Sometimes they come back. Choosing to entrust the leadership of ubs a Sergio Ermotti, the Ticino banker who has already led the bank for nine years, was liked by the markets which rewarded the stock with an eloquent +4%. The shareholder funds see him as the right man to make the giant that is worth five times the GDP of the whole of Switzerland the first global European bank. But it is also the confirmation that safe second-hand is in fashion in global finance: Walt Disney relies again on Bob Iger, Starbuck on Howard Schultz. The comeback of Alibaba coincides with the return from exile of Jack Ma. A series of remakes that favors the recovery of optimism on the markets after a dangerously experienced quarter.
The performance of the Nasdaq. yesterday +1,8% thanks to the push of the companies with the largest capitalization, the Nasdaq 100 reached its highest level since August 2022. Amazon + 2,4%.
This morning, after the sharp rises, the futures are still positive. But the accounts of Micron +7,2% made an impression, considered a faithful thermometer of the trend in demand for chips by many key sectors. The US leader in memory chips announced last night after the market was closed that the current quarter will end with revenues of 3,9 billion dollars, analysts had expected 3,75 billion.
Furthermore, "customer inventories are doing better, we expect a gradual improvement in the balance between supply and demand".
Powell: Another rate hike in 2023
The recovery of regional banks continues: the KBW index of US banks +1,3% for the fourth consecutive increase. First Republic Bank +4%. The White House is preparing a plan to push federal banking regulators to impose new rules on medium-sized institutions, reports the Washington Post.
Bloomberg, on the other hand, reports a meeting between the president of the Fed Jerome Powell with a delegation of Republican lawmakers: Powell hinted that between now and the end of the year there is room for a new rate hike of a quarter of a point.
Rally Europe. German inflation today
Positive futures also for Europe. The index EuroStoxx50 salt of 0,3%. IERI (Yesterday) Milan +1,40%.
Le European stock exchanges yesterday they consolidated their rise towards the end, driven by Real Estate, tech and banks, the latter at the third consecutive rise (+1,90% for the sector), an event that hadn't occurred for about two months.
Today, a positive start for Europe. Investors' attention remains focused on the banking sector, but a new roundup of macroeconomic data is also on its way.
In the early afternoon, Germany publishes its "flash" inflation estimate for March which should show a slowdown compared to February to 7,5% on an annual basis and 0,8% on a monthly basis.
The Fed: "US banks solid"
The currency and bond markets moved very little: 3,57-year Treasury Notes at 2,32%, Bunds at 4,14%. BTPs XNUMX%.
Euro dollar and 1,083.
The Fed Vice Chairman for Oversight, Michael Barr, told a Senate Banking Committee hearing that the US banking system is “robust and resilient,” reassuring investors that contagion from the failure of a pair of regional banks was unlikely. On the ECB front, Peter Kazimir, governor of the National Bank of Slovakia and ECB member, said we are seeing a decline in the market's willingness to provide regulatory capital to banks following the global banking turmoil.
Tokyo launches a reform plan, Taiwan +12% in the quarter
Contrast the Asian stock exchanges. In the spotlight Tokyo +0,9% on the eve of the end of the Japanese fiscal year. The premier, Fumio Kishida has announced a new strategic plan for the reform of Japanese society. The bill, which should lay the foundations for a "new capitalism", will be presented at the beginning of the summer. The Nikkei, at today's prices, should close the quarter with a positive change of +6%.
China's reference stock exchanges go down, while the Taiex of Taipei, which to date would close the quarter with an increase of +12%. Hang Seng in Hong Kong -0,7% (+1,3% in the month and +1,7% in the quarter). CSI300 of Shanghai and Shenzen lists -0,3% (-1,5% in the month, +2,2% in the quarter). Kospi of Seoul +0,6% (+2% in the month and +10% in the quarter).
Lo Yuan slides to a two-week low ahead of the release of US consumption and inflation data due tomorrow. The PBOC set the key rate of the yuan at 6,8886 per dollar.
Oil, Moscow does not maintain the cuts
Petroleum, Brent down by half a point to 78 dollars a barrel. U.S. crude stockpiles fell 7,5 million barrels to 473,7 million in the week to March 24, vs. expectations for a 100 barrel increase. Russian crude output fell by about 300 bpd in the first three weeks of March, less than expected cuts of 500 bpd, sources familiar with the matter told Reuters. A probable sign that the country badly needs to finance the war.
Il gas European closed almost unchanged at 42,70 euro/mWh. Green light from the EU energy ministers for the extension for another year, until 31 March 2024, of the emergency regulation on the reduction of demand for natural gas, which provides for the coordinated cut of 15% of consumption on a voluntary basis.
Poste, generous dividend. Buzzi: "Let's stay in Russia"
Italian post closes the fourth quarter of 2022 with an operating profit of 238 million euros, about 30 million euros less than consensus estimates. 2022 ends with a net profit of 1,51 billion, - 4,3%, The proposed dividend is up 10% to 0,65 euros per share, better than expected. 2023 should end with an operating profit of 2,5 billion euros, in line with consensus expectations.
Tim. Vivendi has written to the board of the telephone group that any decision on the sale of the network will then have to be ratified by the extraordinary shareholders' meeting.
stellantis. Chief Executive Carlos Tavares said climate change policies should not be used as a weapon of global trade. Tavares also said the EU's decision to allow the sale of cars powered by synthetic fuels after 2035 would not change the group's electrification plans.
Buzzi estimates that at the end of 2023 the recurring EBITDA of the group could reach a result similar to that of the previous year, in a macroeconomic context that this year too will be characterized by the elements of uncertainty already noted in 2022. It makes no sense for the group close the Russian plant and leave the country, said CEO Pietro Buzzi.
