Taurus wears his helmet as he awaits rate decisions central banks. Overnight, Asian Stock Exchanges also opted for prudence in line with Wall Street. European equity markets open slightly lower.
Weak China, Abu Dhabi helps Adani
The Chinese price lists are starting to close in red: Hong Kong -1,3%, the CSi 300 -0,8% has already lost momentum after the return of the holidays even if the first fruits of the reopening of post-Covid activities are arriving: for the first time since October, the PMI index of industry rises to 50.
It also misses out Mumbai -0,7% on the day on which the decisive capital increase closes the fate of the Adani group. A breath of fresh air for the billionaire close to President Modi came from the Abu Dhabi sovereign wealth fund which decided to invest 400 million. The shares of the parent company have risen by 4% but the quotation is still below the price of the new shares.
Samsung raises the alarm on electronics
A recession warning signal comes from South Korea: Samsung Electronics it is down -3% on the day of the presentation of the data for the quarter. Operating profit plunged 69% to 4.300 trillion won ($3,49 billion) to its lowest since the third quarter of 2014 as global economic downturn hurt sales of PCs, smartphones and other electronic devices. Even worse goes for i semiconductors: the increase in supply combined with the drop in demand has already translated into a crisis of overproduction, typical of the sector. Sales fell 8% to 70.460 trillion won and there are no signs of recovery.
IMF: Italy will not go into recession
A positive note, however, came from Quarterly Bulletin of the Monetary Fund: the forecast for world GDP 2023 is raised to 2,9% against the previous 2,7%. Uphill the China + 5,2% Use +1,4%. for theeuro area growth will be only 0,7%.
'SItaly there is however good news: according to the Monetary Fund, Italy will avoid a recession. The GDP forecast rises to +0,6% from the previous -0,2%. Once again, as in 2022, Italy should do better than Germany (+ 0,1%).
Spanish inflation scares BTPs
A good premise for a session in Piazza Affari which will be dominated by the presentation in the morning of the excellent Unicredit accounts (+7,4%)
Yesterday the European lists closed in negative territory, even if they recovered towards the end. She weighed Spanish inflation, surprisingly rising to 5,8% (from 5,5%).
The data from Madrid especially intimidated the tense European bond market in anticipation of the ECB meeting. The German bund rose to 2,26%. The ten-year BTP, after a surge to 4,3%, closed at 4,19% at 4,17%, +9 basis points, on its two-week high. The spread rebounds to 192 points.
State aid, Brussels decides tomorrow
Meanwhile, Europe's response to the protectionist interventions of the United States is taking shape. As reported by the Financial Times, in the Green Deal Industrial Plan which will be presented tomorrow by the EU Commission, contains rules that facilitate the state aid. The green policy draft allows ample room for maneuver on the subject of tax credits and raises the threshold of aid to companies investing in decarbonisation.
THEeuro it was down against the dollar for the fourth consecutive session at 1,084.
Ford cuts SUV prices, Exxon accounts today
The US markets had a weak day awaiting the decisions of the Fed. Yesterday at Wall Street the S&P50 closed down 1,3%. NASDAQ -2%. For the Dow Jones, down 0,8%, the first session with a minus sign arrived after a sequence of positive sessions of six.
Noteworthy is the decision of Ford to cut the list prices of the electric car to face the similar decision by Tesla. The Mustang SUV drops by $5.900 in addition to the $7.500 federal bonus provided for by the law that sparks protests from the EU.
Today the results of: Advanced Micro Devices, Caterpillar, Corning, Exxon Mobil, General Motor, McDonald's, Pfizer are expected.
Gas bounces, flat oil
Flat oil: Brent at $84,80, wtf at 77,6. Fear of recession trumps other considerations, from inflation to geostrategic tensions. Moreover, Russia continues to supply the global market with its oil despite the ban by the European Union and the maximum price ceiling imposed by the G7i.
Il European natural gas yesterday it closed almost flat at 55 euros, -27% since the beginning of the year. This morning, however, the ruimbaza price was over 60 euros.
Titles in the spotlight
- Unicredit (+7,4%) after the accounts and the new distribution policy.
- Webuild who signed a contract for works in Sicily worth 208 million euros.
- Juventus: after reading the reasons for the sentence of the joint sections of the Federal Court of Appeal, the club announced yesterday that it will appeal against the deduction of 15 points in the standings.
