Mask off. After 945 days it falls from tomorrow in Hong Kong the obligation of the mask. But the return to normal after Covid is not celebrated with great emphasis. The hope of a rapid recovery of the city from the crisis has vanished (-3,5% GDP in 2022, 187 fewer inhabitants). There MY BAG -0,4% ended February with an overall loss of almost 9%. Also Chinese markets they mark time: the new geopolitical tensions with the US have practically interrupted the post-pandemic rally. It is thus less, for now, one of the engines of recovery beginning of 2023. It is another negative sign on the eve of a stock market spring who announces herself as a dancer.
Milan at the top thanks to the banks
European markets and Wall Street futures are little moved. The stock exchanges of Europe open around parity. Milan gives up half a percentage point, after yesterday's robust rebound (+1,7%) thanks to bank purchases. The Index Stoxx Banks scored new highs since 2018 thanks to the persistent high-rate scenario.
Also US markets in the February 27 session, they attempted a rebound from Friday's lows. But the bull's push failed during the session: the risk of a higher than expected rate increase weighs in (+0,50% according to Barclays): Dow Jones +0,22%, S&P +0,31%. Better the Nasdaq +0,63% driven by Tesla +5,6% after earlier-than-expected start-up of German factory operations. Elon Musk thus returns to being the richest man in the world. Bloomberg warns that JP Morgan warns of the risk of forthcoming sales of 50 billion by operators who follow quantum-based techniques.
Bonds fly
At the center of the scene remain the bond markets. Market rates remain high, especially in the short-term part, the one most sensitive to rate decisions. The yield of Treasury Notes at two years it is close to the maximum since 2007 at 4,78%. The 3,92-year US is at XNUMX%, the one on German bund has soared to its highest since 2011. The ten-year BTP treats at 4,40%. The two-year is at 3,52%, which is also the highest for 11 years.
On currencies, the dollar was down to 1,058 after five consecutive hikes.
"The inflationary pressures of the Eurozone have started to ease, also with regard to 'core' prices, but the ECB will not end the rate hikes until it is certain that price growth is returning towards 2%”. The chief economist of the ECB said so Philip Lane.
Natural gas at 13-month low
It may be the umpteenth one who gives the charge to Europe decline in natural gas: prices collapsed yesterday of 6,6% at 47,5 euros/mWh, new 13-month low. From the beginning of 2023 -39%.
Italy, according to Reuters, is in talks with the European Union authorities to obtain at leastor 6 billion euros under the so-called plan REPowerEU, in order to disengage completely from Russian gas and to increase efforts to make its economy more environmentally sustainable.
Lto France is scheduled today for a meeting with 12 other EU countries, with the aim of creating an alliance of states to support nuclear energy in energy policies. The initiative comes in the context of a growing controversy between France and countries with similar views, which want more EU policies to promote nuclear energy as a low-carbon energy source, and those which, like Germany and Spain, argue that fuel should not be equated with renewable energy.
Little moved the petrolium: Brent at $82,60. For the moment, the news that Hong Kong has banned the masks has not had any side effects. We look at the recovery of China and the fallout in rates.
The return of Siena, Stellantis goes shopping in Argentina
In the spotlight Mps Bank after sale of the stake held by Axa. The bank returns after six years in theFtse Mib index of the top 40 listed stocks. The entry should take place as a result of the quarterly review which will be announced on March 20st and will be operational from the XNUMXth of next month.
The price for the sale of MPS shares by Axa has been set at 2,33 euros per share. The fixed price sees a "15,1% discount compared to yesterday's stock market closing".
stellantis will invest $155 million in a project in Argentina which involves the purchase of 14,2% in McEwen Copper. The investment will help the automotive group meet expected copper demand starting in 2027. Cathode copper is a strategic raw material for the production of batteries for electric vehicles. The car company and the unions have reached an agreement to cut up to 2.000 jobs this year through voluntary exits, according to reports from the union organisations, Fim, Uilm, Fismic, Uglm and Aqcfr.
nexi has signed an agreement with Banco Sabadell for a long-term partnership in the Spanish market. The transaction provides for the acquisition by Nexi of 80% of the merchant acquiring business of Sabadell, following its spin-off in PayComet, a wholly owned subsidiary of Sabadell and an already authorized payment institution, for a consideration of 280 million of Euro.
Campari: Morgan Stanley raises its rating to the Overweight target of 12,5 euros.
Saipem closed the fourth quarter of 2022 with 150 million euros of adjusted Ebitda, more or less in line with expectations. Ebit is better than estimates, at 36 million euros. The company estimates an Ebitda of 850 million euros for the current year, about one hundred million above analysts' estimates.
