Oil goes up after, surprisingly, theOpec + announced on the eve of today's summit in Vienna, a production cut of 1,16 million barrels distributed between Saudi Arabia (500 barrels) Russia (the same) and various other producers (Arab Emirates, Kuwait and Algeria). The reaction on prices was immediate: the Brent trades at 84,19 dollars a barrel, the wtf just under $80, both up 5%.
Goldman Sachs has revised to raise price forecasts intended to revise the $100 fee within the year. We will see. The move, for now, serves to interrupt a long phase of declines (-15% since the beginning of the year), but it involves two significant changes: the Saudi Arabia/Russia axis is confirmed, despite US hostility; the battle against inflation becomes more complicated.
The unexpected novelty is destined to curb the start of the Easter week of the markets: The future of the index EuroStoxx50 is in slight decline.
Il first quarter closes properly positive for the indices. Milan +14,37% was not affected much by the slowdown of the banks due to the implosion of Credit Suisse. The Eurostoxx 50 grew by +13,70%.
Today the PMI indices of the EU economy
To follow the PMI indices for March, which will provide important indications on the state of health of the eurozone economies. Today we start with the surveys related to the manufacturing sector. At euro zone level, the final reading should confirm the further contraction to 47,1 points captured by the flash estimate. First, however, will be the turn of Italy: Reuters forecasts are for a slowdown compared to 52 points in February. Over the next few days, all eyes will be on industrial orders and industrial production in Germany, which Reuters expects should have declined markedly in February.
Data will be released tomorrow. price index to February production in the Eurozone, while on Wednesday those relating to Italian deficit/GDP for the 4th quarter and February retail sales; in addition, the main economic institutes will disseminate updated forecasts on inflation and German growth.
Ubs cuts 36 jobs, Credit Suisse meeting tomorrow
It's time for big cuts ubs. The bank will cut between 20% and 30% of the workforce, around 36 positions worldwide, including 11 in Switzerland. Tomorrow is scheduledCredit Suisse Annual General Meeting and on Wednesday that of Ubs shareholders. The same day Sergio Ermotti will assume the position of managing director.
McDonald's fires at home
Wall Street futures are also weak. Friday it S & P500 it closed up by 1,4%, +3,5% for the weekly balance sheet and +7% for the quarter. Big highlights the tech: the ten big techs grouped in the FANG Plus index recorded a progress of +39%. The data will be released on Friday unemployment rate US in March.
The production of Tesla but not enough to hit the target (+50%) set by Elon Musk: in the first quarter Tesla produced 422.575 cars.
McDonald's he wrote to US headquarters employees to work from home until Wednesday: on that day it will be communicated who will be able to return to their desk or will be fired.
Under pressure bonds and the dollar
Relevant the impact of the increase in oil on the bond market and on currencies: The Treasury Notes 3,51-year trades at 5%, +XNUMX basis points. We appreciate the dollar on most of the world's reference currencies. Euro -0,4% to 1,079. Gold down 0,8% to $1.950 an ounce.
Tokyo: landslide of the Tankan. New governor at the Bank of Japan
The Asian squares are also contrasting. Salt of 0,5% the Nikkei of Tokyo, TheTankan index on the expectations of large and very large manufacturing companies, it stands at three in the first quarter, as per consensus forecasts, in the fourth quarter the index was at six. There will be on Wednesday cultural, of the guard at Bank of Japan: Kazuo Ueda replaces Haruhiko Kuroda after ten years.
Salt also the CSI300 of the Shanghai and Shenzen lists, by 0,8%. Instead, the stock market falls Hong Kong (-0,6%). The equity markets of South Korea and India are around parity. In China, theCaixin PMI index in March worsened to 50 from 51,6 in February, the consensus was 51,4.
Unicredit today announced the launch of the first tranche of the buyback program up to a maximum of 2,34 billion euros.
The Buzzi and Moncler target increases. The return of Olidata
Eni: Great Britain's Department for Energy Security and Net Zero (Desnz) has selected 8 projects for the capture of CO2 emissions that will access the funds (£20 billion) provided by the government to accelerate the country's decarbonisation. Of these, 5 belong to the HyNet Consortium North West, where Eni is the operator for the transportation and storage of carbon dioxide.
New contracts for 650 million dollars for Saipem. The former refers to works in Angola, the latter in Great Britain.
Tim: on the offers for the telecommunications company's network, the Minister of Economy, Giancarlo Giorgetti, he said that “the times are what Tim's board of directors decided. I believe it is around the middle of April. The two offers have somehow been requested to improve them, we will see what will come ”.
Moncler: Stifel raises the target price to 65 euros, five euros more than the previous target price.
Buzzi: Berenberg raises the target price to 24 euros, from twenty euros.
WEDDING SHOES of the bell in Piazza Affari for the return on the list of Olidata.
