Il Dragon awakens with spring. The data on Chinese manufacture published in the night they recorded in February a leap at 52,6 (from 50,1 in January), the strongest leap in 11 years thanks to the restart of production after the lifting of the anti-Covid restrictions last December. The Chinese economy ended 2022 as one of its worst years in almost half a century due to the strict application of the 'zero tolerance' policy to Covid which has cut production and consumption.
The response from the share lists was immediate. Leading the race is Hong Kong which celebrates, after 954 days, the abolition of the obligation to wear a mask. The index Hang Seng gains 3,3% thanks to the push of the most avant-garde sectors. Baidu is up 7%, Bilibili up 6%, XPeng up 9%. Hang Seng Tech is up 5%.
The CSI 300 index of the Shanghai and Shenzen stock exchanges gains 1,2%
It's not just China celebrating. India, despite a slight slowdown in GDP in the third quarter (+4,4%), today celebrates the highest growth rate in the world in 2022: +7%, much more than its Chinese rivals (+3,9%). Mumbai Stock Exchange climbs 0,7%.
The Nikkei of Tokyo is around parity. The PMI data signals a sharp slowdown in manufacturing activity: only 47m7 points, the lowest since September 2020. Kospi of Seoul +0,4%.
Positive February for Europe, USA in red
The wind of recovery blowing from the East can favor the departure of European lists. But futures are not giving precise signals after a session dominated by reactions to the surprise increase in the inflation rate in France and Spain.
But, comments Giuseppe Sersale of Anthilia, “investors seem to have come to the conclusion that inflation alone is not an enemy of the stock because in the short term it will inflate turnover and margins”. In particular, "banks are drawing huge benefits from the rate hike, given that the interest margin benefits from it, as institutions are slow to adjust deposits but quick with loans"
Considerations explaining the holding of the Italian price list +0,12%, the only one in positive ground together with Madrid, another bank-centric market, which celebrated the accounts of the Banco de Santander +4,8%.
However, February was a positive month for the Old Continent: Eurostoxx 50 +1,1%, Frankfurt's Dax +1,6%, Cac 40 +2,6% and especially our FTSEMIB +2,5%.
Today the Italian GDP, at 14 the German inflation
Moody's revised its growth forecast upwards GDP for Italy in 2023 to +0,3% from the previous -1,4%. Today the Istat data of the GDP referring to 2022 is expected.
At 14 the data on inflation in Germany comes out. The bund is at an 11-year high at 2,63%.
Euro dollar at 1,059, up slightly before the interventions of two members of the board of the ECB, Francois De Villeroy and Joachin Nagel. The market has brought expectations of peak interest rates in Europe to around 4%, one hundred and fifty basis points above the current level of deposit rates.
Tesla's industrial plan is coming
Wall Street futures give no indication.
Yesterday the S&P500 closed down by 0,3%, February ended with a decline of 2,6% (but only -0,2% if the appreciation of the dollar is taken into account). The Dow Jones yesterday - 0,7% in February retreated 4,19%. The Nasdaq was better yesterday flat -1,11% in the month.
Today Tesla presents the new industrial plan in Austin.
The 3,93-year Treasury Note remained at its early week levels, at XNUMX%.
Natural gas at 13-month low
Brent at 83,90 dollars, Wti at 77,50. Flat oil from +1,7% yesterday. February closed with a loss of 0,7%, the second negative month in a row.
European Natural Gas closed on a thirteen-month low at 46,6 euro/mWh. February with a -22% was the fifth month of decline of the last six and the fact that the decline occurred in the middle of winter testifies that the policies of diversification of supply sources, savings and price cap somehow worked. From the beginning of 2023 -40%.
The Tronchetti Bombassei axis is under way. Moncler sees pink
The agreement between Brembo and Pirelli faces today the examination of Piazza Affari. Yesterday evening a consultation agreement was announced between Camfin - in which Marco Tronchetti Provera is the main shareholder, owner of 14,1% of Pirelli shares - and Brembo, which recently rounded up its stake to 6%. in the tire manufacturer. The agreement signed by the two Italian shareholders confirms "Brembo's commitment to adjust its vote to that of MTP/Camfin, after having consulted in advance on the topics placed from time to time on the agenda of the ordinary shareholders' meeting and/ or extraordinary of Pirelli & C ". In the next Pirelli meetings, therefore, to counterbalance the Chinese shareholders of Sinochem and Silk Road Fund, which together control 46% of the capital, there will be an Italian core formed by Camfin and Brembo which slightly exceeds 20% and to which it is linked , through another shareholders' agreement, a further 3,65% belonging to the Chinese shareholder Niu, Tronchetti's historic industrial partner, for a total of 23,7%
It is a serious mortgage for the construction of an Italian pole of high-end components.
Moncler closed last year with revenues and operating profit growing, beyond analysts' expectations. During the presentation, executives released optimistic statements about the first part of 2023. In 2022, the luxury group's revenues rose by 25% at constant exchange rates to 2,6 billion euros against analysts' expectations of 2,53 billion.
Saipem received a $400 million order for drilling work in the Ivory Coast.
Deutsche Bank raises the targets of Banca Mediolanum and Banca Generali.
Diasorin and Cytek Biosciences announce that Luminex Corporation, a wholly owned subsidiary of DiaSorin, has completed the sale of its Flow Cytometry & Imaging Business Unit assets to Cytek for approximately USD 46,5 million.
Banco BPM. The outgoing BoD announced in advance its list for the new board. The indicated chairman is the outgoing Massimo Tononi. The AD chair remains with Giuseppe Castagna. Tononi, said that the bank is in no way willing to pursue a business combination with Mps.
Eni completed the closing for the acquisition of BP's assets in Algeria, relating to the assets of “In Amenas” and “In Salah” and operated jointly with Sonatrach and Equinor. The transaction has received the approval of the competent authorities, both of the country and of the antitrust.
