Only the strong profits quarterly di Honda e Nissan give Taurus a boost this morning after a session dominated by worries about the possible default of the US Treasury and the first failures of the labor market. To ease the tension awaiting the decisions of the G7 finance ministers in Tokyo, there is the echo of the meeting in Vienna between US and Chinese delegations at the highest levels.
Milan -0,6% awaits Fitch's report card
After a flat session, European lists open slightly higher. the future ofEuroStoxx 50 index scores +0,2%. Yesterday the index of the fifty European blue chips closed on parity. Milano, the worst performing market, closed down 0,6%. London is also in the red -0,2% on the day in which the Bank of England raised the reference rates by 25 basis points to 4,5%, the highest level since 2008, in the twelfth consecutive adjustment, with the aim of keeping inflation at bay, which is falling more slowly than expected mainly due to unexpected and persistent food price increases
Europeans expect new price increases
The attitude of the ECB is even more rigid. The same Christine Lagarde he stressed that it will take other rate hikes to bring price increases under control. According to a survey by the ECB in the next 12 months, expectations are for inflation to rise to 5% from the 4,6% of the previous survey in February. Will be out in the eveningItaly rating update by Fitch. Confirmation of the Btp report card is expected. (BBB, stable outlook). Bunds 2,22% from 2,30%. BTP to 4,10% from 4,20%, The spread fell to 189 points.
Nasdaq at highest since August 2022
Futures on the US markets also rose +0,3%. On Wall Street, the Nasdaq rose slightly by +0,2%, while the Dow Jones -0,7% and the S&P500 -0,2% fell due to sales in the energy sector. The banks are under pressure. The sector index was still weighed down by the uncertainties about the state of health of the regional banks. PacWest Bancorp -22%, signaling a further contraction in deposits. The Nasdaq Composite scored new fractional highs since August 2022 at 12.347 points. Meanwhile, theFANG Plus index, which compiles Wall Street's top ten technology metrics, rose 0,90% to 6.421 points for its highest level in a year. Great protagonist A (Google), which with yesterday's +4,3% has pushed itself to the top since August.
Core producer prices, the least volatile ones, grew in April at the slowest pace since April 2021. The new unemployment claims instead they grew to the highest level since October 2021. The dollar (1.09 against the euro) rose to a one-month high, despite data released yesterday on the labor market and producer prices arguing in favor of a pause in the pace of rate hikes by the Fed which now has more room to stop the rise in the cost of money, but it is probable that it will maintain its current level for some time to come, certainly until the end of the year, allowing the dollar to maintain its large "advantage" in terms of yield against many other currencies, euros included.
Tokyo superstar thanks to the car, in red Foxconn
In Asia it excels Tokyo Stock Exchange thanks to the car (but not only). The Nikkei 225 index closed this morning on the tops since January 2022, for a weekly balance close to +3%. Since January 7,50, it has grown by +XNUMX% in euro terms. China's recovery slows down, judging by the trend in consumption and imports. An exception is in Hong Kong, JD Flowers +8% after the accounts of the web giant. Hong Kong -0,4% today, -1,5% this week. CSI 300 of Shanghai and Shenzhen -0,90%, for -1,1% for the week. Technology groups are in trouble. Taipei Taiex unchanged: one of the most important company in Taiwan, Foxconnclosed the first quarter with a 57% drop in profit, much worse than expected. The operating result was also lower than consensus expectations. The title loses 2%. Kospi of Seoul -0,2% for the session and -0,5% for the week. Mumbai's BSE Sensex index flat today and over the week.
Raw materials in free fall, oil also falls
THEBloomberg index of the main commodities yesterday reached the lowest level since January 2022 due to the weak demand of one of the world's major consumers, China, and the prospect of a slowdown in the US. During 2023 i prices of the main minerals are in red: Copper -3%, Iron -18%, Nickel -27%, Steel -12%. Not to mention the Natural gas: that of the USA (included in the Bloomberg index) has halved. The EU (not included in the index) has more than halved (-54%). The Petroleum ($74,90) is down by half a point and is heading for the fourth consecutive negative week (-1%). From 12st January -XNUMX%.
Recordati runs in Türkiye, Geox lowers estimates
UnipolSai recorded an increase in premiums of 12% to 3,86 billion in the first quarter. Profit before interest rates stands at 218 million euros, slightly better than expected. Solvency 2 is also above estimates, at 320%. The combine ratio indicator deteriorated further, mainly due to the increase in requests for claims.
Erg closes the quarter with a result slightly higher than expected, albeit with a decrease in the operational part. Adjusted Ebitda stands at 161 million euros, ten more than analysts' estimates. Debt at 1,2 billion, a little lower than expected. The indications for 2023 have been confirmed by the company.
Pirelli ha data for the quarter began yesterday. Overall it was a good start to the year. Revenues and margins grew thanks to an increase in sales prices which offset the decline in volumes and higher raw material costs. The company confirmed its targets for 2023 and announced it was postponing the update of the industrial plan to 2025 by the end of the year, compared to the end of the second quarter previously indicated.
Prysmian closed the first quarter with an Ebitda up 48,3% above market estimates, but confirmed the guidance for the year in a prudential perspective, waiting to know the new data and orders for the second quarter for a possible improvement of the upper part of the forecast fork.
A2A: the deadline for submitting binding offers for the acquisition of Egea is June 12 and, if this operation does not go through, the group has no other utilities in its sights, said CEO Renato Mazzoncini.
Recordati: Pharmaceutical sales in Russia and Turkey jumped sharply in the first quarter, due to exceptionally high seasonal flu and subsequent restocking. This was stated by CEO Rob Koremans, in an interview with Reuters, adding that the group always aims to grow through M&A or partnerships in the rare disease and "Specialty and Primary Care" segments.
Geox revised downwards its revenue expectations for 2023 due to the uncertainty and volatility of the international and geopolitical context and persistent inflation.
