Only the star of shines on the markets Nvidia, the "architect" of the chips of theArtificial intelligence, jumped yesterday above the threshold of one trillion dollars in value. For the rest, it dominates the wait for the comparison on US public debt. During the night, the agreement withstood the first ambushes of the Republican right who, however, will try again today to block the debt compromise. This morning's confirmation that the Chinese locomotive, far from pulling the convoy of the global economy, is at a standstill contributes to spreading a certain pessimism. On the contrary, it goes back.
China's PMI indices disappoint
◦ Chinese industry it lost momentum for the third consecutive month in May, data released tonight by the national statistics office in Beijing revealed. The index SMEs manufacturing fell to 48,8 points from 49,2, the consensus was 49,5. The non-manufacturing PMI is down, but above the threshold separating expansion from contraction.
◦ Lo yuan it slipped to a six-month low of 7,1090 against the dollar (-2,9% in May).
◦ In red i stock lists: in May, the Hong Kong Stock Exchange lost about 8,5%, the Shanghai Composite 3,7%, the CIS 300 5,8%.
Tokyo is also in the red today, but +7% in May
Even the stock market loses momentum today Tokyo, returning from a free-range month (+7%). The Nikkei loses 1,3% on the day of the release of the data consumption industrial production Japanese. In April, retail sales rose +5% yoy, less than expected and less than the previous month. Industrial production was also below expectations, down by 0,4%. Japan stocks gained more than 7% in May, one of the best monthly performances since 2020.
Toyota and Daimler have signed a memorandum of understanding to merge their respective Mitsubishi Fuso and Hino Motors businesses. The two companies will be combined into a holding company, listed on the Tokyo Stock Exchange's Prime Market. The two companies have agreed to study the development and production of zero-emission technologies, including hydrogen.
Weak opening for Europe, futures -0,2%
Scholarships of Europe they should open lower. EuroStoxx50 index future -0,2%. Yesterday, Milan's Ftse MiB closed slightly lower, -0,2%. In the Eurozone, the FtseMib lost 1,90% over the month before the last session, but net of the maxi detachment on May 22nd (1,27%), it reduces the drop to less than one point. In terms of sectors, Tech (+6%) obviously closed the month with a positive balance. For the rest, Travel & Tourism and Auto are on parity, but in deep red Real Estate -10%, Media -6%, Tlc -6%, Energy -6%. Banks -1,5%.
Today the EU inflation estimates
It tightens it spread to 180 points coinciding with the slowdown in yields. The 4,14-year BTP is at 12%, -1,5 basis points. The Treasury took advantage of this, issuing 2028 billion euro of floating-rate bonds indexed to the Euribor, maturing in October 1,4. In the morning there was also the auction of five billion five-year BTPs: the request amounted to XNUMX times.
Several countries will publish the same day inflation estimates in May: Italy, Germany, France and Portugal. The speech by ECB President Lagarde in the early afternoon should also be monitored.
Huang (Nvidia) in the footsteps of Steve Jobs
◦Jen Hsung Huang, 60, a native of Taiwan, but in America since the age of 9, is the latest hero of the technological revolution. Huang, founder and president of Nvidiayesterday indulged in a catwalk at the University of Taiwan that closely resembles the memorable lesson of Steve Jobs. “And what will you create? – he told the students -Whatever it is, chase it like we did. Run. Don't walk. Remember: run both when you are hunting for food and when you are prey.”
◦ As the entrepreneur spoke to the Nasdaq, Nvidia was up 5% to $408 per share, a price that translates into a capitalization of $1.010 billion. The stock of the chip manufacturer with a high and very high level of efficiency has gained +123% since the beginning of the year due to a boom in expectations on the use of artificial intelligence in various activities of our life.
The dollar slips to 1,06 against the euro
◦ Movements of little importance for companies unrelated to developments in scientific technical innovation. Yesterday the United States stock exchange closed mixed, with the Nasdaq up 0,3% and the Dow Jones down 0,2%. At last night's prices, the tech index closes May with a rise of 6,5%.
◦ Yesterday the cross euro/dollar it fell as low as 1,0673, a fresh two-month low before rebounding weakly. The likelihood of another 25 basis point FED rate hike at next month's FOMC meeting is growing. Now the focus shifts to the report onUS occupation. Another robust data set would encourage dollar buying in the near term. Economists expect the US economy to have created 195.000 new jobs in May.
Oil, five months of declines
Petroleum still down at $73,30 a barrel. May was the fifth month of decline of 2023 (-7,8%). Concerns about a slowdown in demand from the world's biggest oil importer, China, are mounting after the release of tonight's data. Negative news also coming from the United States: demand for gasoline over the Memorial Day weekend, traditionally the starting point of the travel and commute season, was down more than 1% compared to the same period of the year previous.
Unicredit-Azimut axis. Cattaneo shocks Enel
Enel. The new CEO Flavio Cattaneo would intend to change all the first line of management, including the chief financial officer.
Unicredit is progressively reducing the share of its assets under management attributable to the French giant Amundi, reports Reuters. The bank led by CEO Andrea Orcel could therefore favor other companies in the sector, including Azimuth with whom he formed an industrial relationship. The initiative's joint venture is expected to start operations early next year or later this year. Amundi and Unicredit have a distribution agreement in place which expires in 2027.
Italgas participation in the tender for Veolia's hydro activities confirmed, CEO Paolo Gallo tells MF
Leonardo Boeing has increased production of the 787 Dreamliner to four airplanes per month, from the current three. The communications from the aircraft manufacturer are in line with the advances provided by Leonardo in the past.
Still in the spotlight Juventus, +5% yesterday after the FIGC's National Federal Tribunal accepted the club's settlement proposal by inflicting a fine of 718.240 euros. The agreement provides for the company to waive its appeal against the previous judgment which provided for a penalty of ten points in the standings.
stellantis. France has inaugurated a gigafactory for the production of batteries, the first of four such plants that some European and Asian companies intend to build in the north of the country. The project developed by Automotive Cells Company, a joint venture between Stellantis, Mercedes and TotalEnergies, envisages a total investment of 2 billion euros, almost half of which to be paid by the French state and local authorities.
