"It's the least expansive hiatus ever." So Bloomberg comments the Fed decision di to interrupt the series of rate hikes accompanying it, however, with the forecast of two adjustments upwards in the coming months and with the belief that there will be no reversal of course in 2023. Powell's messages have slowed down the US market, supported only by Tesla e Nvidia. Inflation continues to scare central banks (with the exception of China), to the point that no one has any illusions that the ECB can adopt a softer language today. Discounting the increase of a quarter of a point to 3,5% (the highest figure in the last twenty years), the markets are still expecting a hawkish Lagarde. Air of new increases also for the Bank of England.
Spread at 162, cautious opening
Given these premises, it is easy to foresee a cautious start of the European lists.
positives yesterday all markets, Milan +1% is the sixth increase in the last seven sessions and reaches the highest since last April 20th. However, the speculation around deflates MediaforEurope.
The merger between the activities of Vodafone UK and CK Hutchison from which the most important telecommunications operator in the United Kingdom was born.
4,07-year BTP at XNUMX%. The spread Btp/Bund is at 162 basis points, the lowest since April 2022.
THEeuro dollar it returned to around 1,08. The prospect of high rates for longer than expected makes the dollar more attractive.
China cuts rates, Tokyo never stops
Today's real surprise comes from China. There People's Bank of China (Pboc) has cut again i rates on medium-term loans to counter the risk of a further slowdown in the economy. The move follows the cut in rates on short-term loans decided earlier this week.
The latest data showed that industrial production, retail sales and fixed asset investment grew at a slower-than-expected pace in May. Despite a good start to the year, the Chinese economy has lost momentum in recent months mainly due to the weakness of the manufacturing sector and the reluctance of private capital to invest in the country.
The indices CSi 300 e Shanghai Composite they rise by 0,5%. The index Hang Seng Hong Kong is up 0,8%, theASX 200 Australian gains 0,3%.
Continue the advance of Tokyo Stock Exchange +0,7% which once again touches the highs for 33 years. Data on exports and machinery orders were stronger than expected.
On the eve of the meeting of the Bank of Japan tomorrow's index Nikkei 225 earns 19,40% (in euros), since the beginning of the year, now aligning itself with the most virtuous in the world. The positive sentiment in the Japanese market is justified by the Bank of Japan's soft approach and the resilience of the Japanese economy as well as the robust corporate earnings season.
Il Kospi of South Korea bucked the trend with a drop of 0,3%, the stock market was flat Mumbai.
Nvidia pushes US price lists, chips run
After the Fed's aggressive projections traders now see a 63% chance that the US central bank will raise interest rates in July.
On the stock side, chip makers Nvidia e Broadcom both gained more than 4% and closed at record highs, while the semiconductor index of Philadelphia (Sox) jumped 1,5%, bringing its 2023 gain to +48%.
Advanced Micro Devices Up 2,2% Reuters reported that Amazon's cloud computing unit could use its new AI chips.
The yield of Treasury decennial rose to 3,83% from 3,78%.
Oil and gas rebound
Keep bouncing the Petroleum. Technical data combined with promising developments in the US and China lift prices off their lows. Brent was approaching its 2023 lows, where it fell on a few occasions in the last few months prior to this week. Each time it managed to bounce higher and this time it was helped by a Chinese rate cut and better US inflation data.
Il gas The EU (Amsterdam) rose by +6% to 38,30 euro/mwh, yesterday it reached 40 euro/mwh. Weighing the announcement that Norway has stopped the extraction in three important plants and gas fields. The structures will remain closed until mid-July.
Pansa beats Carta: a slap to Vivendi in Tim
Tim. A new blow to Vivendi, the group's main shareholder. Group directors have elected Alessandro Pansa as a new board member, three sources told Reuters on Wednesday. Pansa was preferred to Luciano Carta, candidate of the first shareholder Vivendi.
D’Friend International Shipping, The split of the shares in the ratio of 1 every 10 will be effective from 19 June. The new buyback will start on the same date.
Eni, writes Reuters, has intensified talks with several investors over the potential sale of a minority stake in Plenitude, the subsidiary active in the renewable energy and retail sectors.
Saipem. Moody's improved the outlook to 'positive', confirming the 'Ba3' rating.
