A cautious opening is looming for European financial markets. Eurostoxx futures signal a downward start of equity markets in a framework dominated by the oil recovery, on two-week highs, and since strengthening of the dollar against the euro, traded at 1,077. Operators, struggling with the rise in inflation, prepare for the new ones sanctions against Moscow, which may relate to energy. Caution is also suggested by the performance of the Asian markets, starting with China, held back by the exhausting lockdown affecting 400 million people, spread across 45 cities. Calculate Nomura that this portion of the country produces 40% of GDP (equal to 7.200 billion dollars).
Hong Kong holds back, Chinese GDP is not convincing
The CSI 300 index of the lists of Shanghai e Shenzen retreats by 0,5%. It gets worse Hong Kong (-1,7%). Bilibili, the streaming video game platform, loses more than 10% after the warning of the Beijing authorities to the whole sector: the Cyberspace Administration is about to start a series of inspections.
The data on the data did not impress that much GDP for the first quarter spread at Easter, resulting in a growth of 4,8%. A better-than-expected result, which only partially takes into account the effects of the collapse in retail sales (-3,5%), which, notes the Financial Times, recorded their worst result since July 2020. The construction sector also recorded a contraction of 2%, albeit a slight improvement from the -2,9% of the fourth quarter.
Il Tokyo Nikkei earn 0,5%. The markets are also up South Korea (+1%), of Singapore (Straits Times +0,6%) and by Taiwan (Taipex +0,7%). On par the BSE Sensex of Mumbai.
* Flat Wall Street, good Bank of America
Interim session yesterday at Wall Street, with modest exchanges. L'S & P500 closed unchanged. The quarterly season is getting more and more alive: good Bank of America: +3% after results. Broker prices plummet Charles Schwab (-9,4%): this is confirmation of the decline in stock market volumes.
Always warm the front of Twitter (+4,8%) after the adoption of the "poison pills" adopted by the board to counter the takeover of Elon Musk. The Apollo fund has announced that it is ready to take the field to support an offer on social media.
They will be announced today The bills of Halliburton, IBM, Johnson & Johnson and Lockheed Martin. It's Netflix tonight.
T Bond still buzzing. The risk of recession is rising
Easter did not ease the tension on the bond markets. Yesterday i T-bonds US 2,884-year bonds opened trading at 2,846%, up further on Thursday's prices (2018%), already a record since November XNUMX.
Dominating the scene, pending the spring meeting of the Monetary Fund, is the sword of Damocles of the recession, given with a 35% probability within two years by Jan Hatzius of Goldman Sachs.
In this context, writes Jon Hilsenrath del Wall Street Journal (always the voice closest to the top management of the Fed), "the Central Bank is trying to execute a maneuver that it has never succeeded in recent years: raise rates without hurting employment".
Problems in Libya, oil flies
To report the increase in oil prices, which rose above 113 dollars a barrel on the back of the stoppage of production in two fields in Libya, confirming that the balance of the energy market is more precarious than ever.
Luigi Di Maio and Roberto Cingolani will represent the Italian government in tomorrow's mission to Angola and Congo, in the absence of the premier Mario Draghi tested positive for Covid. What has been renamed the "gas tour" in Africa remains at the center of government action, in anticipation of the need to fill stocks to cope with the cold months and, within two or three years, free oneself from supplies originating from Russia.
French derby on Banco Bpm policies
Worth mentioning in Piazza Affari Bpm bank, that tomorrow will detach a coupon of 0,19% euro, equal to 6,98% compared to the last prices. But to turn attention will be the match of the insurance participations. Credit Agricole, for a few days leading shareholder of Bpm with a 9,2% stake, made a non-binding offer for the bancassurance activities of the former popular bank with the aim of expanding the business with Banco Bpm, selling insurance policies through its branches. But Banco Bpm's bancassurance business is also of interest to Axa, what a second Bloomberg in recent days it had come forward offering around 1,5 billion euros for all the bancassurance activities of Banco Bpm.
