“However, we are ready to take on new initiatives for bank deposits, if necessary”. These words were enough Janet Yellen to bring good mood back to Wall Street. The Treasury secretary corrected yesterday's statement when she had pointed out that Washington would not guarantee all deposits. An ambiguous declaration, halfway between the need to defend financial stability and that of maintaining a brake on moral hazard.
The markets are thus starting to end a week characterized by tension on the credit front and which closes under the banner of central bank rate hikes, from the USA to Switzerland via London and Norway. It could be, say the optimists, the latest wave of increases. Maybe.
The Fed could slow down, the ECB not
This morning, the declining yields and the parallel increase in bond prices starting from the shorter maturities, confirms that The world of bonds is aiming without delay at the end of monetary tightening. The 3,78-year Treasury Note, the most sensitive to the Federal Reserve's measures, is up 65% this morning, about 40 basis points lower than yesterday. Fed Watch experts give XNUMX% a chance of a confirmation of present value rates at the next Fed meeting. This percentage was XNUMX% at the start of last week.
- In the Eurozone, the yield of Bund at ten years it stood at 2,19% from 2,32%. 4,05-year BTP to 4,16% from XNUMX%. Returns down, even if the "hawks" continue to keep the tension high. The European Central Bank may need to hike rates again in May to fight inflation, Dutch central bank governor Klaas Knot said
- Contrasted performance for the other financial sectors, from shares to commodities. THE Wall Street futures uncertain. The Milan Stock Exchange opened sharply lower at 26.192 (-1,09%). Flat the flat raw materials. No particular tension on the currency. The euro dollar is stable at 1,083.
UBS retains Credit Suisse's Asian bankers
In no particular order i Asian lists. Tokyo it lost 0,3% (+1,2% during the week). No surprises from the data on Japanese inflation communicated tonight at 00.30: in January the annual growth was +3,3%, slowing down from +4,3% in January. The Jibun Bank manufacturing PMI index was better than expected, rising to 48,6 in March. The yen strengthens for the third consecutive day: the cross is at its lowest since mid-February at 130,2.
- THEHang Seng Hong Kong is down 0,4%, +2,2% on the week at pre-close prices.
- CSI300 of the Shanghai and Shenzen lists -0,3% (+1,7% per week). Seoul +0,5% (+0,7% per week). India's stock market is down slightly.
- UBS top management has ensured Crédit Suisse's Asian managers the same incentives as in the past. The goal is not to lose share in the most promising managed market. The bank's competitors are also giving the bank a hand: JP Morgan and Bank of America have warned managers against offering jobs to the former Crédit Suisse.
- Two-speed sitting yesterday at Wall Street, the initial decline was followed by a rebound following the exit of Janet Yellen. S&P +0,30% still below 4 thousand points, Dow Jones +0,23%. Better the Nasdaq +1,01, buoyed by the prospect of the end of the rate hike.
- The offensive by Hinderburgh research is taking hold, having published a report with heavy accusations of fraud on the number of customers of Bloc, Jack Dorsey's social media, the founder of Twitter. Hindenburg has announced that he has sold the title short, according to the scheme inaugurated with the attack on the Indian tycoon Adani. Bloc shares lost 22% yesterday.
- Banks still in the red: First Republic Bank -6%. Coinbase -14,1% The cryptocurrency exchange platform is under investigation by the Sec.
- The first day of the European Council did not offer operational insights for the markets. There was in particular no convergence of positions on the subject of car rules.
Piazza Affari - 0,15%, but the week is positive
- Piazza Affari, after an afternoon foray into positive territory, lost 0,15% yesterday
- The week of the bankruptcy of Credit Suisse and the rise in US rates is about to end with a positive balance for the stock markets, barring last-minute incidents. The MSCI World Index was up 1,50% Monday through yesterday evening. From the beginning of the year +3,60%.
- The sprint was Europe (Eurostoxx 50 +3,50%, FTSEMIB +4%, FTSE 100 +3,2%) driven by Techs (+3,50% overall). Positive week also for the Banks (+2,30%) which however came from the tremendous -11,50% of the previous one. The sector most penalized was that of Real Estate, at its seventh consecutive negative week (-3,3%) and at its lowest since October due to fears that the expected credit crunch will penalize the sector most sensitive to changes in the cost of money
Gold more and more superstars
- Gold at 1.989 dollars an ounce, -0,2%. The price is at a year-long high. Gold is heading for the third positive week in a row. It has so far been one of the best-paying assets of 2023 with a return of +7
- WTI oil unchanged at $70 a barrel. Oil is starting to close one week up by about +4%, from -12% in the previous one. The optimism on the Chinese recovery has cooled somewhat and has given way to the growing expectation of a slowdown in global growth.
- Also neglecting Bitcoin, which yesterday gained 3,4%, is at 28.300 this morning.
Unipol, dividends do not touch each other, Mediobanca day on 24 May
The game of the nominated. Enel: the new managing director could be Luigi Ferraris, a manager with great experience in the public sector, now at the helm of FS, who worked in the electricity company until 2015. This was written by La Repubblica this morning. Head-to-head could be between Ferraris and Stefano Donnarumma, now CEO of Terna.
UnipoL. According to the company, the new accounting standards will have no impact on the group's insurance strategy. On the distribution of dividends and the solvency 2 ratio. Unipol undertakes to zero the commitment in coal by 2030.
Mediobanca announced that on May 24 will be held the Capital Market Day, the strategic plan for the three-year period 2023-26 will be presented during the event.
Iren. In the update of the 2023-2030 plan, it added another 200 million to the planned investments, reaching 10,5 billion euros.
