 million. Net value adjustments stood at 224,5 million compared to 169,8 million in the comparison period, up 32%. Net impaired loans amount to 562 million, a decrease from 609 million on 31 December 2022. The bank has proposed a dividend of 0,56 euros.
stellantis. President John Elkann meets today with the Minister of Economy Giancarlo Giorgetti.
Tim. Today's board of directors should give a mandate to start negotiations with the Treasury to improve the terms of the offer for Sparkle, with Tim opening up to the possibility of remaining a minority shareholder for a certain period of time. Tim Brasil reported a 53% year-over-year increase in fourth-quarter net profit and expects core earnings for 2024 to grow but at a slower pace than 2023.
