La banking crisis it does not force us to change course. So the Fed chairman Jerome Powell it extinguished expectations of a change of course by the monetary authorities. THE US rates they rise as expected by a quarter of a point to 5%, the highest since 2007, but could rise again this year once or more. Yet, Powell himself admits that the effects of bank crashes "will weigh on economies". But not enough to guarantee the end of the squeeze. In short, the hawks prevail in the USA but also in Frankfurt, judging by the statements of Christine Lagarde. And the increases continue. Today it's up to Norway, the Bank of England, frightened by the sudden rise in prices in February (from 6 to 10%) and Switzerland, the epicenter of the crisis: the troubles of Crédit Suisse do not deter Bern from choosing to increase the cost half a point money.
Messages from central banks are intended to shut down Bull's drive at the open. The European stock exchanges are set to start slightly lower. Yesterday they have closed around parity either Milano than the Eurostoxx 50.
To follow today the European consumer confidence index. Meanwhile, the economic forecasts for Germany are improving: GDP in 2023 should grow by 0,2%, to reach +1,3% in 2024. However, inflation will also grow: +6,6% this year and 3% the next.
The Asian price lists are well matched
Wall Street he first welcomed the news coming from the Fed with an increase and then withdrew at the same time as Powell's statements in the press conference. The three main indices closed at -1,6%.
The Asian price lists are better suited. The Hang index Hong Kong's Seng climbed 1,7% on strength in technology stocks. Tencent +7% posted better-than-expected annual results. The reading helped spur some optimism about China's economic recovery.
The Shanghai Shenzhen CSI 300 Index is up 0,8%. Major real estate stocks were weak after the long-sluggish developer China Evergrande Groupoutlined a debt restructuring plan, which could set a dangerous precedent for the rest of the industry.
The prospect that the peak in interest rates is near has given a new shine to US government bonds. The yield on the 3,43-year Treasury Note fell to 3,57% from 2%. The 3,88-year Treasury fell to 4,20% from XNUMX% on Monday. We've been at the lows since September
The yield on the ten-year Bund stood at 2,32%. 4,16-year BTP at XNUMX%.
The cross euro dollar it rose to 1,091, its highest since early February
Spotlight on the European Council
Once the decisions of the central banks have been archived, the financial markets are today grappling with the developments of the European Council which, among other things, will have to address two very hot topics: the stop to combustion engines from 2035 with the variants requested by Germany for e-fuel and the Italian request not to exclude biofuels; the nuclear issue that France is asking to include among clean energies for the green turnaround.
Wall Street slows down on statements by the Treasury secretary
The statements made to Congress by the Treasury secretary also hampered Wall Street's recovery Janet Yellen which excluded the hypothesis of a general guarantee on all bank deposits. Meanwhile, bank borrowings from the Fed hit a new record, reflecting fears of possible liquidity crises, and US investors are preparing to sue the Swiss government over the decision to write off the equivalent of 17 billion dollars worth of Credit Suisse AT1 high-risk bonds.
FirstRepublic it lost -15%, from +30% the day before. The Fitch agency cut a B from BB, warning it may cut it further.
Abrupt fall of Nike -4,9% after the accounts that signal the slow recovery of the Chinese market.
Hindenburg research is back in action. After the report that sank the Indian group Adani on the Stock Exchange (150 billion dollars vanished after the accusations about the "holes" in the accounts). The US company has announced that it will soon produce another explosive report without revealing the identity of the victim.
Gold advances, oil and gas decline
Meanwhile, the advance of'gold rose to 1.979 dollars an ounce +0,5%.
Il Petroleum Brent and WTI lose 1%. Yesterday afternoon the EIA announced an increase in US weekly inventories of 1,12 million barrels, the API had estimated an increase in US inventories of about 3,3 million barrels. The failure of crude oil to take off in coincidence with the Chinese reopening has for now caused an illustrious victim: the funds of Pierre Andurant, the mythical expert manager of oil and its surroundings, have lost 40 percent since the beginning of the year.
Il gas European natural gas lost -5,7%, closing below 40 euros per mWh, -47% since the beginning of the year.
Bitcoin +1% to $27.67, yesterday it closed down -2,7%, after six consecutive hikes. According to rumors, in the Italian crypto exchange The Rock Trading, which has been closed for more than a month now, there is a hole in the accounts of between 15 and 20 million euros.
The nomination match heats up
The League, among other requests, is asking for a top role in Terna which expects to close 2023 with further growth in revenues and Ebitda after filing the last year with an increase of 13,8% in revenues and 11% in the gross operating margin.
In the spotlight Inwit. French private equity firm Ardian is in an early stage of studying a possible offer.
Unieuro closed the 2022/23 financial year with revenues of €2,88 billion, down 2,2% on the previous year, which had seen strong sales for the Brown category thanks to the renewal of televisions ahead of the switch off of frequencies.
