In Business Square the phone cries. Throughout Europe is felt theinflation effect, always disturbing despite some modest progress. The indices bend downwards, while remaining close to the highs. Milan, yesterday for a few minutes above 28, slips around 27.800, in line with the other price lists. To be noted in Amsterdam the braking of Asml -2,5% on the day the EU launches the chip plan. Fly Heineken +3,45% after confirming earnings growth forecasts in 2023; the slowdown in economic expansion in the Asia-Pacific region offset by greater resistance from beer consumers in Europe.
Stock exchanges latest news: for Tim a new thud after the offers on the net
There is no mug that can console Tim's shareholders after deals on Tim's network, much more stingy than analysts' reports hoped for. The stock of the former incumbent -6,4% slips below 30 cents. CDP-Macquarie has offered 19,3 billion euros, while another source close to the dossier reports that Kkr has put 21 billion euros on the plate, including 2 billion from an earnout mechanism. Basically, the two contenders have improved the already known offers by around one billion, remaining far below Vivendi's demands, the first shareholder of the group who claims to be trading on values close to 30 billion, however necessary to reduce debt to more sustainable levels. Therefore, it is unlikely that an agreement can be reached on these bases: the judgment of Banca Akros is enough in this regard: "The new offers, if confirmed, will not please Vivendi and it is not certain that Tim's board would also be enthusiastic about them" . At this point, adds the broker, “the possibility of a direct sale is not so high and other options could emerge”.
European stock exchanges: fears about inflation are rekindled
Still holding the court throughout Europe is theprice rise especially in UK which continues to pay for the Brexit effect. British inflation remains double-digit in March at 10,1% which in March slowed down less than expected to +10,1% compared to +10,4% in February. Economists had forecast that the annual rate of the CPI would slow to +9,8% in March, moving away from the highs of the last 41 years seen in October of 11,1%. Pending interventions by the Bank of England, the pound rose by 0,25% to 1,2454 dollars.
better but not too muchEurozone. Inflation grew by +0,9% month over month and +6,9% year over year, in line with previous data. Not even “core” inflation is decreasing, remaining at +5,7%, on the highest level of the millennium. Hence the forecast of a new rate hike at the ECB meeting in May. Goldman Sachs is convinced that Frankfurt will not stop before a tweak to 3,75%.
Heavy bonds and Btp
Given the premises, it is not surprising thatheavy performance of BTPs and Eurozone bonds in general, with investors nervous as the ECB and Fed meetings scheduled for early May approach.
The 4,36-year BTP rate settled in the 4,29% area after closing at 2% in the previous session, while on the 3,48-year segment the yield rose to 3,40% from 182%. The spread on the Bund on the ten-year stretch is around XNUMX basis points, in line with yesterday's close.
During the day the spotlight will be on the speeches by chief economist of the ECB Philip Lane and of the 'hawks' Isabel Schnabel and Klaas Knot, Lane yesterday said he was in favor of a hike in May and clarified that the size will depend on the data, fueling expectations for the PMIs on Friday's agenda and above all for consumer prices of April at block level, given that it will be released on May 2, two days before the ECB meeting.
The rumors about a possible merger between Unicredit stable Bpm Bank +0,4% do not undermine the market by much.
Enel returns to Piazza Affari, the Mondrian fund attacks on the appointments
The better utility despite the indications on rates: the best stocks include Hera and A2a, both +1%. It also regains altitude Enel +0,70% after the sales of the last few days. It grows there nomination controversy: Mondrian Investment Partners, holder of a 1,7% stake in the capital, said “extremely disappointed” from the “total lack of transparency” in the process of appointing the new Board.
At the top of the index of blue chips figure Prismian +1,97%, awarded by City.
On the contrary, the oil sectors were heavy: Saipem -3,41% announced that it had been awarded by Eni -1,2%, the two-year extension of the contract for the use of the drilling vessel Santorini.
He misses out Brunello Cucinelli -2,5%: the quarter closed with net revenues of 265,3 million euros, with a growth of 34,7% at current exchange rates (+32,8% at constant exchange rates) compared to the first quarter of 2022. For the full year, the estimate is for an increase in sales of 15% and approximately 10% in 2024.
Overseas, even i Wall Street futures weaken, S&P500 and Nasdaq -0,7%.
