Tuesday could be the decisive day for theUS debt deal. At least that's what the duelists promise, assuring that on the weekend "we will also work at night". Wall Street seems to believe it. But other factors contribute to comforting the markets: the exploit of theArtificial intelligence led by Nvidia + 24% yesterday, which has now ousted Tesla which list leader title; the progress of talks between US and Chinese trade leaders that could avert a chip war.
These signals help support the Japan Stock Exchange this morning, theNikkei index rises by 0,5%, the weekly variation at these prices is similar. This is how the positive streak of the Nikkei extends, up for eight weeks thanks to the push of international investors: + 32% in purchases during the week which is contrasted, warns the Nikkei Times, by the prudence of home investors, for now sellers.
Inflation falls in Tokyo, interest rates hold in Indonesia
- Inflation recorded in the city of Tokyo this month is +3,2%, slowing down from +3,5% in April: the consensus on the figure, which is considered a good anticipator of the national picture, was +3,4%. The dollar-yen cross slightly down this morning and is starting to close the week with a 1,3% rise. For the foreign exchange rate, it is the sixth week of eight out of eight, the third in a row.
- Kospi is also on positive ground +0,2%, close to the monthly highs: la Korean stock exchange it is supported by the inflow of cash to semiconductor stocks and the rally in EV battery stocks.
- The situation of the Chinese markets is less positive, the Hong Kong Stock Exchange, yesterday at the lows for the period, is closed for holidays. The CSI 300 index of the Shanghai and Shenzen stock markets lost 0,2%, the provisional weekly balance -2,7%, to its lowest since January.
- Indonesia: the central bank confirmed the reference rate at 5,75% for the fourth consecutive month. In April, inflation fell to 4,33%, from 4,97% in March, the Bank of Indonesia expects it to return below 3% in the last quarter of the year.
Knot (ECB): rates still have to go up. Germany kaputt
- The new arrivals from the US markets contribute to improving the sentiments of the European markets, held back yesterday by the entry into Germany's recession. In the first quarter of 2023, German GDP recorded a -0,3%, which is after -0,5% in the last three months of 2022.
- European stock exchanges opened around parity, Eurostoxx50 index unchanged. Yesterday the FtseMib of Milan it closed down 0,4% and this morning it opened up 0,4%.
- The Alitalia adventure ends (perhaps) once and for all. Economy Minister Giancarlo Giorgetti and Lufthansa CEO Carsten Sphor formalized the agreement that will lead the company to invest in Italy Airways, acquiring 41% through a capital increase of 325 million euro. Frankfurt will rise to 90% in two years.
- A negative week is about to end for the bond market, despite the slowdown in German growth and the fall in the prices of basic materials represent two pieces of news in favor of a reduction in inflation. In the Eurozone: German Bund 2,52% and Btp 4,39%, both on the highs for a month. The president of the Dutch central bank and ECB advisor, Klaas Knot, said in an interview with Corriere della Sera that the ECB needs at least two more rate hikes of 25 basis points each. Then it will have to keep rates at their peak for a significant period.
Nvidia earns 184 billion in one day
- Made in the USA technology is the indisputable protagonist of the markets. brings together the ten big tech WallStreet. Down the Dow Jones, -0,1%.
- Nvidia +24% touched the new historical record, arriving at 939 billion dollars of capitalization, 184 billion more than the day before. To find such a large daily value creation in history you have to go to 2022, the day Amazon increased its capitalization by 191 billion. The excitement over AI also lifted shares of companies somewhat exposed to the theme: Advanced Micro Devices +11%, Broadcom and Adobe +7%
Today US inflation data: dollar superstar
- The 3,80-year Treasury Note rose to XNUMX%, a two-month high.
- Il euro/dollar cross hit a new two-month low of 1,0707 yesterday. The dollar is on its third consecutive week of gains. April US PCE deflator data due this afternoon could complicate matters for the Fed. Headline PCE inflation likely increased to +4,3%, from +4,20% a month earlier, while core inflation should remained unchanged at +4,6%, supported by a robust labor market which stimulated growth in personal income. Both indicators should have grown by 0,3%.
Falling raw materials. The gas goes below zero
- On the macro front, the crisis in raw materials should be noted, an indication of the slowdown in growth. The Bloomberg Commodity Index fell to 99,45 points, extending the year-to-date loss to -11,70%. Down practically all the components, from copper, to gold, to oil, to US gas.
- Il European gas (not included in this index) closed down by -8,40% at 25,45 euro/mWh, on new lows since December 2021. -66,50% since the beginning of the year. Bloomberg reports that the price of short-term and very short-term supply contracts, with the persistence of the current levels of demand, could turn negative. The possibility therefore arises that the holder of the consignment of gas being delivered may be forced to pay in order to be able to get rid of it. The last time such a case occurred was in 2006 in Great Britain.
A new test for Diasorin, Permira enters Italian luxury
Diasorin announced this morning that it will distribute a memed test in Italy, it is a strengthening of the existing partnership. The test will be distributed in territorial and decentralized healthcare contexts.
Generali UnipolSai. According to rumors, the intervention program in support of Eurolife. IVASS could extend the freeze on redemptions by one month.
Inwit. In the interview given to the Expansion magazine, the president of Cellnex talks about the forthcoming consolidation in the European industry of radio signal transmission towers.
Change of ownership to Gruppo Florence, an important Italian manufacturing company active in luxury clothing: Allow acquired the majority stake from Fondo Italiano d'Investimento and Italmobiliare. The company is reportedly valued at $1,3 billion.
Maire Tecnimont signed a new loan agreement of 40 million euro with Bper Corporate & Investment Banking, assisted for 80% of the guarantee amount granted by Sace in order to further strengthen the group's financial structure
