And eight. The index's streak of upward sessions extends this much. Lthe S&P 500 index which today will reach the 5 mark, yet another symbolic goal of a historic season, which not even the new difficulties of the regional banks can undermine. At current levels the S&P500, which reached a high of 4.999,89 points, could close the fourteenth positive week of the last fifteen. Highlighted yesterday Ford +3%
Softbank takes charge in Tokyo
But the role of hare of the markets today belongs to Tokyo Stock Exchange which is preparing to end the season of sub-zero rates. Governor Shinichi Uchida said financial conditions will remain accommodative even after the turnaround. The stock market is supported by the run of Toyota. Strongly rising for the third day in a row, confirming the revenge of hybrid cars in comparison to electric ones. Always looked at with distrust by CEO Akio Toyoda. But this morning was added to push the Nikkei index +2% this morning Softbank, Masayoshi Son's technology flagship +9%, after the release of ARM Holding's quarterly data. The subsidiary active in the design and manufacturing of chips presented quarterly data above expectations and provided guidance on the current quarter well above consensus estimates.
Deflation slows down China: Alibaba loses 7%
The Chinese stock markets are much more mixed and will be closed for a week from tomorrow due to the New Year holidays. The Shenzen Composite index rose 3,4% after authorities in the southern Chinese city revised regulations for first-time home buyers. But the fall of Alibaba -7% after the accounts and the contrasting performance of Shanghai +0,3% are evidence that deflation continues to bite. Inflation fell at its fastest pace since the global financial crisis last month, a faster-than-expected decline that should prompt the government to take even more aggressive action to support the recovery. The consumer price index fell 0,8% in January from a year ago, the weakest reading since September 2009. The producer price index fell 2,5%, compared with forecasts for a decline of 2,6%. Factory costs have been in deflation for 16 consecutive months. Beijing, for now, is limiting itself to changing the team: yesterday the president of the financial markets regulatory body was removed.
The MSCI World index closed the session up by 0,63% to 3.267 points, exceeding its historical record dating back to 6 January 4 by just 2022 hundredths of a point. Some brokers have highlighted the risk in the latest reports aimed at institutional clients of a correction. Jefferies wrote for example that it is legitimate to take profit. but not on the "Magnificent Seven".
Banks, today the spotlight is on Bper
Keep an eye on our local banks which continue to achieve excellent results. Yesterday was the turn of Mount Paschi returned to the dividend ahead of schedule. The Treasury evaluates the possibility of selling another tranche, of 8-10%. Today the spotlight shifts to Bper who approved the accounts in the evening.
Net interest income grew by 78,1% to 3,25 billion euros, more than expected. The year closed with a net profit of 1,52 billion. The group will propose a dividend of 30 cents per share. The Cet1 this year is expected above the 2023 level of 14,5%
Yields fell slightly Bond: the US Treasury reduced the amount of the ten-year bond auction to 42 billion dollars.
Rates, the Fed slows down on cuts. Gold loses momentum
Overnight, several Fed speakers gave a variety of reasons why they don't feel the urgency to start easing monetary policy soon. “For now, policy remains well positioned as we carefully evaluate the evolving data and outlook,” Boston Fed President Susan Collins said, adding that she believes it will be “appropriate to begin easing restrictions by end of year". According to CME Group's FedWatch Tool, the market is pricing in an 18,5% chance that the Fed will begin cutting rates in March, down significantly from the start of the year. Traders see a nearly 60% chance of a 25 basis point cut in May.
Brent oil to 79,6 dollars a barrel, fourth consecutive increase. On the demand side, prices were also boosted by a stronger than expected decline in US gasoline inventories, which fell by 3,15 million barrels, compared to analysts' estimates of an increase of 140.000 barrels. The Bloomberg Commodity Index ($96,80) remained at yesterday morning's positions. Their ($2.032) lost 0,1%. The short-term trend cooled as the market perceived that the process of lowering rates will be slower than expected.
An offer for Saras, the Mef negotiates for Sparkle
In addition to Bper to follow Generali on which HSBC raised its rating to Buy. Movements in luxury after the accounts of Kering, which reported a 4% decline in fourth-quarter sales, hurt by slowing demand for fashion, but reported improved performance in the U.S. and Europe. Sales of the French group, which owns the fashion brands Gucci, Bottega Veneta and Balenciaga and the jeweler Boucheron, amounted to 4,97 billion euros in the last three months of the year, substantially in line with expectations 4,94 billion euros.
Team. CEO Labriola has received the mandate from the Board of Directors to negotiate a new offer for Sparkle with the MEF.
Saras . The Moratti family has been contacted by potential buyers, including Vitol Group, interested in a share of the company. Bloomberg reported this, citing sources familiar with the matter.
stellantis. MF cites "rumors" according to which a new Citroen car could be assigned to the Pomigliano plant as early as March.
Acea, ENI. Il Sole 24 Ore writes that the Roman multi-utility is negotiating with Plenitude (Eni) the sale of the Acea Energia business unit, which corresponds to 1 million customers and 500 employees and a valuation of 300-400 million. The article reports Acea's denial and Eni's no comment.
Snam . According to MF, ExxonMobil and Qatar Energy should sign the agreement within a few days to exit Adriatic Lng (Rovigo regasifier) by selling their share (approximately 80% overall) to Vitti Energy Partners, the consortium made up of the Dutch Vitol with the Australian fund Ifm and Adnoc, which would have valued the asset at 750-800 million. Snam has 7,3% of Adriatic Lng and according to MF it could exercise pre-emption to increase, reaching at least 20-22%.
Anima . Net inflows in January were negative by 470 million euros.
From Nora has received orders from Thyssenkrupp Nucera, through De Nora Deutschland, for the supply of electrolysers for a plant under construction in Sweden that will produce green hydrogen