The Italian authorities are evaluating various hypotheses to limit the grip of the Chinese Sinochem on the subsidiary Pirelli. This is supported by an article by Bloomberg where it is argued that the intervention could take on various offers, without excluding the use of the golden share. The novelty, in addition to shedding new light on the axis between Marco Tronchetti Provera and Alberto Bombassei, confirms that the geopolitics it is now crucial in financial choices.
Just yesterday Beijing has targeted i Micron chips, in the odor of violation of cybersecurity regulations, which is the first Chinese retaliation after the US restrictions on semiconductors. International tensions contribute to exacerbate the mood of the markets, grappling with increasingly evident signs of a slowdown in the US economy: in February, job vacancies fell below 10 million for the first time since May 2021, a sign that the market of US labor is cooling off.
• The markets are thus approaching the Easter break (there will be no work on Wall Street on Friday) in a climate of great uncertainty. Despite the slowdown in the economy, the interventions of the members of the Fed (most recently Loretta Meister) insist on further increases. As the central bank of New Zealand did overnight, surprisingly raising the cost of money by half a point. Australia, on the other hand, remained unchanged.
Orders from German factories better than expected
• No indications coming from the futures of the European stock exchangesee. The lists should open around parity, futures of the EuroStoxx 50 index unchanged.
• Germany's factory orders data released a few minutes ago could give a more precise direction: they fell by -5,7% on an annual basis, much less than the expectations of -9,3%. On a monthly basis, growth of +4,8% was recorded, much higher than the +0,3% expected.
• Contrasted session yesterday for the stock exchanges of the Old Continent: Milan -0,56% closed in the red.
• The positive data regards the approval of the Italian public debt. The new BTP Green launched by the Ministry of the Economy, issued for an amount equal to 10 billion euro was placed at a price of 99,888 corresponding to an annual gross yield on issue of 4,056%. The 4,10-year bond restarts this morning from 2.27%. Bunds at XNUMX%. .
Jamie Dimon: The banking crisis isn't over
• US bond yields are also down. The onset of the economic slowdown brought the US 3,34-year yield to 3,43% yesterday, from XNUMX% the day before. Lowest level since September. The most important data of the week, relating to the labor market, will be announced on Friday even though the stock exchanges will be closed for holidays.
- There are no clear indications from Wall Street futures: yesterday the positive series of four consecutive sessions of increases in the S&P 500 was interrupted, the reference index of the US stock market lost 0,6%.
- The usual letter from Jamie Dimon accompanying the financial statements of JP Morgan weighed on the list of banks: "It is certainly not the situation of 2008 - he wrote - but the problems of the banks are still serious and it will take years to resolve them".
- The dollar drops to 1.069 against the euro. The currency slipped to a two-month low.
- Holds back Tokyo, closed the Chinese stock exchanges
- This morning in Asia Pacific the stock exchanges follow courses in some cases opposite. Nikkei -1,66%: Jibun Bank's Services PMI improved in March to 55 points from 54,2. Kospi of Seoul +0,5%. BSE Sensex of Mumbai +0,4%.
- New Zealand stocks are down 0,2% after the central bank unexpectedly raised the interest rate by fifty basis points, consensus expecting +25 basis points.
- China's stock markets are closed for holidays.
Gold. Great protagonist of the day l'gold jumped to 2.023 dollars an ounce (+1,8%). The purchases intensified with the growing perception that the peak in US rates has already been reached. Since the beginning of the year, the gain has been in the range of +8,4% (in euros) and +11% (in dollars).
Oil sheik to head climate conference
Instead, the march of oil slows down; Brent at 85 dollars, Wti 81. Yesterday it lost more than -2% from the intraday peak, after the disappointing US macro data.
The appointment of the Sheikh Al Jaber at the helm of the forthcoming COP 29 meeting to fight global warming- AL Jaber is the president of Adnoc, the Abu Dhabui giant that is one of the largest oil companies on the planet. That is, one of the first polluters.
European gas collapsed -9% to 46,50 euro/mWh, returning below the discriminating threshold of 50 euro.
Stellantis with BMW for batteries in the USA. Comer promoted
In addition to Pirelli, in the spotlight today Leonardo. The US subsidiary DRS wins contracts worth over 1 billion dollars to support the US Navy's Columbia-class submarine program.
Stellantis and BMW are in talks with Panasonic Holdings to help build electric vehicle battery plants in North America. The Wall Street Journal reported it. The proxy advisory Institutional Shareholder Services (ISS) recommends voting in favor of the remuneration of Carlos Tavares. The recommendation is contained in a report ahead of the next Stellantis annual meeting. Tavares' total salary for 2022 amounted to €14,9 million, 14% less than the compensation of €17,4 million the previous year.
Snam through its subsidiary Asset Company 10 and the De Nora family holding companies (Federico De Nora and Norfin) yesterday announced the sale of approximately 10 million shares of Industrie De Nora, equal to 5% of the capital, to institutional investors through a process of accelerated bookbuilding. The operation is aimed at increasing the free float and the liquidity of the shares of the company which was listed last June, says a note.
Comer Industries the company, listed on the Euronext Growth Milan segment of Borsa Italiana, has approved the project for admission to listing on the main Euronext Milan market.
