Overtaken by momentumFitch exam, Italy looks with confidence at the test of the judge and more severe, Moody's, who will pronounce his verdict on Friday. The fact that Fitch has also revised its growth estimates for this year to 1,2% from 0,5% contributes to justifying the optimism. There review, explains Fitch, is due in the meantime to the good data in the first quarter, and then "to the significant slowdown of the natural gas crisis in Europe, a strong rebound in tourism and the strengthening of global demand".
Thus, the financial week opens with a note of optimism. European stock exchanges open slightly higher, Eurostoxx50 index futures +0,1%.
In Milan, 15 small caps detach the coupon
The eurozone's macro agenda today is lean. Tomorrow the first quarter GDP and Wednesday the final reading of April inflation. For the Germany tomorrow comes outZew index, seen in marked worsening this month -5,5 points from +4,1 the previous year.
In the spotlight theindex of luxury which hit its highest level since January 2022 on Friday, coming within a percentage point of its all-time high, a level that could favor profit-taking.
On the corporate front, also pay attention to the accounts of Axa need Porsche.
USA in tension due to the debt crisis
Much more cautious the mood of the squares Use. President tomorrow Biden will bring together parliamentary leaders to reach an agreement on the raising of the debt ceiling, the theme that paralyzes the performance of T bonds. Stay away from Wall Street. In the last 12 months, institutional investors have withdrawn 334 billion dollars from the stock market, to which must be added another 28 from individual investors. But these numbers, writes the Wall Street Journal, can also be read in a positive light: the market is "unloaded" waiting for the rate trend to reverse. In this regard, during the week there will be a outstanding comparison, the one between Ben Bernanke e Jerome Powell.
But it is Asia that offers the greatest ideas to the markets.
Tokyo warms up the engines, China held back by the brick
Looking forward to hosting the G7 from Friday, the Japan confirm i signs of awakening from the long crisis. Thanks to the excellent results of themotor industry (today the accounts of Suzuki e Yamaha ) but also the expectation of profound reforms and the change of course of monetary policy. THE big names in finance, imitating Warren Buffett, have thus decided to focus on Tokyo: Nikkei +0,6% this morning is the highest since 2021, theTopix index, the most representative of the small and medium industrial fabric, is at its highest level since 1990, when the long season of deflation began.
The recovery of the Rising Sun, destined to continue according to Goldman Sachs, contrasts with the difficulties who meets the Chinese recovery. The central bank has given up on cutting rates because, writes the Australian analyst Anz Xing Zaopeng, "banks cannot afford to reduce interest margins given the fragile accounts". In other words, if the scars of the real estate crisis are not cured, China risks restarting only by mere: theCsi 300 index -0,2% Hong Kong -0,1%.
Türkiye towards the ballot, volatile lira
The financial week dominated by the echo of the many is starting under the sign of Asia elections of the weekend. The most eagerly awaited vote, the Turkish one, ended in a draw. The outgoing president Recep Erdogan failed to get over fifty percent of the vote in yesterday's presidential election. Thus we will go to the ballot with the rival Kemal Kilicdaroglu. Strong is expected volatility on Turkish lira.
Thailand tries to liquidate the generals
Closer instead the turnaround in Thailand. In yesterday's general elections, the parties opposing the military junta supported by the king clearly prevailed. The coalition calling for a reduction in the powers of the monarchy's military obtained the majority of seats. The Thai currency, the bath, is up 0,5% against dollars. The stock market drops 0,7%.
India, Modi's first defeat
Surprise in India. Mumbai's BSE Sensex, up 0,3%, is at its highest since late 2023 after the party of government ha lost the election in the state of Karnataka. The BJP got 66 seats in the parliament of the capital Bengaluru, the old Bangalore, the Congress Party, fresh from years of defeats, jumped to 135 seats, out of a total of 224.
The news that completes the geopolitical picture Samsung announced the opening of a chip plant in Japan, to sanction theanti-Chinese alliance of the two former enemies. The South Korean stock is in its fifth consecutive session of decline, the Kospi of Seoul loses 0,3%.
Showdown between Nagel, Caltagirone and Delfin
Mediobanca: according to rumors, the two partners Caltagirone and Delfin could ask to have their representatives on the board of directors. The two shareholders could come out of the closet before this autumn's meeting.
Lottomatica: Norges Bank held a 3,4% stake on May 3, the company's first day of listing. David Sambur (Apollo) had 67,78%, according to Consob updates on relevant shareholdings.
Juventus: Representatives of the Agnelli family have been more open to hearing ideas about Juventus' financial future, including the possibility of a minority partner, in recent weeks, five sources said, stressing that this does not imply an imminent change of position by Exor. "Our commitment to Juventus remains unchanged and there has been no meeting," said a spokesman for the holding company that controls the club. “Any suggestions to the contrary are totally baseless, misleading and only intended to create uncertainty.”
Webuild was awarded in consortium with the Pizzarotti and Ghella due groups new railway contracts for a total of over 3,7 billion In southern Italy.
Snam it could increase its stake in the Rovigo offshore regasification plant up to 25-30%, from the current 7%, as reported by "La Repubblica" on Sunday. Citing financial sources, the newspaper said that Exxon Mobil and Qatar Energy, the current owners, have opened the data room for potential buyers of the asset. La Repubblica adds that some international funds, including Macquarie, Igneo Infrastructure, BlackRock, KKR and Energy Infrastructure, would be interested in the remaining shares of the regasification terminal.
