Salt, salt, salt. The level of US XNUMX-year Tbonds broke the psychological level of 4%, the two-year trades at 4,9% anticipating a possible 50-point hike at the next Fed meeting. German bund, on the day of publication of data on consumer prices in Germany, has reached 2,70%. The BTP it closed at 4,55%.
Opening slightly lower. China points to +6% of GDP
- Faced with these numbers, there is less room for further increases in the equity markets, grappling with the competition from bonds (not least the next Btp Italia next Monday). the future of the EuroStoxx50 index marks -0,2%.
- Futures are also weak Wall Street (Nasdaq -0,6%) after an emotionless session. The S&P500 lost 0,5% (3.951), the Nasdaq 0,7% (11.379).
- Mark the time too China, after the recovery on Tuesday that aroused so many hopes among the big names in European exports. But the annual Party Congress begins over the weekend, the ideal forum for launching an investment recovery plan. According to Reuters, Beijing intends to raise its GDP growth target for 6 to 2023%.
Milan closes in the red. The deficit/GDP ratio explodes
Two-speed session on Wednesday for the Old Continent: brilliant morning, under the impetus of the Chinese recovery, afternoon marked by sales after the numbers of German inflation which remained stationary at 8,7% in February. Milan closed in the red like the other squares.
The data of the Italian economy are improving: the PMI indices signal a strong recovery in manufacturing. However, the alarm is sounding over the deficit, which exploded due to the consequences of the Superbonus: according to Istat data, in 2022 the Italian deficit/GDP ratio it stood at 8% against Nadef's estimates of 5,6%.
Today the data on Italian and EU inflation is expected to be updated at 11.
Nagel (Bundesbank) calls for new increases
The euro strengthens above 1,06 also due to the utterances of two members of the ECB. The governor of the Bank of France, Francois Villeroy de Galhau, said he believed it desirable that the peak of the rate hike occur within the summer, at the latest in September. Bundesbank President Joachim Nagel said the ECB may need significant hikes after March and should accelerate the reduction of its bond portfolio to combat persistence of high inflation
Musk focuses on energy but disappoints Wall Street
He thought about disappointing the US markets Tesla -5,6%. Mel after Borsa. Elon Musk unveiled the company's plans yesterday in Austin, Texas. The company's next phase of growth will be based on sustainable energy, explained the CEO and founder, but investors have not obtained precise indications on the launch of new products, starting with the new cheaper model. The billionaire instead emphasized the strategic vision, speaking of a world that will move towards electric cars thanks also to investments of 10.000 billion dollars in the global development of sustainable energy. "The world will move towards a sustainable energy economy," predicts Musk.
SalesForce +12% after the Stock Exchange. The company beat consensus expectations, both for the past quarter and for the current fiscal year. But 8 cuts have also been announced.
Contrast the Asian bags. Tokyo is on par. Hong Kong's Hang Seng -0,7%. CSI 300 of the Shanghai and Shenzen price lists -0,2%. BSE Sensex of Mumbai -0,5%.
Korea's exports slow down
Kospi of Seoul +0,8%. Data released today show that in February the South Korean exports calculated on working days alone, they fell by almost 16%, the sharpest year-on-year contraction since June 2020. The central bank, in the quarterly bulletin published tonight, highlights the danger posed by inflation.
Brent oil at 84,30 dollars, Wti at 77,60.
Natural gas European +1% at 47 euro/mWh.
Gold at 1.833 dollars per ounce flat, after three increases, which have taken the price away from the lows of the year. The reaction coincided with a weakening of the US dollar.
Never better than expected. Tim: the negotiation with kkr is progressing
Saipem in consortium with Pizzarotti, won the tender for the construction of the high-speed railway station in Florence. The overall contract is for one billion euros, Saipem's share is 529 million.
Maire Tecnimont closed 2022 with a consolidated net profit of 90,4 million, up by more than 12% compared to the previous year, in line with expectations. Revenues amounted to 3,46 billion, up 21% on the previous year.
stellantis in February, registrations in Italy fell by 0,87% against a 17,5% increase in the market.
Unicredit. The board will bring the board's proposal to raise CEO Andrea Orcel's salary by 30%, according to Reuters.
Tim. Minister for Enterprise Adolfo Urso he said the government was following developments in the Kkr offer with "close attention". The working tables, he added, take place in an atmosphere of "full collaboration" with the main shareholder Vivendi.
