La japanese bag greet the G7 with a historic result: this morning the index Nikkei it finally surpassed the levels of July 1990 before the bursting of the housing bubble triggered the onset of deflation. The performance of the Japanese market bodes well for a positive ending to a gray week, dominated by US public finance difficulties.
But the news arriving from Washington bodes well: after Biden's reassurances, even Kevin McCarthy, the Republican congressional leader, declared himself optimistic about reaching a political compromise that avoids the default of the United States: the agreement, he said, it could be signed next week.
Milan awaits the day of the coupons
• European markets should open higher, EuroStoxx50 index futures up 0,4%.
• Yesterday the Ftse Mib of Milano it finished up 0,15%. The market prepares for coupon day. Dividends of 26,3 billion will be detached on Monday (in addition to the buyback announcement for another 10) by 19 blue chips. L'impact on the index it will be around 1,25%-1,30% or 350 points out of 27.235 at yesterday's close.
Germany flies to the top thanks to Volkswagen
• Much more effervescent German stock exchange +1,5% less than one percentage point from the all-time record of November 2021. The rebound is largely due to the announcement of an extensive brand restructuring plan Volkswagen which provides for the simplification of the offer but also significant savings in the production chains to be managed with early retirement.
• Much more drastic is the recipe of British Telecom: by 2030 the workforce will be reduced by 55 units.
Greece could enter the investment grade club
• Spotlight on Greek elections. According to a report by Barclays, investors are betting that Athens, in the event of confirmation by the government, can be promoted within the year among the countries with a rating investment grade.
• In the Eurozone, yields are up slightly: 2,44-year Bunds at 4,30%, BTPs at XNUMX%.
• Italy. Appointment after the close of the US markets with the pronouncement of Moody's on the Italian rating, currently one step away from 'junk', to 'Baa3' with a negative outlook.
• BCE. On the agenda today is a speech by the president Christine Lagarde and that by the councilor Isabel Schnabel in the afternoon.
Netflix and Nvidia push the Nasdaq
• Positive opening up also for the US markets. The Nasdaq, yesterday +1,5%, in particular, signals rising futures. The S&P index rose 0,9% yesterday.
• In strong evidence Netflix +9%. Nvidia's race continues, yesterday +5%, best title of 2023 thanks to its leadership in the artificial intelligence sector. Strong push from semiconductor companies: Advanced Micro Devices +4%.
Tassi, it's not over yet
Tensed bond market. The 3,63-year Treasury Note moved to 3,56% from 36% yesterday morning, the highest since mid-March. In the US, inflation does not appear to be slowing down quickly enough to allow the Fed to immediately interrupt the cycle of rate hikes, according to exponents Logan and Bullard. Expected in the afternoon the hearing of the institute's number one Jerome Powell who should provide some clarification on future moves. Markets are pricing in a 25% chance of a XNUMXbps hike
Tokyo focuses on chips, China is weak, the yuan is falling
• Asian stocks do not follow the rally of Tokyo which, after seven consecutive hikes, is now up 18% year-to-date. The good corporate accounts, the confirmation of a currently bland policy on the interest rate front, the drop in the yen but also the appreciation of international investors, starting with Warren Buffett, favored the race. Premier Kishida yesterday received the main producing groups of chips to promote investments in the Rising Sun. LJapanese inflation rose last month, but less than expected: in April, consumer prices, excluding fresh food and energy, rose by +4,1% from +3,8% in March: the Bloomberg consensus was +4,2, 2%. The yen is starting to close the week with a drop of almost -XNUMX% against the dollar.
• Weak price lists China. Weighted by Alibaba (-5%) and by tech companies (-2%), Hong Kong's Hang Seng loses 1,2% and the CSI 300 of the Shanghai and Shenzhen lists 0,1%. The Chinese Yuan is at a six-month low.
• Elsewhere, Kospi of Seoul +0,8%, +2,4% the week. Mumbai Sensex -0,2%, +1% per week.
Cucinelli in the main index. Moncler rating goes up
Rest. On the last day of Dufry's mandatory public exchange offer on Autogrill, subscriptions reached 74,3% of the shares involved in the transaction, corresponding to approximately 36,8% of the capital of the Italian catering group. By adding the stake already held by Dufry, the Swiss group reaches around 87% of Autogrill's capital. The Ops will be reopened for five days from 26 May to 1 June.
Fincantieri, through the American subsidiary Marinette Marine (FMM), has obtained a contract from the US Department of Defense for the construction of the fourth frigate of the 'Constellation' program worth 526 million dollars, destined for the US Navy.
Brunello Cucinelli should enter the Ftse Mib index of the main 40 listed securities with the quarterly review to be announced on May 31st and effective from June 19th, while Erg is at risk of exclusion according to two market operators interviewed by Reuters.
Moncler HSBC raises the target price to 78 euros.
