Ignazio Visco turn it up. "I don't appreciate the statements of my colleagues on the prolonged rate hikes": said the governor of the Bank of Italy in his greeting at the XIV Maeci-Bank of Italy conference. “It is very difficult – he continued – to predict future macroeconomic trends. Monetary policy will therefore have to continue to move with prudence, being guided by the data and minimizing the negative effects on the still fragile recovery”.
Visco attacks on ECB rate hike strategy
One week after ECB meeting thus the tug of war on the strategy of the cost of money rises. An increase of half a point on March 16 is almost obvious, but the "doves", supported by the chief economist Philip Lane, have no intention of mortgaging future moves, also because there are not a few who think that the choice to "just tighten ” is not the most effective. Also because, underlines the EU commissioner Paolo Gentiloni, “inflation will certainly come down”.
On the markets, the thesis must have some hold, judging by the caution with which the markets have reacted to the harsh words of Fed Chairman Jerome Powell, who defined new "very probable" rate hikes to deal with higher-than-expected inflation. The BTP trades at 4,54%, + 3 basis points.
Piazza Affari ok pushed by the banks, Europe follows
Under the impetus of the banks, he regains his good humor Business Square +0,31%, again in the assault share 28 my points.
In mid-morning, the BTP Italia surpassed the results of the previous issue, with orders totaling 735 million in addition to the 6,557 collected on Monday 6 and Tuesday 7, for a provisional total of 7,292 billion against the 7,281 billion of the November 2022 issue.
The others too stock exchanges in Europe, after a downward start, they now move slightly above parity. Difficult to find a key to interpret the data of the morning. In Germany retail sales surprisingly dropped 0,3% month-on-month, consensus was +2,3%. Conversely, industrial production rose by 3,5%, against the +1,4% expected by economists.
In January, at Italy, retail sales recorded an increase in both value and volume. According to the data released today by Istat, in the month in question the overall index in value of sales recorded increases of 1,7% on month after the -0,2% of December, and of 6,2% on year from +3,6% (revised from +3,4%).
In Piazza Affari the banks comforted by the prospect of rising rates. At the top of the list stands a trio of institutions that boast increases in the order of a generous 2%: Bper, Bpm and the ever-present Unicredit.
In red Tenaris -1,3%. Loses shots after the accounts Fincantieri -5% which closes the fourth quarter with results below expectations on almost all metrics, slightly better than expected only for debt. The indications for 2023 are also disappointing. The company closed 2022 with a group loss of 324 million.
Leonardo -0,3%, announced this morning that it has signed sales contractsa of fifty AW09 helicopters. Buyers are spread all over the world, Latin America, South East Asia, Japan and Oceania. The quarterly data will come out tomorrow.
Expected tomorrow also the numbers of Prysmian. On 6 March, the stock reached its latest all-time high at €38,68 for a year-to-date performance of around +10%.
Little move Tim +0,2%. The related parties committee meets on Friday, the body is called to examine the joint offer for the former monopolist's fixed network presented by Cdp and Macquarie. Reuters reports that Vivendi, the telephone group's main shareholder, remains cool with respect to the proposal. The KKR fund would be in favor of a one-off offer.
Stable (Supply) Stellantis. Ferrari, Iveco and CNH Industrial signed today with the trade unions the agreement for the renewal of the contract 2023-2026 which provides for a 6,5% wage increase starting this month for their Italian workers. Both the unions and the automotive group say so in various press releases. Under the agreement, a further increase of 4,5% will start from January 2024, while workers will also be paid one-off bonuses for a total of 600 euros during this year.
The deal is about almost 70.000 Italian workers of the four industrial groups.
US markets, gold and oil
In the USA, having taken note of the intentions of the Federal Reserve, attention now turns to the US labor market data due out on Friday. Equally important will be the inflation data released on March 14th. The Federal Reserve meets on March 22, the members of the board will have these last two data available, in order to be able to decide.
The euro dollar it lost 1,3% yesterday, this morning the descent continues, the cross is close to the medium-term lows at 1,053.
Il WTI oil it closed down 3,5%, this morning it moved little at 77,2 dollars a barrel. Russia is selling the oil in Asia that it previously destined for Europe, production has remained high in recent months, the OPEC+ secretary general said yesterday during an event.
