Growth of around 5% but supported by a military spending budget growing by 7,2%. The 2.956 of National People's Congress this morning they approved the report by Prime Minister Li Qang delivered in the presence of an inscrutable person Xi Jinping sitting on the first bench of the Great Hall of the People. Beyond the ritual applause, the Prime Minister's message disappointed the operators who were waiting for concrete indications on the reforms and stimulus to the economy.
On the contrary, the desire to reduce the deficit to 3% (from -3,8%) has emerged. But also for this year a program of special debt securities is expected to be issued in the coming months for a value of 1.000 billion yuan ( approximately 140 billion dollars), probably to be recorded off-balance sheet. Among the ambitious targets there are 3% inflation, when the country is grappling with a dangerous spiral of deflation, 12 million new urban jobs and an unemployment rate “around 5,5%.”
The Hang Seng of Hong Kong loses 2%, with the big names in tech ballasting it. The Hang Seng Tech Index is down 3,5%. Baidu -4% JD.Com -6% Alibaba -3%.
The CSI 300 index of the lists of Shanghai and Shenzhen is up 0,5%. However, it must be said that in February the Chinese stock markets recorded an unexpected leap forward of 9,5%. Taiex also rises Taipei, +0,5%. Both indices are at all-time highs. The Kospi of fell by 0,6%. Alone, Straits Times index of Singapore -0,3%.
The Nikkei index moved little Tokyo -0,1%.
Nvidia never stops
Thus it opened in a minor key Super Tuesday, that is, the primaries in 15 US states are probably decisive for the choice of presidential candidates.
On Wall Street, all three major indices closed lower. Nasdaq -0,4%. S & P500 -0,1%. Dow Jones -0,3%. Only artificial intelligence is rising. Yesterday Nvidia it closed up +3% with a new all-time high of $877, which moves the market cap to $2.130 billion.
Super Micro Computers it finished up +18,8%, boosted by Friday's announcement that it will be added to the benchmark S&P500 index. The title SMCI it has grown by almost +278% since January 1st. The change will come into effect before the market opens on Monday 18 March.
Regarding the old continent: the Eurostoxx 50 (+0,5%) has updated the tops since 2000.
Gold and bitcoin, twin records
To report that gold and Bitcoin are now within sight of their historic highs. The price of gold hit a three-month high on Monday, driven by growing bets on an interest rate cut by the U.S. Federal Reserve in June.
THEspot gold rose 0,8% to $2.099,79 an ounce as of 10:20 a.m., its highest level since Dec. 4, when prices hit an all-time high of $2.135,40. Between Friday and yesterday, volatility exploded amid expectations that during his testimony scheduled for this week, Federal Reserve Chairman Jerome Powell would be more accommodating towards cutting the cost of money. Gold's gain was also driven by some weak U.S. economic data and tensions in the Middle East.
Il Bitcoin is now within sight of its all-time high of $68.991. microstrategy surprised the market by announcing the sale of $600 million in senior convertible bonds (effectively a capital increase) to buy more Bitcoin. The stock lost 3% in the afterhours, after a sensational +23% recorded in the official session.
The spread falls further, BTP value at 74% at retail
Bond market recovering slightly ahead of the delicate events on the agenda in the second part of the week. The most interesting data concerns the further contraction of the spread to 141 basis points, a new low since November 2021. Ten-year Treasury at 4,22%. German 2,39-year Bund at XNUMX%. XNUMX-year BTP to 3,80%.
The president of the Atlanta Fed, Bostic, cooled enthusiasm, underlining that there is no urgency to cut rates, given the strength of the economy.
Btp Value: The Treasury revealed that of the 18,3 billion euros placed, 74% of the orders came from retail investors, the rest from private banking.
Belgium: Brussels instead flopped with its 12-month retail bond, which raised only 413 million euros in the absence of a tax incentive, while in September the demand for a similar Belgian bond had reached the record figure of 22 billion.
Stock market March 5: stocks in the spotlight
Unicredit: Morgan Stanley cuts to Equalweight. The same bank raises Intesa Sanpaolo to Overweight.
Snam: the storage company Vtti, owned by Vitol, is close to acquiring the majority of the Adriatic LNG terminal in Rovigo from Exxon Mobil and QatarEnergy, in which Snam has 7,3%, reported to Reuters two sources familiar with the dossier.
Mediobanca: Morgan Stanley has initiated coverage with an Overweight recommendation and a target of 16,4 euros.
A2a: Italy needs to invest 15 billion to adapt hydroelectric plants to climate change and make them more modern. This is what CEO Renato Mazzoncini said.
StM: lhe Apple iPhone sales in China fell 24% from a year earlier in the first six weeks of this year, according to research firm Counterpoint, as the U.S. company faced growing competition from domestic rivals such as Huawei. According to the report, the US tech giant's main competitor in the premium smartphone sector in China, Huawei, recorded a 64% increase in unit sales in the same period. Apple is a major customer of Apple.
FinecoBank successfully completed the placement of an issue on the market of Additional Tier1 instruments intended for institutional investors, for a total amount of 500 million and a semi-annual coupon for the first 5,5 years equal to 7,5% (with spread equal to 5,5 years Interpolated Mid Swap rate + 488,9 basis points) compared to an initial guidance of 8%. The final spread of the operation is the lowest in the Italian panorama for this type of instrument since the beginning of 2023, thanks to an overall demand equal to approximately 7 times the offer.
Webuild: Cdp will keep 15% until the end of the works Pnrr writes Mr. The detail emerges in the text of the new shareholder agreements signed by Cdp Equity - the vehicle through which Cdp controls the share of the construction giant - Salini Spa and the CEO Pietro Salini personally, negotiated for the Cassa by the development and business director of Cdp Equity, Fabio Barchiesi. The agreements include a series of commitments: for Salini spa there is the obligation to remain above 30% of Webuild's share capital (it is now at 39,66%) and not to approve operations that dilute Cdp's share below the 15%.
Maire Tecnimont: Subsidiary Nextchem has signed a binding agreement to acquire 100% of GasConTec, a company specializing in technology development and process engineering, founded in 2017 and based in Bad Homburg, Germany. The agreement provides for a total consideration of 30 million euros.
