"I don't think the season of high profits is going to continue for long." Warren Buffett thus explains the decline of 13,3 billion in its portfolio share and the increase of gigantic liquidity of Berkshire Hathaway. But the warning of the wise man from Omaha, 92, does not disdain artificial intelligence ("it amuses me") and does not skimp on the applause of the Fed for the intervention on the banks, does not curb the good humor on the stock markets resulting from the decisions of the central banks.
Chinese stock markets are up. reserves in gold and dollars rise
- After Friday's Wall Street leap, the week starts in Pacific Asia with China's stocks leading the rise, theShanghai Composit indexand gains 1,5%, Hong Kong's Hang Seng 0,7%.
- China's foreign exchange reserves rose $21 billion in April to a new record of $3.205 billion. Gold deposits also increased to 66,76 ounces.
- Tomorrow's data on trade balance should show that Chinese exports rose eight percent yoy in April, up from +15% in March. According to Goldman Sachs, the slowdown is due to seasonality and not to a loss of momentum in the economic cycle.
Tokyo raises the inflation alarm
Il Kospi of Seoul it is up by 0,7% on the day of the historic visit of the Japanese premier Kishida. Sydney's S&P ASX was also up 0,5%.
Tokyo Nikkei -0,5%. Jibun Bank's non-manufacturing PMI rose for the fifth straight month in April to hit a record high of 55,4. In the latest meeting of the central bank chaired by the outgoing governor, Haruhiko Kuroda, members of the monetary policy committee expressed much concern about the trajectory of inflation.
Pacwest: +80% Friday. Inflation data is coming
- Friday the Nasdaq rose by 2,25%, first session positive after four of declines, the week finished with a gain of 0,1%. The protagonists of the session were the regional banks, PacWest Bancorp closed up by eighty percent.
- The futures of Wall Street today they are not moved. The 3,38-year Treasury Note is little moved at XNUMX% yield.
- The summit on raising the public debt ceiling between the leaders of the United States Congress and President Joe Biden is held tomorrow. The next day the inflation data comes out.
Tassi, Lane (ECB) speaks today. Well the btp
- The European stock markets, already brilliant on Friday, opened in line with the previous session and are moderately positive amid the uncertainty of the period. The data on German industrial production comes out in the morning.
- The interest rate debate continues. The Dutch Knot has already asked for a new hike for next month. Today the chief economist of the BCE Philip Lane.
- On Friday, the day after the ECB meeting, the governor Visco he predicted that rates should soon reach the level adequate to contain inflation.
- In the Eurozone. 2,29-year German Bund 4,18%, Btp 0,30%. The balance for the week was up by XNUMX% for the former, perfectly flat for the latter.
- Thursday the Bank of England should proceed to an increase in the cost of money.
Fitch's verdict is coming
In Italy the most important appointment will fall at the end of the week when the Fitch report card on public debt, particularly awaited after the signals launched by Moody's and S&P.
It will also be a week dominated by major corporate events that intertwine with government news.
Enel: the longest day by Paolo Scaroni
- General attention is focused on the Enel assembly called to choose on Wednesday between the candidate for the Treasury, Paolo Scaroni, and that of the minority shareholders, among which the Norwegian sovereign wealth fund, the banker Paolo Mazzucchelli, stands out.
- High-voltage finale, again on Wednesday, for the Eni assembly. The new Commander General of the Guardia di Finanza will have to be indicated by the evening given that the current Joseph Zafarana, will take on the role of president of ENI.
Rain of dividends for small companies
- Numerous other corporate appointments. I'm scheduled for today quarterly by Bpm need Mps Bank, in the next few days it will be the turn of Bper and Fineco.
- Great expectations also for the Board of Telecom Italy
- There are 40 companies that will detach the dividend on 8 May 2023: in particular, 2 companies belong to the MidCap; 15 are part of the STAR segment and 3 are those of Euronext Milan, while no less than 20 are the companies of Euronext Growth Milan.
- The euro-dollar exchange rate is 1,104.
- Il WTI oil it moved slightly to 71,4 dollars a barrel, from +4% on Friday. Gold at $2.027 an ounce.
The EU does not give discounts to managed savings
- MPS Bank. The Ministry of Economy would be open to the possibility of reduce participation of 64% held in Banca MPS through one or more equity placements on the market, three sources familiar with the dossier told Reuters. According to these sources, the Treasury intends to involve Banco BPM in some way.
- Fincantieri. Cdp has proposed Barbara Debra Contini as director in view of the renewal of the board in the meeting of 31 May.
- Tim. The Treasury is ready to support a joint offer for the Telecom Italia network promoted by the US fund Kkr and by Cassa Depositi e Prestiti (Cdp), currently competitors. Two sources familiar with the situation told Reuters after Telecom Italia's board of directors rejected the offers of Kkr and that of the rival consortium Cdp-Macquarie as not yet adequate. In an interview with Il Sole 24 Ore on Saturday Stefano Donnarumma, Terna's outgoing CEO, denies any hypothesis of involvement in Tim: "It doesn't seem to me that there are such intentions," he says.
- Azimut, Banca General, Banca Mediolanum. It now seems almost impossible for the European Commission to renounce the reform of the remuneration mechanism of networks and banks. Prometeia calculates that in the worst case, one no relegation it could reduce commissions by a minimum of two billion euros, up to a maximum, in the worst case, of fifteen billion.
- Snam is interested in taking over the gas storage business from Edison, says Snam's CEO, Stefano Venier.
- B for Bank reached a agreement with the unions as part of the business plan to 2025 which provides for the exit of 540 employees through the solidarity fund. In the face of redundancies, the agreement provides for 270 new hires, as well as the stabilization of 80 fixed-term contracts.
