In 1918 Robert Powell was hired as an assistant cashier in a small North Carolina bank. Step by step, the enterprising young man established himself as a banker of reference for the local clientele, made up of small farmers. A little more than a century later, the heirs of the accountant from the South of the States can claim credit for having saved the banking system: the First Citizen Bank, a Carolina family bank, announced yesterday it would buy from the Deposit Guarantee Agency what's left of Silicon Valley Bank, removing the shards of the worst bank failure since 2008. Wall Street, gratefully, responded with a 55% increase in the stock, but also with the leap forward of colossi comand JP Morgan +3,9% and Bank of America.
Of course, it's too early to sing victory. Both in the USA (watch out for the situation of Charles Schwab, down 20% in a week) than elsewhere, but the speed with which the authorities extinguished the crises has restored a good mood to the markets.
Recovery in Europe: Deutsche Bank +6%
European stocks should rise, euro Stoxx 50 +0,3%. Yesterday the FtseMib of Milano started the week with a rise of 1,2%, first session with a plus sign after three with a minus sign, while this morning the futures indicate a rise of more than 0,9%. in Frankfurt Deutsche Bank rebounded 6%. Kepler, Mediobanca, SocGen, yesterday reiterated their positive opinion on the German bank.
He thought about curbing the euphoria Manuel Campa, President of the European Banking Authority (Not): "The risks to the financial system remain very high," he said, adding that the regulator is closely monitoring unrealized losses on banks' balance sheets.
Lagarde slows down the German interest rate blitz
Meanwhile, according to rumors, the member of the executive council, Isabel Schnabel, would have liked the press release to explicitly state that the rate hike will continue. Christine Lagarde on the other hand, supported by the doves of the council, she would have succeeded in not indicating precisely the entity of the forthcoming intervention.
ln this context, the 27-year German Bund ended the March 2,22 session at XNUMX%. The BTP it closed at 4,06%.
S&P Global has cut its forecasts by growth for the euro area for 2024, bringing them to 1,0% from the previous 1,4% with reference to the difficulties caused by persistent inflation which is pushing the ECB to raise rates for a longer period than expected. “Inflation will not return to target before Q2025 XNUMX and core inflation before QXNUMX XNUMX”.
Today the go-ahead for the electric car directive
Today the EU Council will give the green light to the regulation ono stop petrol and diesel engines starting from 2035 which yesterday got the green light from the ambassadors of the 27 member states. The dossier will not be reopened as requested by Italy, after the agreement between the European Commission and Berlin on the future use of e-fuels.
They are not moved i Wall Street futures in the aftermath of the strong rebound of banks and oil companies. The Dow Jones gained 0,6%, theS & P500 weighed down by techs, it rose by 0,2%. Treasury Notes ten-year bonds weakened, the yield is this morning at 3,51%, from 3,38% yesterday morning.
Binance under the lens of the Sec
- Bitcoin to 27.000 dollars, slightly down, yesterday -2,7%. The regulatory authorities of the financial markets of the United States have launched a legal proceeding against Binance and two of its top executives. The platform is accused of violating federal laws that prohibit the solicitation of trading.
- Little did she move plazas of Asia Pacific. The Tokyo and Shanghai stock exchanges are around parity. Hong Kong's Hang Seng gains 0,5%: among the highlighted stocks in this list, Tencent +3,5% and China Petroleum.
- Sydney's S&P ASX200 rises, +1%. Kospi of Seoul +0,4%. BSE Sensex of Mumbai +0,3%.
Stop Kurdish oil, Brent at 77 dollars
Oil almost flat this morning, Brent at $77. Crude markets rallied yesterday after a report said some 450.000 barrels a day, or 0,5% of global oil supply, coming from Kurdistan, have been blocked on a legal technicality: Iraq's consent would be needed to ship oil from Turkey.
Il European gas it closed up 3% at 42,5 euro/mwh, -43% since the beginning of the year. The collapse of Russian gas exports to Europe has caused a surge in European imports of US LNG. Notably, US LNG exports to Europe alone increased by +141%, or 4,0 bcf/d, compared to 2021.
4 stocks in the spotlight on the Ftse Mib
Ferrari: "The agreement on e-fuel guarantees us greater freedom," said CEO Benedetto Vigna at a Reuter event. Vigna also added that over the course of 2023, the price list is expected to increase by around 4-5.
Bank Bpm: the agreement between the bank's shareholder foundations and social security funds rounded up the stake held in the capital, bringing it to 8,33% from the previous quota of 8,2848%.
Tim: Bloomberg reports that the consortium led by Cassa Depositi e Prestiti could improve its offer for the network company to 21 billion euros. The same would be evaluating the other consortium on the track, the one led by KKR. Even assuming that the offer is adjusted upwards, we are still a long way off the valuations of Vivendi, the main shareholder.
Intesa Sanpaolo: CEO Carlo Messina accrued €7,2m in compensation last year, including a €4,6m cash and bank stock bonus that will be paid out over a number of years, the policy report reads. remuneration.
