The day of numbers has arrived. Today, preceded by a spasmodic wait, the data will come out on US consumer prices. The forecast is for a new increase to 8,8%, the highest since the 75s, which will make another XNUMX-point adjustment to Fed rates almost inevitable. Also because, at least for now, the squeeze has produced contradictory results: it slows down the sale of new homes and the price of used cars. But consumption holds judging by the start of Amazon's first day: Estimated $8 billion in business this year (+15%) in major e-commerce clearance sales. Even the accounts of Pepsico, which opened on Tuesday the quarterly season, report an increase in the consumption of Pepsi Cola, Gatorade and Doritos chips despite the increase in prices. But the soft-drink giant, while improving its sales forecasts, did not raise its profit estimates. In short, caution is a must. But, especially if the drop in oil is confirmed, the recovery could be closer. Not for Europe, however, which is held in check by expensive energy.
The EuroStoxx heading for an opening in the red
EuroStoxx futures lost 0,4% this morning anticipating a weak opening.
They closed in the red on Tuesday in red only Madrid and Piazza Affari, weighed down by the decline of Saipem (-40%, capital increase archived) and conditioned by the political crisis.
- In Milan, the FTSE MIB closed down 0,4%. In a press conference, Prime Minister Mario Draghi declared that the government "cannot go ahead with ultimatums", replying to a question on the fibrillation in the executive and on its possible referral to the Chambers in the event of an abstention by the M5s on the aid decree. ”
- The euro has fallen below parity with the dollar. The common European currency reached a minimum of 0,999995 dollars before returning to 1,00061.
- Political fibrillations are felt on the rising spread at 207 points. However, the bond market is recovering in view of a slowdown in global growth. The 2,97-year US Treasury Note restarts this morning with a yield of 1,13%. German Bund at 3,10%. XNUMX-year BTP at XNUMX%, the lowest since the end of May.
Wall Street futures up, awaiting the quarterly
- Wall Street futures are up slightly, with the S&P500 and Nasdaq closing nearly a percentage point lower on Tuesday.
- Conditioning the performance of the price lists was the oil descent fell below 100 dollars yesterday (-7,71%). The spotlight is already focused on the bank data due tomorrow.
The government intervenes, the Taiwan Stock Exchange runs: Tsmc +4%
- The Asian stock exchanges show moderate optimism this morning: the index MSCI Asia-Pacific it gained 0,60%, after falling to a two-year low earlier this week.
- Il Shanghai-Shenzhen CIS +0,6%, Hong Kong's Hang Seng +0,7%. Beijing continues unabated with the zero-covid policy. Residents of Wugang city will have to stay at home for at least three days. More than 300.000 inhabitants confined for a case of Covid-19.
- At the top of the ranking is the Taiwan Stock Exchange + 2%. Chip giant Taiwan Semiconductor Manufacturing Corp climbed 4%. The heavyweight of the index and of the global semiconductor sector benefits from the statements of Taiwan's Finance Minister, who announced that he would activate his equity stabilization fund. The market fell to a 19-month low.
- Il Nikkei Japan it climbed 0,45% after losing nearly 2% the previous day.
Rates rise in Korea and New Zealand
- The upward trend in interest rates is confirmed. South Korea's central bank hiked rates by 50 basis points tonight, the largest increase since the bank adopted the current monetary policy framework in 1999. New Zealand's central bank also hiked rates of the same amount.
After the landslide, oil stabilizes. The gas still rises
Brent and WTI oil stabilized this morning after Tuesday's plunge that pushed both types below $100 a barrel on fears of a slowdown in global demand.
US Natural Gas +2% to 6,30 dollars. Gas in Europe rose by 5% to 172 euro MWh.
Highlights: Tim, Cucinelli, Enel
The CVC fund, according to Repubblica, has renewed its interest in a minority stake in Enterprise, the newco controlled by Tim which will merge cloud, cybersecurity and IT activities. The valuation would be around 7 billion.
Brunello Cucinelli improved its 2022 revenue guidance after a jump in second-quarter sales, its best performance ever.
Enel. Major international players withdrew from the bidding process for the Enel-owned Brazilian electricity distributor, leaving two local firms to compete head-to-head for the asset.
MPS Bank. CEO Luigi Lovaglio said he was confident about the capital increase and spoke of the initial positive feedback on the industrial plan perceived as solid by the market.
