When there are two decidedly hot events in a week, the dictat in the stock exchange parterre is: calm and idle engines. Tomorrow the data on the trend of US inflation is on the agenda, which could show a further rise and therefore postpone the start of Fed cuts. While on Thursday there will be the ECB meeting which could instead go in the opposite direction. In the background there is the wait for the quarterly reporting season of the Stars and Stripes companies.
European stock markets expected to decline slightly
Le European stock markets today they are expected to decline slightly at the start of the session (-0,20% futures on the Eurostxx50), after the flat closing on Wall Street and a lackluster Asian session. US futures moved little: +0,02% on the Dow Jones and +0,08% on the S&P500.
Wall Street he closed with little enthusiasm. Except Tesla which shines with +5%
IERI (Yesterday) Wall Street closed a sluggish session, without managing to get into gear, except for Tesla which shone on the list with an increase of almost 5%. US stock markets can only wait for tomorrow's inflation data. The feeling is that the markets might have sin of optimism when they predicted the Fed's first interest rate cut in June. As of today, markets are predicting two quarter-point rate cuts by the Fed in 2024. The odds of a third cut are only 50/2024 , with a drastic reversal compared to the beginning of XNUMX, when between six and seven cuts were expected.
The ones who put the reins on US stocks are then the highs government bond yields, with the XNUMX-year Treasuries which shows a growth rate of over 4,4%, after the beyond-expected macroeconomic data seen last week.
Il Dow Jones it closed down 0,03% at 38.893 points, while the S&P500 lost 0,04% to 5.202 points. A plus sign, however, for the Nasdaq (+0,03% to 16.254 points). The secondary consumer goods (+500%) and utilities (+0,75%) sectors are highlighted on the North American S&P 0,64 list. The energy sector, with its -0,63%, is the worst of the market. Among the protagonists of the Dow Jones, Nike (+1,31%), Home Depot (+1,17%), 3M (+0,99%) and American Express (+0,74%). The worst performances, however, were recorded by Intel, which closed at -1,98%. Caterpillar is in the red, showing a sharp decline of 1,54%.
Among the protagonists of the Nasdaq 100, Tesla Motors (+4,88%), Warner Bros Discovery (+2,28%), Moderna (+2,13%) and Charter Communications (+2,03%). The worst performances, however, were recorded on Fortinet, which closed at -3,53%. Intel drops 1,89%.
Gold and oil continue to rise
There is still fever among raw materials (+0,54% to 2.363 dollars an ounce) and of Petroleum (WTI +0,13% to 86,54 dollars a barrel and Brent +0,18% to 90,54 dollars a barrel). Oil prices rise after hopes that negotiations between Israel and Hamas lead to a ceasefire in Gaza and ease tension in the Middle East. Hamas said Israel's proposal received from mediators from Qatar and Egypt does not satisfy any of the Palestinian factions' demands. The market continues to fear a disruption to oil supplies if Iran responds to Israel's attack on its consulate in Syria.
The euro dollar is little moved, around 1,085.
In Asia Taipei celebrates. In China, fears over another real estate group in liquidation
Overall, a slightly positive session for Asian stock markets, also awaiting US data. In Tokyo, the Nikkei 225 advanced by 0,89%, while, on the contrary, Shenzhen remained flat, with prices standing at 0,14%. Eyes on real estate group Shimao in China, after a state bank in Beijing requested its liquidation. Slightly positive Hong Kong (+0,63%), just below parity Alone (-0,3%). In fractional progress Mumbai, (+0,46%); as well as, in money Sydney (+ 1,49%).
To the stock exchange Taipei (+1,51%) shines Tsmc, the largest contract chip manufacturer in the world, which reached historic highs (+4,09% at 815 Twd) after the agreement with the US administration on 11,6 billion dollars, of which 6,6 billion in grants and up to $5 billion in loans, to increase production of critical technology with a third factory in Phoenix, Arizona. The two already scheduled facilities are expected to begin production in 2025 and 2028.
In Japan this morning, Consumer Confidence in March amounted to 39,5 points, up compared to the previous 39 points (the forecast was 39,6 points).
In Milan, watch out for Snam, Unicredit, Fincantieri
European stock markets are expected to decline slightly at the start of the session today (-0,20% futures on the Eurostxx50). Yesterday Piazza Affari closed with a gain of 0,9%, reaching 34.315 basis points. Of note, in this climate of uncertainty the sharp decline in trade yesterday in Piazza affati, with a value of 1,93 billion euros, a sharp decline (-38,48%) compared to the previous session. Frankfurt +0,85% and Paris +0,72% are aligned, with London +0,38%, Amsterdam +0,42% and Madrid -0,07% further behind. The spread opened this morning slightly higher at 140 basis points (+1,38)
On the Milanese price list, watch out for Snam after the European Commission included the SoutH2Corridor and Callisto Mediterranean CO2 Network projects, in which the Italian utility is involved as a partner, in the final list of projects of common interest (PCI). The energy infrastructure company listed on Euronext Milan has placed a variable rate bonds for an amount of 750 million euros, with a 2-year term and a coupon equal to 3-month Euribor plus 0,40%. The operation is part of the company's financial strategy aimed at optimizing the cost of debt, expected to average 2,6% over the plan period, we read in a note. Overall demand has peaked at around 3 times supply.
Among banks, it is to be monitored Unicredit because the proxy advisors are divided in view of the meeting which, on Friday 12 April, will be called to elect the new board of directors. In the paper addressed to investors ahead of the meeting, Glass Lewis advised shareholders to vote against the remuneration policy, considering the salary increase planned for the CEO, Andrea Orcel, to be "excessive".
Fincantieri announced that it has received an order from Norwegian Cruise Line Holdings for the construction of 4 new new generation cruise ships: 2 for the Regent Seven Seas Cruises brand and 2 for the Oceania Cruises brand. Cutting-edge ships for constant leadership in technology, comfort and on-board entertainment as well as in terms of environmental sustainability.
Eni, Enilive is preparing for the listing with investments of two billion euros. The sustainable mobility subsidiary will follow in Plenitude's footsteps and strengthen itself abroad.
The assembly of Southern Highways unanimously approved the voluntary dissolution of the company as proposed by the board of directors last January, following the takeover of the new concessionaire and also approved the proposal to distribute a dividend for a total amount of 7,19 euros per share. Fabio Bernardi was appointed sole liquidator.
CIR, as part of the treasury share purchase plan, announced that it had purchased, from 3 to 5 April 2024, a total of 299.000 shares at the average unit price of 0,5376 euros for a value of 160.741,15 euros.
as to Classic Ferrari for sale 30% of the capital is held by entities in the United States. In particular, BlackRock holds 5,69%, while T. Rowe Price Associates holds 4,48%. As a result of two buyback plans, one of which is still ongoing, Exor and Piero Ferrari have increased the voting rights held jointly to 52% from 48,8%.
Economic forecasts today in CDM
Today the veil is lifted on the new estimates for the Italian economy with the approval of the Def which will be examined by the Council of Ministers (convened at 11,15 am). An economic and finance document of which the Minister of Economy Giancarlo Giorgetti anticipates that he will respect "the objectives of the Nadef presented in the autumn for a question of credibility". But the document is destined to change soon: the text should only present the trend estimates, not the programmatic ones that represent the direction in which the Government intends to move. A "light" version of the document in which GDP growth for 2024 should be confirmed at around 1% and the deficit estimate would remain at the levels indicated in the Nadef at 4,3%
