Bad economic news is known to be appreciated by the stock exchanges. The umpteenth confirmation comes this morning from China. Confirmation of the difficulties arrived during the night industry of Beijing: -7,5% exports in May, much worse than forecasts (-1,8%) with a significant reduction in sales of furniture and electronics. But the slowdown in the economy, writes Bloomberg, has pushed the central bank to press for one rate reduction of deposit with institutions with an immediate effect on the markets: the Stock Exchange Hong Kong up 1% this morning to 19.282 points, on the highs of the last two weeks, Hang Seng Tech gains 2%. The CSI 300 index of Shanghai and Shenzhen stock indexes is down by 0,3%.
Elsewhere in Asia Nikkei Tokyo -0,7%. The Nikkei (32.418) opened tonight by scoring the new top 33-year-olds at 32.708 points, before retreating with some vehemence to 32 points,
Italy better than Germany: the spread is reduced
The morning opens in the West on a positive note. European stocks should open slightly higher, index futures EuroStoxx50 +0,2%. Yesterday the Ftse Mib of Milan rose to 27.036 points, +0,7%.
The bag of Frankfurt is just above parity. In Germany, factory orders fell 0,4% month over month in April, from -11% in March. The consensus was +2,8%.
lo spread it closed at 175 basis points, on the lows of the last 12 months, also thanks to an extraordinary resilience of the Italian economy.
Istat has improved the estimate on gross domestic product for this year to +1,2% from the +0,4% assumed in December and forecast a +1,1% for 2024. “The forecast scenario is based on favorable hypotheses on the path of price reduction in the coming months and on the implementation of the public investment plan planned for the two-year period”, warns the institute in the press release.
BTPs at 4,11%. II BTP Value, on the second day of the placement, has already exceeded ten billion in demand. US futures, on the other hand, are flat. On Wall Street, the S&P500 index yesterday reached its highest level since August at 4.283 points, +0,2%.
The Economist: A New Apple Revolution
Also on the rise Nasdaq despite the cold reception to Apple's latest products -1%. “Tim Cook is correct in saying that the virtual helmet della Mela represents a revolutionary novelty – writes the Economist – but it will take time for people to understand all its potential. It happened with the iPhone too. It took years for the public to understand its potential and agree to pay a thousand dollars for a smartphone: in 2007, the price of 499 dollars seemed outrageous". Apple's helmet will go on sale for $3.499 this coming Christmas.
The index of US banks yesterday it rose by +3%, returning to the levels of a month and a half ago. commercial rebounded +7% after broker Odeon Capital raised its recommendation to Buy, judging current prices a buy opportunity. The analyst writes that the bank faces many challenges, but says that the "real value of its assets is shown on the balance sheet more correctly than most other banks". Comerica is one of the regional banks that ended up in the sellers' sights, it has lost -35% since the beginning of the year.
Coinbase at the bar, bitcoin recovers
Bitcoin on a roller coaster at $26.977 after yesterday's tear, +5% yesterday which mended Monday's -6%. The rebound came despite Coinbase, the publicly traded cryptocurrency platform, slumped -12% on news that the SEC charged the company with securities trading law violations. The company would have allowed the trading of unregistered cryptocurrencies. In the 101-page complaint reviewed by Bloomberg, the SEC is asking that Coinbase be "permanently" prevented from continuing to operate in this way. Similar accusations had been leveled against Binance.
Flat oil, Russia chooses the Arctic route
The prices of Petroleum, 76 Brent dollars, are down slightly for the second day in a row. Weak Chinese macro data fuels further fears of a slowdown in demand from the world's second largest energy consumer. In any case, it should be noted that the demand for Chinese crude oil grew by +6,2% in May compared to the same month of the previous year. Virtually all gains from Saudi Arabia's decision to cut supply have been wiped out.
The weakness of the Chinese restart and the fears of a slowdown in the global economy keep all the basic materials in check. EU Natural Gas (Amsterdam) yesterday closed down by -12% at 24,86 euro/mwh, confirming that the +20% of the day before should be read as a physiological adjustment to the prolonged bearish rally. Meanwhile, Russia is looking for new channels to continue selling energy to countries that have agreed to buy it, such as China and India. Western sanctions have prompted Moscow to sail tankers to Asia through the Arctic Circle, a shipping route dubbed the "Arctic Silk Road". It now takes a Russian tanker half the time to get to Asia, instead of following the conventional route through the Suez Canal.
Pirelli, yellow alert from Tronchetti, Tim will decide on the 22nd
Tim. Il network file it will be examined in a double session of Tim's board, which will analyze what it received in the first instance on June 19, and then meet again on June 22 to make a decision, explain two sources close to the situation before the June 9 deadline for improved offers of Kkr and Cdp-Macquarie. The final decision could be made on 22nd June.
Enel. Thanks to the funds from the PNRR, the company intends to double its investments in the network and in accumulators in Italy, writes IlSole24Ore. In exchange, the electricity companies could ask the government to stop the tax on extra profits and remove the ceiling on the sale price of electricity from renewable sources, at 60 euros per megawatt/hour.
Leonardo Boeing has communicated that there will be delays in the delivery of about ninety 787 Dreamliner aircraft: defects have been found to be removed.
Pirelli. At the shareholders' meeting on June 29, another meeting will be proposed, presumably by the end of July, to appoint the new board of directors, pending the conclusion of the Golden Power procedure. CEO Marco Tronchetti Provera has warned that Pirelli's independence is at risk due to the growing influence of Chinese shareholder Sinochem.
Prysmian S&P has assigned a long-term rating of BBB- with stable prospects.
sapphire has signed a ten-year license agreement on a global and exclusive basis for the design, production and distribution of Etro eyewear collections.
General Bank in May it raised 742 million euro in assets, with a large prevalence of assets under administration, 770 million euro.
