The specter of inflation is once again frightening Wall Street, aided by the threat of a new tightening on rates. Europe, after a new rain of records, is starting a cautious opening. Nothing new, in short, waiting for the meeting between Wang Yi, head of Chinese diplomacy, and the US secretary of state anthony blinken.
Asia in the red, but China picks up speed
While waiting for the summit le Stock Exchanges of Asia Pacific they retreat at the weekend. Hong Kong's Hang Seng -0,7%, -1,6% the provisional weekly balance. CSI 300 of the Shanghai and Shenzhen price lists -0,5%, the balance for the week is -0,8%.
La Chinahowever, it seems capable of resuming its role as a growth engine. The economy is expected to grow by almost +2023% in 6, about double that of 2022, according to Bill Winters, the CEO of Standard Chartered, a British bank very active in Asia.
Tokyo holds back -0,7% despite the sharp drop in the yen. The Korean Kospi is also down.
Meter (Fed) scares Wall Street. Bonds are flying
The data coming from the US economy caused the setback. Salt more than expectedproducer price index to 6% on an annual basis, just enough to arouse the reaction of the president of the Federal Reserve Bank of Cleveland, the gunwale Loretta Master who said the US central bank could become more aggressive with rate hikes if inflation surprises to the upside. “It will not always be a matter of increases of 25 basis points – she specified –: when the economy requires it, we can move faster. And this could be the case if inflation gets stronger in the coming months.
Wall Street reacted to the downside: Nasdaq -1,8%, S&P 500 -1,6%. Also the Dow – 1,26. Futures signal a weak opening of the lists.
But the Fed's words have had an impact above all on bonds: the Treasury Notes at ten years it returned to the levels of yield at the start of the year at 3,88%, ten basis points higher.
Dollar on high since January
The dollar is at its highest since the beginning of January and is heading towards the third positive week in a row, an event that hasn't occurred since September.
American tensions are reflected on US futures this morning'Eurostoxx -0,7% after a memorable session for the stock markets.
Europe continued to march, scoring new tops for over a year with Eurostoxx 50, Stoxx 600, Cac 40, Ibex. Milan +1,4% yesterday pushed the index of Italian blue chips to pre-war levels in Ukraine in January 2022 to 27.853 points, close to the strong technical resistance in the 28 thousand area.
Foreigners receive 57% of the new Btp 30
The bond market is under tension: Waist German at 2,48% and XNUMX-year BTP to 4,32%.
The Treasury announced on Thursday evening the details of the 5 billion euro issue through a syndicate of the new 30-year BTP, maturing on 1 October 2053 and with an annual coupon of 4,5%. . Foreign investors were awarded most of the issue (57,3%). Just under 200 investors took part in the operation for a total demand of approximately 26,5 billion euro.
Panetta and Lane: rate hikes must be slowed down
But, unlike what happened at the Fed, yesterday was the day of doves for the ECB. Fabio Panetta he said that “the ECB should not be unconditionally committed to its future moves” and should instead “calibrate” monetary policy so that it looks forward”. The Italian banker evoked "the risk of an excessive restriction" on monetary conditions in the face of inflation which tends to decrease by the end of the year to around 3%.
Preach caution too Philip Lane, Frankfurt's chief economist very close to Christine Lagarde. “Our monetary policy actions – she said – are clearly tightening financial conditions, reducing credit volumes and impacting the behavior of households and businesses. At the same time, much of the definitive impact on inflation of our policy measures to date is not yet visible.” Therefore, before talking about new increases after March, "monetary policy must be reviewed with information on inflation in the context of the significant shocks that have hit the euro area".
One week in the red for oil and gas
Price down for the Petroleum for the fourth consecutive day (-0,8%). The week presents a negative balance of -2,2%, which compares with the +8% of the previous one. This time, the fear that the economic recovery will be "crippled" by the interventions of central bankers prevails over market sentiment.
Il Natural gas European lost -5%, returning to the lows of the last 14 months.
Tim, Sunday the offer on the net. A cut for Mediobanca
Tim. Work weekend for the telecommunications. The consortium led by CDP could approve aoffer for Netco of about 23 billion euros. The proposal should be divided as follows, 18 billion in cash and 5 billion in Open Fiber assets. Meanwhile, the government is preparing the launch of incentives for the transition from the copper to the fiber network.
Kbw has updated the report cards of Italian banks. Promoted to outperform Bper Banca, Banco Bpm, Intesa Sanpaolo. The same analysts cut Mediobanca to Underperform. The shareholders of the investment bank's consultation agreement, which raise about 11% of the capital, expressed satisfaction today with the institute's semi-annual accounts, according to two sources present at yesterday's meeting.
Denial about Pirelli. Sinochem has no plans to sell its stake. This was announced in a press release by Marco Polo International Italy, through which the Chinese group holds the stake in Pirelli.
Eni Sustainable Mobility and PBF Energy have entered into an equal partnership, St. Bernard Renewables LLC, for a biorefinery under construction in Louisiana, a joint statement said.
Unicredit. The board will propose at the next shareholders' meeting the reduction of the number of members to 12 from 13 following the resignation of Jayne Anne Gadhia.
Tod's and Lamborghini (Volkswagen group) have signed a partnership for the production of luxury leather goods, footwear, clothing and accessories.
