The paralysis in US government debt talks is carrying over down the dollar and restores liveliness to raw materials. L'euro it appreciates slightly to 1,088, from +0,2% yesterday.
The rally of the Tokyo Stock Exchange, mirror of the reforms arriving in the Rising Sun, and the difficulties of the Chinese recovery. The Japanese stock exchange extends the series of positive sessions to four, the Nikkei index gains 0,9%. The Topix, Tokyo's other benchmark stock market index, gained 0,5%, new highs since 1990. Premier Kishida has urged the central bank to favor the rise in wages.
In China, retail sales rose 18% in April from +11% in April, the consensus was +22%. Industrial production was also below expectations, growing last month by 5,6%: analysts had expected +11%. The youth employment crisis is worrying: the jobless rate has risen to 20,4%.
Intesa and Eni fill up: 9,4 billion requests
Looking to the West, two trends are worth mentioning, both the result of uncertainty about the direction of interest rates: the race for made in Italy paper and the renewed passion for gold.
Yesterday evening, Monday 15 May, with the Stock Exchange closed, Intesa Sanpaolo announced the placement of 2,25 billion (4,7 billion orders) in a senior bonds preferred 'green' in two tranches at 3 and 7 years.
Almost simultaneously Eni has launched two fixed rate bonds, at 4 and 10 years for 2 billion against bookings for 4,6 billion.
Not only the Treasury, but also large companies aim to take advantage of the possible pause in the rise in market rates.
THEgold meanwhile, it has resumed its cautious but unstoppable upward march: 2.020 dollars an ounce last night, one step away from the absolute highs reached in August 2020 in the midst of the pandemic. A rally finds a report from Wisdom Tree, triggered last November when markets began to expect a slowdown in inflation in 2023.
Flat opening, rates: ECB cuts only in mid-2024
Le stock exchanges of Europe should open flat today, EuroStoxx50 index future is unchanged. At 11.00, the Leibniz Center for European Economic Research in Mannheim publishes its index on the expectations of German entrepreneurs, economists and analysts.
The European Union raised its inflation forecast for the Eurozone to 5,8% this year, but down to 2,8% next year. But it will be a tough battle that will require a strong fiscal policy effort, not just rates. The first cut in the cost of money in the Eurozone will have to wait until the summer of 2024.
European stock markets down yesterday starting from Milano e Madrid -0,37%. Euro Stoxx 50 -0,2%. Eurozone industrial production fell more than expected in March: -4,1% on a monthly basis, the estimate was at -2,5%.
4,19-year BTP at XNUMX%: Fitch confirmed its BBB rating on Friday evening with a stable outlook.
Rolex buys back a watch: 2,5 million euros
Worth mentioning is a new record in the world of timepieces. A very rare Rolex, the Milgauss 1958 built to support magnetic fields, was awarded yesterday in it for 2,5 million euros, about double the forecasts. The buyer? The Rolex Foundation itself, careful to manage the cultural heritage of the house.
Fiery afternoon for US debt
Climate ad high voltage in the USA. US retail sales go out at 14.30pm and Congressional leaders are expected to meet in the White House later in the day. A date has not yet been set for the face-to-face between President Joe Biden and Republican speaker Kevin McCarthy. Treasury Secretary Janet Yellen reiterated yesterday that there is money to fuel public spending only until June XNUMXst.
Yesterday, the sharp decline in the New York manufacturing index brought water to the forecasters' front pause in rate hikes. Two governors have expressed themselves for a truce: Neil Kashkari and Austan Goolsbee. In contrast, Fed member Raphael Bostic said he didn't expect any rate cuts this year. If anything, he points out, "we may have to turn up."
Meta and Microsoft support the US markets
The indices of Wall Street report modest gains: Dow + 0.14% S&P +0,30%. Better the Nasdaq +0,66% thanks to the promotion of Meta Platform +2,7% by some brokers.
The European Commission has given the green light to the operation Microsoft / Activision, already rejected a couple of weeks ago by the British Antitrust.
Lori Heinel, the person who manages a behemoth State Street ETF with underlying short-dated bonds, told Bloomberg that in the event of a government debt shutdown, institutional deposits are safer than short-term Treasuries.
The T-Bill expiring three months today yields more than 5%.
Turkey holds Erdogan but not the lira
It weakens the Turkish lira, the cross against the dollar rises to 19,7, a level never seen in history. There Istanbul Stock Exchange he lost up to 10% and then halved the loss. The winner did not emerge from the polls of the presidential elections, we go to the ballot between outgoing president Recep Erdogan and challenger Kemal Kilicdaroglu.
Ion one step away from Prelios. Tim, Cdp leaves room for Kkr
Andrew Pignataro di Ion strengthens its position as a big player in Italian real estate finance. Ion has in fact closed an agreement for the granting of a loan of 700 million euros Prelios which will make it possible to take over the group specializing in high-risk loans. Ion's exposure to Italy thus rises to 5 billion. In the last three years, Pignataro has taken over Cedacri, Cerved, 9,8% of Illimity and 2% of Banca Mps. The acquisition of the former Pirelli Real Estate is also in sight.
Is called Ingot the new investment management company launched in London by Exor with a prestigious team which includes the former Chancellor of the Exchequer George Osborne e James Anderson, one of the most important managers of the City. The fund, in which Covéa also participates, starts with an endowment of 3 billion dollars.
Tim. According to Bloomberg the CDP has decided to withdraw his offer (19,3 billion euros) for the Telecom network. Therefore, only Kkr remains on the field. It is not excluded that the Cassa re-enters the game at a later time.
sapphire is in negotiations for the sale of the Longarone plant to another company active in the eyewear manufacturing sector. Union sources told Reuters.
