European markets in the red awaiting the US data on consumption and inflation to be released in the next few days. To worry is the decline in the availability of credit for businesses, due to the crisis of regional banks. The quarterly bulletin of the Federal Reserve shows that obtaining loans has become less simple for everyone in the United States: the conditions of access to credit have worsened for manufacturing companies, for those who want to buy a house, for consumers, for owners of credit cards. The survey certifies that the Fed restrictive measures are having their effects on theUS economy, with the trend likely to worsen in the second half of the year.
Credit is more difficult in the USA. Even the ECB hawks are pulling the brakes
Into this picture fits the general decline, which also involved Piazza Affari -0,50%, finished in the red after a promising start. The utterances of the ECB bankers contribute to accentuating the negative climate. This morning Peter Kazimier, one of the central bank's 'hawks', stressed that Frankfurt will have to keep raising interest rates for longer than expected, with core inflation and wage pressures remaining on special watch. According to Kazimir, moreover, only with the ECB projections for September will it be possible to understand how effective the measures adopted so far are proving to bring inflation back to the 2% target. Also the Latvian member of the board of the ECBMartins Kazaks said the hikes may not end in July and that expectations for a spring 2024 cut are "significantly premature."
After the intervention of the bankers, the spread with the Bund on the ten-year stretch, it widened up to 194 basis points from 191 at the start and yesterday at the end. The ten-year BTP rate stands at 4,27%, from 4,24% at the start and at the previous closure.
Stock exchanges latest news: banks in the foreground with Mps and Bpm
Always in the foreground the banks. It shut down after a dynamic start the run of Mps Bank -1,4% after the confirmation of the pur excellent quarterly data: interest margin, at 504 million euros. Profit of 236 million euros, a strong improvement compared to the 10 million of the same period of 2022 but also up by 51,3% from the 156 million of the previous quarter.
On the other hand, the shares of Banco Bpm + 4,82%. CEO Giuseppe Castagna rejoices; “We weren't among the favourites, but we will win the sector title.” The enthusiasm was justified by the first quarter profit thanks to a record result in net interest income, greeting of 45% to 743 million euros. The Cet 1 ratio is 14,15%. Direct banking deposits amounted to 123,2 billion. In the light of the results, the bank raised its profit target for '23 to 1,1 billion, while a rise to 24 billion is expected for 1,4, "doubled compared to 2022".
On positive ground too Bper +2% and among the other financial partners the partner Unipol.
Among the industrialists Brembo shines +3,1% after the accounts: net profit was 76,6 million (against 71,7 a year ago): Ebitda also rose (168,3 against 150,8).
The oil companies will take care of compressing the push of the Bull starting from Saipem -2%. Brent prices lose share -1% after the slowdown of the Chinese recovery. The drop in prices was reflected in the profits of the Saudi giant Aramco: only 30,9 billion dollars, 20% of the previous quarter, Eni lost just over 1%.
Among the industrialists heavy losses for Prysmian -2,5%. In red also Iveco Group -1,12%% which together with Nikola Corporation announced the launch of a new phase of the partnership that began in 2019, leveraging their respective skills to offer zero-emission heavy commercial vehicles in North America and Europe. Iveco will acquire the XNUMX% interest in the joint venture in Ulm, Germany. In addition, it will obtain an unrestricted license to use and further develop the jointly developed BEV and FCEV vehicle control software.
In Tim also drops which sent KKR and the CDP/Macquarie consortium a new letter with some requests for clarification on some aspects of the respective offers and on the next steps in view of the new deadline of 9 June.
Even on Wall Street, the opening is expected in the red
Waiting for the opening Usa Il Nasdaq futures mark a decline 0,2%.
Markets eye on today's White House meeting onraising the public debt ceiling. According to the Treasury Department, there are still about twenty days before the default.
The euro/dollar exchange rate is -0,19% (
