Warren Buffett focus on Japan. South Korea leaves rates unchanged. Meanwhile SenseTime 8+11%8, a Chinese subsidiary of Alibaba (+3,8%), launches a series of products based on Artificial Intelligence. After the Easter break, the Asian stock exchanges move the horizon of the markets in anticipation of the European opening, expected to rise slightly.
Europe opens higher, towards the name of state
European stock exchanges should open higher, the EuroStoxx50 index future gains 0,6%. Meanwhile, in the Bern Parliament, for the first time, Swiss MEPs will be able to have their say on the rescue of the Credit Suisse, in practice a mortgage on the future of the country.
At the center of the Italian news today the nomination game of companies controlled by the State, close to its epilogue. But also the presentation in the Council of Ministers of the Def; For the occasion, the government intends to cut the economic growth estimates for 2024, which are weighed down by the negative impact of the rate increase and the difficulties in spending the funds Pnrr. The Treasury expects GDP to grow by 1,4% next year, down from the 1,9% projection made in November, according to Reuter.
The GDP target for 2023 should be raised to 1% from 0,6%. This year's growth rate would be 0,9% with unchanged policies, but the government intends to present a new set of measures that should support economic activity in the coming months.
The Fed to hike by 0,25%. It's quarterly time
Flat calm yesterday at Wall Street: S&P +0,1%, Nasdaq -0,03%. Better in Dow +0,3%. Labor market data released on Friday after exchanges closed confirmed that the economy is slowing, but not enough to convince the Fed to stop hiking rates. An increase of 0,25% in May is taken for granted, barring negative surprises from consumer prices.
Also pay attention to macro themes. The assembly of the World Bank began in Washington yesterday. Today the spring report of the IMF. However, the market spotlights are already focused on the launch of the quarterly campaign. The big banks will take the field on Friday: JP Morgan, Bank of America and Wells Fargo. There is much expectation for the forecasts of the Bigs after the banking crisis which, many predict, will reserve new surprises. Analysts expect an average profit decline of 5,5% for Corporate America. The drop in shipments by Apple from Asia justifies the pessimism: PC arrivals -40% since the beginning of the year.
ECB, Spain also in favor of increases
The yield of Treasury Notes at ten years it rose again to 3,40%, that of the two-year period rose again to 3,98%. In the euro area, XNUMX-year bundand at 2,18% and XNUMX-year BTP to 4,02%.
La ECB it will continue to hike rates if its most recent inflation forecasts materialize, he said Pablo Hernandez de Cos, governor of the Banco de Espana and member of the ECB Council, as reported by Bloomberg. "Some components of core inflation" are starting to show signs of stabilising, explains de Cos however, underlining that the European banking sector is resilient and the Eurotower is ready to respond to maintain financial stability.
The mining giant was born in Australia
The Easter egg surprise comes from Australia. The mining giant Newmont proposed the merger with the rival Newcrest with an offer equal to 19,5 billion dollars. Thus the gold colossus was born, with mines located on three continents, with a strong presence also in copper.
Buffett shopping in Japan
No less significant is the interest of Warren Buffett for Japan on the inauguration day of the new governor of the Bank of Japan. Buffett, writes the Nikkei, has announced the control of a stake exceeding 7% in each of the five trading houses that manage the entire trade of the Rising Sun.
Meanwhile on the markets, Tokyo +1,3%. The Stock Exchange South Korea it was up 1,4% on the day the central bank confirmed interest rates at 3,5%. Governor Rhee Chang-yong said in the statement that monetary policy will remain restrictive "for a considerable period of time".
China's stock markets are little moved. Hang Seng by Hong Kong +0,1%. CSI 300 of the price lists Shanghai and Shenzhen -0,2%. In China, inflation rose less than expected in March, +0,7% yoy, from +1% in February, the consensus was +1%.
Oil rises thanks to India
Brent ($84,5, Wti 80,10. Prices of Petroleum they rose 0,7% on expectations that inventories in the US, the world's largest consumer of crude oil, are expected to decline and on signals that demand in emerging markets remains robust. Signs of strong fuel demand in India, the world's third largest consumer of oil, also supported prices in March. Last month, the consumption of fuel it jumped 5% year over year to a record 4,83 million barrels per day. The country continues to be the main destination for Russian Ural crude, despite the blockade of global oil trade flows following the invasion of Ukraine.
Bitcoin breaks the $30 trillion barrier
Great performance of Bitcoin which breaks through $30 for the first time since June, bringing the performance since the beginning of 2023 to +82%, even if the latest data on the US economy have weakened the prospect of a pause in the upward race in the cost of money. The rebound is even more intense than the +20% achieved by the Nasdaq 100, with which Bitcoin tends to move in tandem. However, the loss from the all-time high is still higher than the -50%. The global cryptocurrency market capitalization has risen to 1.180 billions of dollars.
Enel raises cash in Lima, Autogrill Ops kicks off
Here are the titles in the spotlight today:
- On the eve of the appointments, the outgoing CEO of Enel Francesco Starace scores a new disposal. Enel has completed the sale to the Chinese CSGI of two subsidiaries in Peru, for a total value of 2,9 billion dollars. The assets changed hands at about four billion euros in Enterprise Value, or 13,6 times EV/EBITDA, the multiple is higher than analyst consensus expectations.
- Rest Goodbye. This morning it was announced that Dufry's Ops will start on April 14 and will end on May 15 unless extended, after Consob's ok on the publication of the offer document.
- Tim. Vivendi, the group's main shareholder, in a letter sent to the board criticized the remuneration and bonus policy in favor of the CEO Labriola and the top management, according to what was reported by two sources familiar with the situation.
