La Central Banking Week It concludes by leaving investors uncertain about future support from monetary easing: the Fed It cut rates, that's true, but it left the trading rooms wondering whether it will actually cut rates again this year, as it said. They also cut rates Canada e Norway, While the Bank of England Yesterday he left them unchanged and to see an easing we will probably have to wait until next year, according to analysts. Even the Boxwood This morning, it did not raise rates, but it reduced its stimulus tools. Risk appetite remains high, concentrated above all in the healthcare sector.artificial intelligence, But a thorn in my side there is and it was highlighted this week by Bank for International Settlements, which brings together central banks from around the world: warned that record global stock prices appear increasingly disconnected from growing concerns about the levels of debt in the bond markets.
But in the meantime the party continued Wall Street which closed at new records yesterday driven by mega deal between Nvidia and Intel. Today is also the day of the three witches, which focuses on the expirations of stock options, index options and stock index futures, but, although traditionally considered a high volatility day, does not seem to scare investors at the moment: both the Nasdaq and S&P 500 futures have undergone minimal changes. asian bags have fallen only slightly from their records. The price lists Europeans Instead, April is seen as slightly decreasing.
Wall Street hits new records, driven by the Nvidia-Intel deal. Russell 2000 also rises.
Yesterday the main ones Wall Street indices they recorded again record closures, the day after the Federal Reserve cut interest rates by a quarter point, while the chipmaker Intel he went up after that Nvidia has decided to acquire a stake in the company.
Intel recorded its biggest daily gain since October 1987, jumping by 22,8% after Nvidia announced that will invest 5 billion dollars in the struggling U.S. chipmaker. Nvidia rose 3,5%, recovering losses from Wednesday, when a report in the Financial Time had said that Chinese tech companies might stop buying its chips.
The leap of Intel and Nvidia has given impetus to the whole semiconductor industry which rose 3,6%, and also lifted the Nasdaq and the S&P 500 technology sector, +1,36%. Seven of the 11 S&P 500 sectors rose. At the close, theS&P marked a rise of 0,48%, the Nasdaq by 0,94% and the Dow of 0,27%. Meanwhile, the'Russell 2000 Index small-cap stocks recorded their first all-time high since November, at 2.466 points. It is likely that the small-cap companies benefit from rate cuts. Yesterday, Fed Chair Jerome Powell emphasized that the labor market slowdown is a priority and indicated that further cuts could follow at upcoming policy meetings.
BIS warns of growing gap between government debt and equity
The Bank for International Settlements has warned that the record global stock prices they seem more and more disconnected from the growing ones concerns about public debt levels in bond markets. The BIS, which serves as an umbrella group for central banks around the world, said theincrease in the requested premium from investors to buy the thirty-year debt of major economies this year showed “growing concerns about the fiscal outlook.”
Earlier this year Moody's It was the last of the major rating agencies to strip the United States of Triple-A status, while last week Fitch has cut the rating of the France at its lowest level ever due to concerns about public finances. “This is the time to pay attention to the potential amplification channels that could spread stress”, said the head of the Monetary and Economic Department of the BIS, Hyun Song Shin, adding that the high ratings risky assets make them vulnerable. He also stressed that the issuance of government bonds is increasingly absorbed from highly leveraged investors, such as hedge funds, and that i markets can explode “well before debt levels exceed textbook definitions of sustainability.”
Asia, the BOJ slows Tokyo's enthusiasm. Trump and Xi Jinping have a phone call today.
Le asian bags they were about to close a stellar week even if the Tokyo's Nikkei fell from all-time highs after the Bank of Japan reported afurther reduction of its massive stimulus policies. The Boxwood It kept short-term interest rates at 0,5%, as widely expected, but two members voted in favor of a hike. It also decided to begin selling its large holdings of exchange-traded funds (ETFs) and real estate investment trusts (REITs).
After the decision, the dollar lost 0,4% to 147,48 yen. Nikkei Japan's stock, which had hit a record high in early trading, reversed gains and fell 0,6%, reducing its weekly gain to just 0,4%. Attention now turns to the BOJ governor's press conference. Kazuo Ueda, expected later this morning. Data showed that core inflation in Japan stood at 2,7% in the year to August, the slowest pace in nine months, though still above the central bank's 2% target.
The Hang Seng index of Hong Kong The provisional weekly balance is at par, up 0,7%. The Hang Seng Tech Index is about to close its week with a gain of 5,3%.
The CSI 300 index of the Shanghai and Shenzhen stock markets gained 0,3%, closing the week at these prices -0,2%. Today's agenda is phone call between Presidents Xi Jinping and Donald Trump. There are many things for investors to consider ahead of that call, with a agreement on TikTok potentially close, the Chinese Huawei outlining its plans for the chips and Beijing ordering tech companies not to buy AI chips Nvidia.
La Seoul Stock Exchange fell 0,7%, while remaining near a record high. The Kospi index rose 1,3% for the week, bringing its total gain over the past two weeks to over 7%. The government is keeping negotiations with the United States open on controversial visa and auto tariff issues, the Asian nation's top trade negotiator said overnight.
MSCI's broad index of Asia-Pacific shares outside Japan fell 0,1% but still looks set for a weekly gain of 0,7%, not far from four-year highs.
European stock markets opened slightly higher. At the Milan Stock Exchange, Stellantis, Mediobanca, and Avio were all eyes on the stocks.
ItalyTonight with the markets closed Fitch will give its rating to Italy. Fitch has not ruled out an upgrade to BBB+ and maintaining a positive outlook, or even a two-notch upgrade to A-. The US agency's review of Italy will be followed in the coming weeks by the verdicts of S&P, Moody's, Morningstar DBRS, and Scope Ratings.
Monte Paschi Bank, MediobancaAlberto Nagel, CEO of Mediobanca, resigned along with the board of directors after losing the battle to prevent its acquisition by Banca MPS, one of the deals reshaping the Italian banking landscape. According to stock market data yesterday, at the end of the third day of reopening, shareholder acceptance of Monte dei Paschi's offer for Mediobanca reached 64,68%. The reopening ends on September 22.
BPM desk. KeplerCheuvreux begins coverage with Reduce. A potential merger with Credit Agricole Italia represents "the clearest opportunity" the institution has, but it is not the only one. This was stated by Banco BPM CEO Giuseppe Castagna, in an interview with CnbcAnother opportunity for aggregation, Castagna added, is with MPS, of which Banco BPM is a shareholder with approximately 9%, and is the primary distributor of the products of its subsidiary Anima.
AvioThe Italian aerospace company and SpaceLaunch, a US launch services company based in Austin, Texas, have signed a launch services agreement to launch an institutional Earth observation satellite into orbit aboard Vega C in 2027. This was stated in a statement.
RecordatiJefferies confirms its buy rating and price target of €61,5. Luigi La Corte has resigned from his role as CFO for personal reasons and to embark on a new career path. He will leave the company at the end of the year, while maintaining his position on Recordati's board of directors. "La Corte has played a key role in shaping Recordati's financial strategy and capital allocation framework, and his departure marks a significant leadership shift as the company continues to execute its growth program," analysts commented.
StellantisBerenberg raises its rating to Buy from Hold, with a target price of 9,5 euros (previously 9 euros).
Tenaris has signed a four-year agreement with BP for the supply of casing and tubing, including 13Cr grade steel pipes, along with technical support and field services for the Tangguh UCC project in Papua Barat, Indonesia, a statement said.
