The tones change but not the substance. The chairman of the Fed, while specifying that a decision has not yet been taken, reiterated that the trajectory of interest rates will be decided by the performance of economic data which, for now, confirms economic growth. There is also the air of increases in Europe, despite the criticisms of Ignazio Visco to colleagues who anticipate new squeezes.
Given the atmosphere, it is not surprising that markets are cautious ahead of the open. The stock exchanges of Europe they should open slightly lower.
IERI (Yesterday) Business Square it closed up 0,54%.
Btp Italia beyond forecasts. Green Bond for Stellantis
Forget about falling interest rates this year, economists interviewed by Bloomberg warn. Only the Fed and the Swedish Riskbank could initiate the first cuts between September and next March.
The retail offer of BTP Italy. The third day of deposits reserved for savers (retail) for the Btp Italia closed with orders for over 1,99 billion. The auction total thus reached 8,5 billion in three days, significantly higher than the previous issue in mid-November when 7,27 billion was raised. Today the placement will be reserved for institutional investors.
Btp at 4,41% yield, from 4,51% the day before. Corporate bonds are also moving: Stellantis has successfully placed a 7-year (March 14, 2030) green bond worth 1,25 billion euro. Final orders were around 4 billion. This made it possible to lower the yield to 115 basis points. Intesa Sanpaolo successfully placed a new Green issue intended for the sterling market, for a nominal value of 600 million, the highest ever executed by an Italian bank issuer on the UK market.
Da Wall Street there are no indications from the futures. Yesterday was a session of minor movements, theS & P 500 it closed up 0,1%. Nasdaq + 0,4%.
The 3,99-Year Treasury Note trades at a XNUMX% yield, where it was yesterday.
Tax clash in Washington, the dollar rises
The comparison heats up Washington on the budget. President Biden today in Philadelphia will present his budget request for 2024, which provides for a deficit cut of almost three trillion in ten years. The head of the White House wants to extend Medicare health coverage for 25 years, also financing it with an increase in the tax rate from 3,8% to 5% on incomes exceeding $400. The Republicans are preparing to do battle.
THEeuro/dollar fluctuates around 1,055. Goldman Sachs has raised its forecast of the US rate hike landing point to 5,50%, or 100 basis points above the current level (lower end of the range), and this favors the transfer of liquidity towards the greenback.
Tokyo goes up, GDP goes down
This morning in Asia Pacific, Japan's stock exchange is highlighted, the Nikkei 0,5% salt. The fifth consecutive session of increases comes on the day of the publication of the final data on GDP for the fourth quarter of 2022. Economic growth has been revised downwards, in the face of private consumption below expectations. The expansion was only 0,1%, against the +0,6% of the first reading.
China's stock markets are around parity. Hang Seng of Hong Kong +0,3%, Shanghai Composite -0,2%.
Surprisingly, in February, Chinese inflation slowed to +1% on an annual basis, against 2,1% in January and 1,9% expected by analysts.
Aid for cars: Volkswagen wants 10 billion from the EU or the US
Monetary policy today gives way to economic policy tout court. The confrontation between the EU and the US on the economic aid envisaged by the Biden plan escalates. The Financial Times has revealed the intention of Volkswagen to transfer investments of 10 billion dollars to the USA if Europe does not in turn provide adequate aid.
The EU Commissioner for the Economy Paolo Gentiloni confirmed the back to common rules on the balance sheets at the end of the year, with the relative procedures in the event of a deficit exceeding 3% of GDP. But the rules will change: the Commission will propose specific recommendations to individual countries, which will take into account investments and energy measures.
Brent at 82,60 dollars, Wti at 76,6. The surprise slowdown in Chinese inflation suggests that the second largest economy on the planet is not accelerating and therefore the demand for Petroleum it will not increase as fast as previously thought. At today's prices, the week has a red balance of -4%,
Gas European natural -2,3% to 42,3 euro/mWh, less than one euro away from the lows of the last 13 months, from the beginning of the year -45%. The Algerian Energy Minister, Mohamed Arkab, discussed with the CEO of Eni, Claudio Descalzi, the investment opportunities in the country to increase the production of natural gas.
Enel, less debt for 1,7 billion. Vivendi “active” in Tim
Enel announces this morning the sale of the activities in Romania to PPC for 1,26 billion euros. The positive effect on debt will be 1,7 billion euros. Sa operation expected cumulative negative impact in 2022/23 of 1,4 billion.
The deconsolidation of the share of Telecom Italy (Tim) from Vivendi's balance sheet means that the Parisian company "is now able to play an active shareholder role." This was stated by the managing director of Vivendi Arnaud de Puyfontaine, speaking to journalists after the presentation of the annual accounts of the transalpine company. "Now he added - we have total freedom to defend the right valuation of the stake we have in this company which, from our point of view in terms of value, has very important potential".
The stake, purchased at the time for 1,08 euro, was devalued to 0,21 euro per share.
stellantis, Ferrari, Iveco, Industrial Driver's License. They have signed with the trade unions thecontract renewal agreement 2023-2026 which provides for a wage increase of 6,5% starting this month for Italian workers.
Leonardo. The Saudi Arabian operator THC has announced its willingness to start negotiations for the acquisition of an additional six Leonardo AW139 helicopters, together with options for another 20 helicopters.
