Christine Lagarde confirms the half point increase in European rates in March. “Then – he adds – we will evaluate the situation”. Meanwhile, in the USA, the increase in retail sales (+3%) makes other increases in the cost of money more likely. So nothing new. Or not? The financial markets, far from depressing, mark new increases. The sensation is gaining ground that, as the president of the ECB said, "the risks are now more balanced than in December". And if consumption increases in America, what kind of recession are we talking about?
Rising price lists, the Treasury launches a new 30 year anniversary
European stock exchanges should thus open higher: futures of the EuroStoxx50 index rise by half a point.
Will be out in the morning economic bulletin of ECB. Almost at the same time, the offer of a new Italian thirty-year anniversary could be triggered. The Treasury has entrusted Deutsche Bank, JP Morgan, Nomura Financial, Société Générale and UniCredit with the mandate for the syndicated placement of a new BTP expiring on 1 October 2053.
The European markets grind new highs
In the meantime, the positive streak of the European Stock Exchanges continues. Milano +0,13%, is the rear in one day dominated by Paris, at the highest since January 2022: runs Carrefour +8,5%, luxury shines (Gucci +3,5%): the protests over pensions do not stop popular consumption or that of the richest.
The FTSE 100's London +0,5%, it reached a new record, exceeding 8 thousand for the first time in history. New annual high for the Eurostoxx 50. The. Ibex advances by 0,5%: new top since June 2021. Our FTSE MIB (+0,1%), however, closed less than one point from the record of the last 12 months reached on Tuesday at 27.680 points.
Positive opening in sight also for Wall Street. The data of the last two days have perhaps completely reduced expectations of a brutal slowdown in economic growth. And so there is less and less talk of hard landings while the more optimistic analysts are starting to talk about soft landings or even no landings.
Cisco +13% revises forecasts upwards
The fact that the Federal Reserve finds itself prolonging monetary tightening does not seem to bother the markets. Yesterday the S&P 500 closed up 0,3%, the future climbed 0,2%. The Nasdaq +0,9% earn more than 100 points.
Cisco Systems yesterday raised its projections for revenues and profits for the current financial year: after the Stock Exchange, the share rose by 12%.
Il dollar rose to 1,071 on theeuro to the maximum for six weeks, i.e. on the levels of the beginning of the year.
Asia runs, record deficit for Tokyo
The good intonation of Wall Street has infected the Asian lists: the index Asia Pacific +1,5% registered the highest increase for more than a month. The bag of Hong Kong rising after four consecutive sessions of decline, the +2,3% of the Hang Seng index is one of the largest changes since the beginning of the year. The CSi 300 the Shanghai and Shenzen lists, on the other hand, dropped 0,4%. But for the first time in more than a year, real estate prices in large cities have risen slightly.
Kospi of Seoul +2%. BSE sensex of Mumbai +0,5%. Nikkei of Tokyo +0,7% on the day of publication of the trade balance: the deficit has touched a new record level at 3.500 billion yen. Exports climbed 3,5% yoy on rising semiconductor sales.
Oil recovery, US natural gas falls
Petroleum Brent at $85,90 up 1% on expectations of a recovery in global demand. Meanwhile, US crude inventories rose by 16,28 million barrels last week, far more than the 10 million forecast by the API.
Il gas US natural gas is trading at 2,47 dollars, down 45% from the beginning of the year despite the increase in the quantity of gas destined for liquefied natural gas (LNG) export plants to Europe, for the highest in eight months.
European natural gas rebounded +4% away from the lows of the last 14 months. From the beginning of the year -28%.
Curb gold, resurrect Bitcoin
Gold at 1.835 dollars on the lowest since the beginning of January.
Bitcoin opens up +2,2% to $24.740, expanding yesterday's +8,7%, the best daily result in the last three months. The price has grown to the highest since August 2022. The trading rooms explain the strong rebound of Bitcoin with the probable abrupt covering of many bearish positions (short). According to calculations, only yesterday short positions of $64,5 million in Bitcoin would have been liquidated suddenly.
Piazza Affari close to the top is looking at Tim and Pirelli
Spotlight still on Pirelli, after the rumors about the possible exit of Sinochem. According to Il Messaggero, the operation would be subject to the approval of Marco Tronchetti Provera: Camfin to increase the stake, currently around 14%.
Watch out for Tenaris after the excellent quarter: Ebitda equal to 1,27 billion dollars, +163%. The consensus was about a hundred million dollars lower. The company intends to propose the payment of dividends for a total amount of approximately 602 million. If the annual dividend is approved by shareholders, a dividend of 0,34 per share, or approximately 401 million, will be paid. The specialty pipes producer explains in the note that, “the conditions remain for a further increase in energy investments, with low levels of spare capacity, the implementation of further sanctions on Russian exports and a renewed focus on energy security throughout the world".
Tim needs extraordinary measures such as asset sales to reduce debt, revive the business and resume paying dividends, said CEO Pietro Labriola in a call after the group announced a new set of financial goals last night. Decisive days for the CDP offer on the web.
Campari. Pernod Ricard presented half-year data higher than expected.
