The Eurozone has officially entered a "technical" recession, in the USA the requests for unemployment benefits are growing again. Well done, the financial markets responded, convinced that this is the right framework to avoid further tightening by the central banks. The result? An unexpected shower of records. Here are the news opening on the stock exchanges of today 9 June.
The USA enters the bull market, Brazil does well
- The US markets have entered the bull area: since last October 12, the date of the lows, the S& P index rose more than 20% on Thursday. 70% of traders believe the Fed will not raise rates at next week's meeting.
- Tokyo continues to drag the Asia Pacific area. After surpassing 1990 prices, the Nikkei index closes the week on a high note with a new leap of 1,8%.
- The MSCI Emerging Markets index completed its fifth positive session yesterday in a row, reaching its highest level in about two months, partly offsetting the negative performance of China.
- Other price lists performed very well: Taiwan +18%, South Korea and Brazil +13%. Not doing well, albeit with a positive performance, is the third market in the standings, ie India with +4%.
Btp Valore smashes records: today it closes the placement
Europe also seems set to end the week preceding the ECB meeting on positive ground. Stock markets should open slightly higher, EuroStoxx50 index futures +0,2%.
Only Milan +0.81% recorded a modest increase on Thursday and today, June 9th, it opened flat. The effects of the slowdown in economies are being felt, Giuseppe Sersale of Anthilia points out: “that the stock market made the bulk of the progress between October 2023 and February, discounting the stability of profits. Then progress is scarce and the index is currently not far from the levels of 4 months ago”,
They are expected during the day interventions by the vice president of the ECB Luis De Guindos and Andrea Erria, Head of Supervision Frankfurt. According to a Bloomberg poll, Frankfurt will not raise interest rates too much or stop raising them too soon. After two 25bp hikes this month and next, the rate would need to stay at 3,75% for a year to keep inflation in check.
ten-year BTP at 4,21%. On the fourth day the overall demand for the Btp Value before the closure it grew to 17,7 billion. Today it closes.
Tesla and Amazon lead Wall Street
Again it was the NASDAQ +1%, to push Wall Street thanks to the companies with the largest capitalization. Among these is the +4,5% of Tesla and +2,9% of Amazon, backed by Wells Fargo promotion.
Rising new jobless claims helped drive market rates down yesterday. The 3,73-year Treasury Notes are trading at XNUMX% this morning, seven basis points lower than yesterday.
Not just Tokyo. Shine in Asia the Kospi of Seoul + 0,9%.
Hong Kong's Hang Seng is up 0,3%. On parity the CSI 300 of the Shanghai and Shenzhen price lists.
China in denunciation, prices - 4,6%
I consumer prices they rose by 0,2% yoy, a slight acceleration compared to April: the figure is in line with expectations. The second largest economy on the planet is in a deflationary scenario: alongside the anemic inflation data, there is the sharp decline in producer prices, down 4,6% last month. To find a monthly decline of this magnitude, one must go back to 2016. The Bloomberg Intelligence economist, David Qu, writes that these latest data make the need for a monetary stimulus even more evident.
Oil down 0,7%, heading towards the second consecutive negative week, driven by disappointing Chinese data and the increase in US fuel inventories.
Il EU Natural Gas (Amsterdam) closed yesterday up 2% at 27,0 euro/mwh. It would complete its first positive week at these levels (+14% the provisional balance), after nine consecutive downturns.
Last call for Tim. Vodafone-H3G was born in London
The new proposals for the Telecom network will arrive today. The two proposals will be delivered by 19 pm, and should include corrections. But the total price of 21 billion proposed by Kkr and 19,3 billion by Cdp and Macquarie should rise slightly. However, Tim would also appreciate a change in the composition of the offer.
Reuters reports that Vodafone and UK Hutchison are in the final stage of the deal to integrate their respective businesses in the UK, with an announcement expected either as early as today Friday or early next week. The new group, majority-owned by Vodafone, could be worth around £15bn including debt. The respective stakes would be determined by the shares of debt held without cash consideration, the companies had announced in October.
It's raining promotions for Lottomatica +1% in the final. The following investment banks have started hedging. Goldman Sachs with Buy judgment and target price at 13,6. JP Morgan with Overweight and target price of 12.5 euros. Barclays with Overweight (target 11 euros). BNP Paribas is Overweight, target price 12 euros. Deutsche Bank is Buy, 11,5. Mediobanca is Outperform, 13 euros. Kepler is Buy, target price at 11 euros. Equita is Buy, target price at 12,5 euros.
Unicredit +1,3%, would be interested in participating in a tender for the acquisition of a Romanian bank, reports MF. Romania is worth about 1,5% of the loans disbursed by the group.
Leonardo signed a contract for the supply of C-27J Spartan aircraft to the Azerbaijan Air Force.
