Eurozone inflation slows down, but at a snail's pace: +8,5% in February against 8,6%. Too little to reassure the markets that were expecting a more reassuring +8,3%. Also in Italy the race in prices registers +9,2% above expectations, but slowing down compared to the +10% in January. These numbers offer little room for both enthusiasm and despair. The result is theflat encephalogram of price lists: Piazza Affari rises by 0,11% around 27.340 points, Paris +0,02% supported by the news that Aramco, the Saudi oil giant, will acquire up to a 20% stake in the new one jv between Renault and the Chinese Geely which will focus on internal combustion and hybrid propulsion technologies, with the aim of developing more efficient petrol engines and hybrid systems as an alternative to electric. The decline in the banking sector weighs HSBC -4,3% in London on the day of the detachment coupon.
Inflation not slowing enough, pressure on bond yields
Under the pressure of inflation, the upward thrust of the prices prevails bond yields. Il Treasury Notes in ten years it has gone beyond the psychological threshold of 4%, today it is at 4,04%. The Waist German ten-year rate rises to 2,75%, new high since 2011; The BTP ten-year to 4,61%. Filippo Diodovic, Ig Italia strategist, writes that “the persistence of inflation at such high levels changes our expectations on the next ECB moves. We expect a 125 basis point increase in the cost of money in the coming months (with strong pressure from the 'hawks' for increases of 75 basis points in March and 50 basis points in May)”. Christine Lagarde, speaking to a Spanish TV, confirmed this morning that rates could continue to rise after the half point increase in the middle of the month.
The Tesla cyclone hits the chips, landslide Stm
Weighs on the share front the cyclone Tesla, down 5% after the presentation of the industrial plan. Elon Musk said during the presentation that the house will use less semiconductors based on silicon carbide because it wants to focus on an alternative technology developed internally. In response, the prices of semiconductors collapse: Stm, worst title in Milan and Paris, leaves on the ground around 6%.
At Piazza Affari he leads the race Amplifon + 4,9% after The bills, ahead of oil companies: Tenaris +2,2%. Well bought Campari +1,8%.
Under fire Bpm bank. Little move Telecom Italia + 0,69%. Talks are ongoing between the government and EU Antitrust on NetCo. The MEF is studying a bridging solution to allow CDP in the first phase to stay out of the vehicle used to launch the offer and avoid antitrust problems.
La United States Stock Exchange should open mixed, the futures of the Dow Jones and the Nasdaq diverge, the first rising and the second falling.
A record session is looming on Wall Street for Salesforce +15% in the premarket after the results announced during the night that shattered consensus expectations, both for the past quarter and for the current fiscal year. “For the full year, we generated $31,4 billion in revenue, up 18% year over year or 22% constant currency, one of the best performers of any enterprise software company our size,” he said. Marc Benioff, President and CEO of the Queen of the Cloud.
