A report by Goldman Sachs informs us this morning that in just two months the requests to ChatGPT, artificial intelligence adopted by Microsoft, have overcome the barrier of 100 million users shattering the records of TikTok (9 months) and Instagram (30 months). The Wall Street Journal notes this when it speaks of the "uproar" unleashed by the news on the stock market: Microsoft has increased its market value by $500 billion since announcing the investment (ten billion) in OpenAI, the start up that developed ChatGPT. The actions of Nvidia, the manufacturer of the chips needed to run the system, are climbs 99% in the last two months to reach a p/e of 164 times.
In short, behind the flat calm of global finance, which yesterday almost stopped waiting for the indications on US inflation arriving today at 13.30 (Italian time), something is moving.
Nagel (Bundesbank): interest rates must go up again
• Europe's stock exchanges are still expected to open around equality, EuroStoxx50 futures +0,15%.
• European lists moved little yesterday. Business Square it lost 0,29% at the end of a session dominated for better or for worse by the banking sector: Banco Bpm +7% smashed all records, but Fineco -5%, the leader in asset management, lost ground.
• German bund to 2,35%, XNUMX-year BTP at 4,27%. If at the Fed the doves are starting to have more say, at the ECB the hawks are still dominating the scene. The Latvian member of the board of the ECB, Martins Kazakhs, said the hikes may not end in July and that expectations for a spring 2024 cut are "significantly premature."
• Joachim Nagel, German central bank governor and ECB member said interest rates in the euro zone should rise further as the fight against inflation is not over yet. Nagel believes inflation has peaked but says more needs to be done. “We are not at the end yet – he said – Interest rates should rise again”.
• Yesterday Wall Street closed the session prior to the release of April inflation data lower. The Nasdaq lost 0,6% and the S&P500 lost 0,5%.
• They are almost all down, the stock exchangesPacific Asia: Tokyo Nikkei -0,7%. Kospi of Seoul -0,3%. Hong Kong's Hang Seng -0,7%. The CSI 300 of the Shanghai and Shenzhen lists also fell -1% to 3.990 points, down from the highs of the last ten months reached on Monday. Tonight Morgan Stanley reaffirmed its medium-term target for the index, 4.500 points, or more than XNUMX percent above current prices.
Nothing done on US debt
• In addition to geopolitical uncertainties, the standoff between Republicans and Democrats on the debt. The meeting of leaders in the presence of President Joe Biden closed with a stalemate. Republicans are willing to vote in favor of the measure avoid the default, only in exchange for a drastic spending cut, Democrats have repeatedly said they do not want to accept the imposition of limits on government action,
• A situation blocked almost everywhere waiting for an element to unblock the balance. It could be the data on US inflation that could add grist to the mill of those who see the turnaround by the Federal Reserve in favor of a rate cut. But forecasts on the matter are cautious.
Consumer prices seen up 5,5%
• Consensus expects i consumer prices excluding volatile components rose by 5,5% year on year, from +5,6% in the previous month. Bloomberg Intelligence believes that it will not be the April data, but the May data, released the day before the next announcements by the Federal Reserve on rates, that will provide all the evidence of the adjustment in inflation underway.
• In his speech yesterday at the Economics Club of New York, New York Federal Reserve Chairman John Williams left the door open to the possibility of a 5% rate confirmation and said the central bank would comply what the data will reveal in the coming weeks.
Holds gold, still oil down
• Taking advantage of the turbulence generated by the discussions on the US debt ceiling, their it remains on the highs at 2031 dollars. A much lower than expected inflation reading this afternoon will likely trigger more precious metals buying and vice versa.
• Brent at $76,90 a barrel. Price down by 0,7%, after four increases in a row, due to the unexpected increase in US inventories which raised concerns about the stability of demand: +3,6 million barrels in the week ending May 5th. Gasoline stockpiles increased by 399.000 barrels, according to the American Petroleum Institute. Official government data is due on Wednesday. Operation. The underlying trend remains down.
Spotlight on the Enel assembly, Leonardo begins the Cingolani era
Field day today for Enel today at the meeting. Granted the approval for the new CEO, Flavio Cattaneo, chosen by the government, a big battle is announced around the name of Paolo scaroni, intended for the presidency, but contested by several investors starting with Norway's sovereign wealth fund. A complicated game just a few hours away from the Champions League derby of his Milan, the presidency which Scaroni does not intend to give up.
Leonardo. The assembly voted for the new Board which includes the former Minister of Ecological Transition of the Draghi government, Roberto Cingolani. The BoD subsequently met to appoint Cingolani as CEO and General Manager. Four other board members were elected from a list presented by the US company GreenWood Investors and the hedge fund Sachem Head, to the detriment of the Assogestioni list.
Fincantieri expects to maintain full production regime in 2023 which will allow the consolidation of revenues and margins which will settle at around 5%.
The accounts of the credit institutions are still in the limelight
B for Bank he is confident that he will be able to reach the industrial plan targets ahead of time after closing the first quarter with a net profit that more than doubled to 290,7 million, above analysts' expectations of 225 million. The interest margin for 2023 is estimated at around 2,5 billion.
Banca Popolare di Sondrio aims to bring forward the business plan targets after closing the first quarter with more than doubled net profit thanks to the boost in core revenues in the face of higher adjustments and costs. The CEO did not comment on the rumors of interest to Banca Profilo.
believe it closed the first quarter with a net profit up 68,9% to 134,8 million and with a CET1 ratio of 15,51%.
Terna unanimously appointed Giuseppina Di Foggia as Chief Executive Officer and General Manager of the Company.
stm. The CEO of Mobileye said that its driving system will soon be installed on Porsche cars, later also on other brands of the Volkswagen-Porsche group. Stm is one of Mobileye's few chip suppliers.
