- Usa try to put out the bank fire: Fed, Fdic (the institution that guarantees bank deposits) and the Treasury announced overnight in a joint statement that today all customers of the Silicon Valley Bank they will have free access to their deposits. To pay for the crack they will only be shareholders and bondholders. The same is true for depositors of the Signature Bank, suspended Thursday by the New York Fed. The central bank has made available to banks that may find themselves in a shortage of liquidity a new special credit line at reduced rates.
Futures run. Goldman Sachs expects hikes to be postponed
The intervention of the authorities has changed radically the expectations of markets:
- Futures on US stocks gallop: Nasdaq +1,7%, S&P +1,6%.
- Opening expected to rise also for Europe: Eurostoxx +0,3%.
Driving the lists is the belief that the prospect of a banking crisis has overturned the central bank's beliefs and forecasts: Ian Hatzius of Goldman Sachs went so far as to write that “at this point we expect the Fed refuses to raise rates at the meeting of 23 March”. For now, a quarter-point increase in May remains confirmed. But the rise in the cost of money will stop at 5-5,25%. But what matters is that the squeeze seems to have numbered days: therate hike produced the first victims. It is the one who pays the bill dollar on the four-week highs at 1.072.
Instead, saltgold at $1,880 an ounce.
Bonds splash up, BTPs and Bunds are in turmoil
Much more robust bond reaction: The 3,70-year Treasury Note trades at 2008%, about thirty basis points less than the values it started last week. We have to go back to the XNUMX crisis to find such strong swings.
Il construction sector 4,30-year bond starts again today from a 2,3% yield, the price grew by +2,50% in the week, the best result since the beginning of January, as well as that of the XNUMX-year German Bund which starts again from a XNUMX% yield.
But will the measures be enough to reverse the crisis? Much will depend on inflation data out tomorrow which could force the Fed to make new changes of course. For now, however, the line of saving Wall Street has prevailed to prevent the contagion from affecting the real economy as well.
Tensions rise in view of the ECB
To what extent will the US crisis weigh on Europe? The Bank of England has already moved to find a buyer for the English branch of Svb (we are talking about HSBC or the Qatari funds). But the real question concerns the attitude of the ECB: the effects of the tightening could soon be felt in Europe as well.
The German car under review of the financial statements
In addition to Thursday's meeting of the ECB, the European agenda includes other crucial appointments: the EU commission will present the plan on state aid and subsidies, while Ecofin will pronounce itself on the new rules of the stability pact. The corporate calendar focuses ongerman car: today it's up to the accounts of Porsche, tomorrow Volkswagen, Wednesday bmw.
A Business Square appointment with i accounts di Cir, Tod’s e De'Longhi. Tomorrow the quarterly will be announced before the opening Generali.
China also rises, the congress closes
Positive opening also for i Asian lists. Stock markets in China are up: CSI 300 in Shanghai and Shenzen +1%, Hang Seng in Hong Kong +2%.
The goal of growth of China for 2023 it was set at 5%, after a "thorough examination" of various factors, said the new premier Li Qiang in his first press conference at the close of the National People's Congress.
Rain of profits for Aramco
Salt on Petroleum, wti at $77. From Guinness World Records profits of Aramco: the Saudi giant earned 161,5 billion dollars (+42,3%) in 2022.
Opposite movements for the prices of Natural gas: the US one fell by -20% in the week; the European one grew by +17% to 52,8 euro/mWh. Some tension was raised by the news that four liquefied gas handling terminals in France were shut down strike against the reform of the pension system.
Goldman cuts STM, Technoprobre hit by SVB
In the spotlight i bank securities, after the US measures.
Techno probe said yesterday that its exposure to Silicon Valley Bank Financial Group represents approximately 2,5% of the company's cash and cash equivalents as of December 31, 2022. Technoprobe is monitoring the situation to evaluate and consequently take any action to protect its interests, he added.
In Italy, the new legislation on asset management, in case the council of ministers on Friday were to approve the draft in circulation, it should make the management system more attractive to the customer than that of simple administration.
stm: Goldman Sachs initiates hedging with the Sell rating.
Poste Italiane: the company signed a multi-year strategic partnership with Deutsche Post DHL Group in the Italian and international parcel market in the logistics and e-commerce sectors.
stellantis: the joint venture between Stellantis Mercedes and TotalEnergies foresees the launch of the gigafactory in Italy at the beginning of 2026.
