Taurus truly has a thousand lives. Wall Street resists the mediocre start of JP Morgan's dividend campaign (-3,2%), held back by the decline in investment banking business, and bonds rear their heads, despite steadily rising inflation and the expectation of the hike in US rates, which pushed the dollar to a twenty-year high against the yen, which recovered slightly this morning. And so, waiting for today's barrage of quarterly banking reports (Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo), all we have to do is celebrate the return to normality of Delta Air (+7%), after the accounts that certify the recovery of travel and tourism. A positive picture, perhaps too much, which has infected Asian price lists. Europe, plagued by war, follows at a distance.
South Korea also raises rates
The Chinese Stock Exchanges are advancing in the aftermath of new indications on a measure to support the economy: CSI 300 of Shanghai and Shenzen + 0,7%. Beijing public television anticipated that the central bank will proceed with a cut in the compulsory reserves of the banks and with the introduction of financial measures to support the real economy.
Hong Kong's Hang Seng is up 0,4%. Hang Seng Tech +0,8%, third consecutive session positive.
South Korea's stock market unchanged following the country's central bank's decision to raise its key interest rate by 25 basis points to 1,5%. In recent days, the central banks of New Zealand, Singapore and Canada have raised the cost of money.
US futures up, Treasury down
Nasdaq futures rose this morning. Last night the tech index gained 2% and the S&P500 1,1% like the Dow Jones.
The 2,67-year Treasury Note traded at 1,091%, down three basis points. The euro returns to XNUMX.
WTI oil at 103.8 dollars a barrel, down 0,5% from yesterday's +3,5%.
Today the takeover bid by Benetton and Blackstone
To follow Atlantia. The takeover bid for the Benetton-Blackstone consortium should arrive today. According to rumors, the price shouldn't be far from last night's values (21,9 euros). The vehicle company that will launch the purchase offer will be 60% owned by Benetton and 40% owned by Blackstone.
Inflation besieges the ECB, Canada raises rates
No news, good news. On the eve of the ECB meeting in Frankfurt, the market is betting that the central bank will limit itself to using more rigid language to the advantage of the Bundesbank, but without intervening on the cost of money. The decisions, anticipates S&P Global Rating, will arrive only in June, when the board will have more reliable data available on inflation trends (in slowdown according to chief economist Philipp Lane) and on the progress of the Ukrainian conflict.
Spain and London, top prices
Spain hits the record low: inflation rose by 9,8%, well above the Eurozone average (7,5% in March from 5,9% in February).
Not least, outside the euro area, the data on the United Kingdom: the consumer price index rose to a 30-year high, +7% last month.
Pnrr: the EU check arrives
An apparently positive data comes from the Italian industrial production in February, +4% seasonally adjusted. But in March, warns Prometeia, the picture changed (-2,6%): the quarter thus ended in the red.
The best news comes from Brussels: Ursula Von der Leyen has announced that the check for 21 billion has been sent to Rome which represents the first payment for the Pnrr. The Commission verified the achievement of the targets agreed for 2021.
Berlin: the stop to Russian gas puts 400 jobs at risk
The most disturbing notes concern Germany. Germany's top five economic institutes (Diw, Ifo, Ifw, Iwh and Rwi), presenting their spring estimates in Berlin, unanimously argued that an immediate disruption of Russian energy supplies could wipe out 220 billion euros of economic output in 2022 and in 2023, putting around 400 jobs at risk.
The spread is decreasing. Yields up at the Btp auction
Selling pressure on bonds eases. The 2,67-year US Treasury Note traded at 7%, -XNUMX basis points.
The yield of the BTP also fell slightly to 2,35% and the spread fell to 158 points against the Bund (0,77%).
The Treasury has assigned 8 billion euros, the maximum of the offer, in five bonds including the new 3-year, with rates on the rise. After the auctions, the 2,50-year yield fell from XNUMX%, the session's high.
Milan +0,22%. In London alarm on Tesco's consumption
Milan closed the session in positive territory (+0,22%, at 24,722). Madrid (+0,47%) and Amsterdam (+0,24%) are doing better. Down Frankfurt (-0,3%), flat London and Paris.
Tesco shares fell sharply (-3,97%) for the City: the largest British retailer chain warned that profits will probably fall this year due to difficult economic conditions.
Lvmh closes in positive ground +0,50%, but the rest of the luxury sector suffers. In the first quarter, the luxury giant withstood the slowdown in the Chinese market but, analysts note, "the second quarter promises to be more difficult". The other groups, from Kering to Hermès, close in red.
The Stellantis assembly rejects Tavares' salary
The big surprise comes from Amsterdam. Stellantis shareholders' meeting has voted against the salary of CEO Carlos Tavares. The vote of BpiFrance stands out, the public bank which holds 6,15% of the capital owned by the state. The vote is not binding: the chairman John Elkann said that the top management will take into account the indications of the assembly, but he defended the salary of the manager (and of the other executives, including him).
According to the proposal, Tavares should have received 19,15 million for the 2021 financial year. But to this figure, according to the Philtrust tax firm that spoke at the meeting, another 32 million euros should be added in shares as well as a long-term compensation around to 25 million euros, which would bring the salary to 66 million euros. The Stellantis spokesman specified that these are "hypothetical elements" for the long term. However, the controversy is part of the fiery climate of the French elections.
The Stock Exchange is looking for a home: towards the move from Piazza Affari
Borsa Italiana could say goodbye to the historic headquarters in Piazza Affari, in the building built in 1932 to a design by the architect Paolo Mezzanotte. The Milan Chamber of Commerce, owner of the 18.700 square meter building, has in fact opened a call for tenders to reassign the spaces. The starting bid is 6,85 million euros a year for a 6-year contract renewable for another 6.
Credit Agricole: at Bpm we stop here
In Piazza Affari, Banco Bpm shines (+3,5%), at the center of the market's attention due to its role in the new banking risk round. Crédit Agricole allegedly assured the Treasury that it had no interest in increasing further in the former Popolare.
Money also on Mediobanca (+2,4%) and Intesa (+1,5%).
Generali, the Crt foundation will vote with Caltagirone
The Board of Directors of the Crt Foundation has expressed itself in favor of the plan connected to the list presented by the Caltagirone group in view of the Generali meeting
Leonardo and Iveco run, Tim starts again
Still in great evidence Leonardo (+1,8%) and Iveco (+6%). Iliad's attention has rekindled attention to Tim (+3%).
Atlantia goes up +0,8% pending the green light to the offer from Benetton and Blackstone.
Nexi returns to IPO prices
The black jersey belongs to Campari (-3,2%) closely followed by Nexi (-2,7%), which has returned to the levels of the price list.
