Si opens with caution central bank week - Asian stock markets are challenged, European and US futures are also uncertain. The rate hike seems to be coming to an end, but later the surprise increases of Australia and Canadacaution is a must. after the Before taking a position, the big operators wait for the latest inflation estimates USA and Germany and Spain, to be released tomorrow, just before the two-day session of the Fed begins. On Thursday it will be the turn of the ECB which should raise rates from 3,75% to 4% maintaining a 'hawkish' approach, without sounding any pause signal.
Tokyo still rallying. BOJ still soft
Friday will also take the field Bank of Japan. Nikkei 225 +0,3% consolidates recent increases this morning in view of an accommodative approach by the Bank of Japan. The Japanese stock fluctuates just below the recent peaks of the last 33 years. Tonight's data shows that wholesale prices fell further in May, putting less pressure on the BOJ to tighten monetary policy.
Riflettori puntati sull'Toyota shareholders' meeting on Wednesday. For the first time, a fierce presence of "green" investors is expected, determined to contest the strategic choices of the group and to vote against the appointment as head of the board of AkioToyoda.
KOSPI South Korea is down 0,5%, India's Nifty 50 and BSE Sensex 30 indices are unchanged.
China is still lagging behind
Chinese stocks CSI300 e Shanghai Composite they were down 0,2% and 0,3% as traders continued to question the extent of the country's economic recovery. Me too'index Hang Seng of Hong Kong loses 0,5%. Major real estate stocks are among the worst performers, after Goldman Sachs signaled an industry slowdown and lack of funding.
Not even the electric car, the spearhead of the industry, is in good health. Nio, one of China's top electric vehicle makers, reported a loss of 2,51 yuan per share vs. an estimated 2,63 yuan on revenue of $10,68 billion vs. an estimated $11,90 billion. It expects revenues of €8,74 billion for the second quarter, significantly lower than the estimated €15,83 billion.
Meanwhile, different Chinese state banks have started cutting interest rates on yuan deposits since last week, potentially heralding a larger cut by the People's Bank of China.
The car leads the charge of Wall Street
Wall Street faces the week in good shape, after celebrating the entry into a Bull season on Friday: prices have risen by 20% from the lows of October.
The auto sector is in good health: Tesla +6%, agreed to offer to customers General Motors +4%, access to its Supercharger network. GM will have access to 12.000 Tesla fast chargers starting next year.
Soros hands over control to son Alex
But this morning the focus today is on “Succession” in the Soros house. The 92-year-old financier announced his retirement by relinquishing control of his foundation, approx 25 billion of dollars in value, al eldest son Alexander, 37 years old. "I'm more political than dad" he said in his first interview announcing a strong commitment to the battles for the protection of transgenders and abortion as well as, of course, the war against Donald Trump.
The US secretary of state Antony Blinken is in China. The long-delayed two-day trip aims to stabilize tense relations with Beijing.
Il dollar is in slight progress. Friday completed the first week of downs, after five straight ups. If you expect the Fed will keep rates stable at its June 13-14 meeting, it is also likely to remain hawkish and point to a likely upside in July as inflation remains well above its 2% target. This scenario should favor a further extension of the dollar.
The returns of the BTP Valore have been confirmed
Il Italian treasure awaits the outcome of next Thursday's ECB directorate with more confidence. Thanks to the excellent state of health of the BTP, The 4,10-year bond starts again from 172%. The spread, which measures the difference between the ten-year BTP and the BUND, fell to XNUMX basis points on Friday, the lowest level since the beginning of the year.
The scenario of an "autonomous" Italy on its debt and less subject to speculative attacks is strengthened, after the Treasury has concluded the placement of the first BTP Value with record requests for 18,2 billion by retail investors. Confirmed at 3,25% for the first two years, and at 4% for the third and fourth year, the coupons of the BTP value June 2027.
In addition to the ECB, meetings of the finance ministers of the Eurogroup and Ecofin are scheduled for the week.
Today ubs it should completely take over Credit Suisse: according to the Financial Times, severe restrictions will be imposed on the acquired bankers, including a ban on taking on new clients from high-risk countries and launching complex financial products without the approval of UBS executives.
Brazil and South Korea at the top
A prolific week has come to an end emerging stock exchanges. THE'MSCI Emerging Markets index (1.002 points) grew by +1,8% vs the modest +0,4% recorded by the MSCI World index. They particularly pushed the bags of South Korea (+ 3%) and Brazil: I'Bovespa index rose by +5,8% to 117.000 points, a level not seen since November 2022.
Evidence of US/Iran entente
Brent at $73,70. Oil starts the session down 1,3%. Last week -1,8%. The Supreme Leader of theIran declared that the country is open to an agreement with the West on its nuclear program, albeit with some caveats. A nuclear deal that could cause a sharp increase in the supply of crude oil on international markets with the lifting of sanctions on Iranian crude exports.
Tim: new no from Vivendi. Enel, Armani in the Cattaneo Team
Spotlight on Tim. The US fund KKR could increase its offer for Tim's fixed network by over 2 billion euros. The value of KKR's offer could exceed 23 billion euros overall, widening the gap with the rival proposal of a consortium that includes Cassa Depositi e Prestiti and the Australian Macquarie fund. Vivendi wants the TIM board to reject even the new, more substantial offers.
Snam has selected Rothschild & Co. and Societe Generale as advisers for a potential transaction on Edison's gas storage assets.
Enel: the new CEO of Enel Flavio Cattaneo intends to include the current CEO of Iren Gianni Armani in his management team. Armani will play a leading role in network-related activities, while Stefano Siragusa would be the main candidate to take his place at Iren.
