Two Wall Street giants of the caliber of lose their blows Apple Lossless Audio CODEC (ALAC), e Tesla. Bad Asian bags they don't feel the pinch. On the contrary. Shanghai and Shenzhen advance on the wave of progress of Vivo and Huawei, Phone companies benefiting from Apple's sales crisis in China -24% in the first six weeks of 2024.
It also misses out Tesla, affected by the stop in the German plant, victim of an accident that has the flavor of sabotage. The double misfortune gives wings to the Chinese tech: Hang Seng Tech rebounds by +3,7%, having fallen by -4,3% yesterday. The general price list recorded a rebound of 3,7% after the -4,3% drop the day before. JD.COM soars +9% on the eve of the presentation of the fourth quarter data. Alibaba +4%, first session with a positive sign after five negative closing sessions.
But the indications arriving from the party assembly did not wake up the dragon's lists. Indeed, having noted with some skepticism the growth objectives for 2024 (5% growth) the attention shifts to the press conference at the end of the works of the annual meeting of the National People's Congress. At the meeting with journalists There will not be President Xi Jinping. The unusual absence of the number one in Chinese politics has led to a downgrading of the event, but the possibility remains that announcing the stimulus plan the senior officials present at the press conference are comparable to a bazooka. In the rest of the continent, Nikkei 225 unchanged. The Taipei stock exchange, driven by purchases of its chips linked to artificial intelligence, rises for the third consecutive day and reaches a new all-time high, Taiex index +0,6%. Kospi -0,2%. Sydney rises slightly on the day of the publication of GDP data.
In “super tuesday” which confirmed Donald Trump's triumphant advance towards the nomination for the White House, Wall Street it closed with a sharp decline that can simply be attributed to the physiological profit-taking of those who want to avoid being caught off guard by the news that will emerge from delicate events on the agenda between now and Friday; we start with the Powell hearings. The Nasdaq lost 1,65%, its worst session in three weeks.
New record for super micro computers
Among the magnificent seven, the gap between the first and the last, or rather between Artificial Intelligence and the Electric Car sector, has further increased: Nvidia it finished up by 0,9%, gaining +73,6% since the beginning of the year. Tesla it has lost -4%, -27% since the beginning of the year. Super Micro Computers achieved its fourth consecutive increase (+1,5%), supported by the announcement that it will join the S&P18 from Monday 500 March, +284% since the beginning of the year
Gold and bitcoin are flying
Gold and Bitcoin have reached highly important discriminated thresholds, which could trigger profit taking. Gold is at the highest levels of the last three months at 2.140 dollars, +1,24%. Thrilling oscillations for Bitcoin rose to 66.140 dollars. This morning it bounces by +4%, from -6% yesterday triggered when the price reached the new historical record of 69.191 USD, which beat the previous record of 68.991 dollars dating back to 14 November 2021. The price grew by +160 % since October and +65% since the beginning of February alone thanks to the SEC's green light for spot ETFs
The spread drops to 138, utilities soar
Sparkling bond market ahead of the delicate appointments on the agenda in the second part of the week starting from tomorrow's ECB summit. German 2,32-year Bund at 2,39% from 3,70%. Ten-year BTP at 3,80% from XNUMX%. The spread fell to 138 basis points, new minimum for two years. The extraordinary success of the latest BTP Valore (18,3 billion) certainly contributed to bringing interest back to our governments. It is not unrealistic to aim for one hundred basis points by the end of the year if things continue as they are.
Il service sector Italian growth in February for the second consecutive month, at the fastest pace since June last year, thanks to an increase in new business. The ones who take the lead are the utility, supported by falling rates.
Fed cuts can wait
The price of XNUMX-year Treasuries rose half a point, dropping the yield to 4,15% from 4,22%. Purchases also stimulated by yesterday's data which indicate a slowdown in US growth: factory orders in January fell by -3,6%, from -0,3%. Expectation -2,9%.
The change dollar/euro he has been practically immobile for about two weeks. The markets are awaiting the two-day testimony from the president of the Fed, Jerome Powell, which will begin today, for further signals on interest rates. Powell is expected to largely maintain his hawkish rhetoric and offer little insight, especially as U.S. inflation remains sticky. Several Fed officials have warned in recent weeks that the Fed is in no hurry to start cutting rates. The prospect of higher US rates supported the dollar in late 2023 and early 2024.
Leonardo, exchanges with Fincatieri. Acea, record investments
La European Commission proposed a new program shopping of 1,5 billion euros, financed through the Union budget, for the period 2025-2027. The plan includes a program of joint purchases for at least 40% of defense equipment by 2030, and that at least 35% of the entire value of the defense market is in the EU, the Commission added.
Meanwhile, talks between the two are at an advanced stage Leonardo and Fincantieri for the transfer to the latter of Wass (Whitehead Alenia Sistemi Underacquei). MF writes it. Wass is part of Leonardo's Defense Systems division and operates in the construction of underwater defense systems, such as torpedoes and sonars. With the sale of Wass, Leonardo would disengage from a non-strategic activity, marginally improving the financial situation. Fincantieri is growing more and more in Defense, which today is worth around 40% of its turnover.
That raises the veil on the industrial plan to 2028 which envisages investments of 7,6 billion euros, of which 91% will be allocated to regulated activities on water, electricity and the environment. Ebitda is expected to grow by more than 5% per year, on a like-for-like basis, and will reach 1,8 billion at the end of 2028 (of which 90% from regulated activities), compared to 1,391 billion in 2023 (+29%).
Dovalue has signed a servicing contract for 0,5 billion gross book value with Attica Bank in Greece.
Enav. La Repubblica writes that the ENAV shareholder funds are against the entry of the company that manages air traffic, controlled by the MEF, into the airport companies, after rumors of an interest in the Palermo airport. According to the newspaper, the funds have requested a meeting with the Enav board of directors before March 20, when the company will present the new industrial plan.
