The bags of United States they closed lower, due to a reversal in direction that occurred in the last hour of trading due to the collision with a Singapore ship, but also the approach of the Easter weekend.
Japanese currency at lowest since 1990
The emotions come from Tokyo. The yen it fell to its lowest level since 1990, after Japan's central bank gave no indication of the next rate hike. Japan's currency touches the lowest since 1990 disappointing those who were expecting some indication of the arrival of the second rate increase after decades of stagnant or falling cost of money.
China's stock markets are falling. CSI 300 of the price lists of Shanghai and Shenzhen -0,4%. Hang Seng by Hong Kong -0,9%. Alibaba loses 2% after announcing the renouncement of the listing of the subsidiary Cainiao, an operation that should have led to raising in the order of a billion dollars.
Record quarter for global stock markets (+8%)
Activity in western markets slows down: Future Wall Street +0,3%, Eurostoxx 50 +0,46%. The World Stock Exchanges are about to complete the fifth positive quarter of the last six. L'MSCI World index has so far accumulated a gain of around 8%, which is also lower than the +11% recorded since the last quarter of last year, which gave rise to the prospect of a reduction in the cost of money. In short, Wall Street and Europe have traveled hand in hand. S&P500 and Eurostoxx 50, which we can consider the two main benchmarks, recorded +11% and +12% respectively.
Our FtseMib it has beaten both so far with +14%. For the record, you set a new record for the twenty-seventh time in over 15 years.
There are two "hot" news stories of the day. The Mef has decided to place another through ABB 12,5% of MPS, worth approximately 650 million euros, falling to 26,7% of the capital. The accelerated order collection procedure concerns the sale of 157.461.214 ordinary shares of the bank through a consortium of banks made up of BofA Securities, Citigroup Global Markets Europe, Jefferies and Mediobanca as joint global coordinators and joint bookrunners. It is expected that the Mef will undertake not to sell further shares of the Bank on the market for a period of 90 days.
Meanwhile, it was announced thetakeover bid by Honeywell up arrives on Civitanavi Syslems at 6,30 euros per share, yesterday the stock closed at 5,42 euros.
Tesla towards Piazza Affari, Trump relies on Wall Street
Il Only 24 hours wrote that Tesla is in contact with the Italian government in view of the possibility of starting a production activity in the country: the newspaper talks about a plant for electric trucks or vans.
They run on Wall Street Reddit +16%, from +29% yesterday, and Trump Media +37%, from +35% yesterday. Trump Media announced its merger with the acquisition vehicle company Digital World Acquisition.
The emerging stock markets are much less lively: Certainly a less profitable trend for the emerging stock markets, the MSCI Emerging Markets Index it stops at a modest +1,20% in the period. None of its main components have kept the pace of the developed stock markets, except Taiwan which is close to them with a +9,50%. The performances of Hong Kong -1% and Brazil -6% were even negative.
Bonds standstill awaiting Friday's PCE data. Treasury ten-year at 4,23%. In the eurozone, XNUMX-year bund to 2,35%. ten-year BTP to 3,65%. spread stuck at 130.
Today the auction of 7 and 10 year BTPs
Today the Treasury is up for auction with a max of 9,75 billion euros of five, seven and ten year bonds. It will be a new test to measure the appreciation of Italian "paper".
Dollar just above yesterday's levels. In the first quarter it appreciated by around three percentage points against the euro because expectations about the rate cut at the beginning of the year gradually cooled. The market is now looking for confirmation or denial about the trajectory of three cuts by 2024 put forward by Powell at the last summit of the fed. All eyes on Friday (with the Italian stock market closed) when the data on the PCE price index, the Fed's preferred inflation indicator, will be released.
Petroleum down for the second consecutive day. The provisional balance for the first quarter is around +12%. There are signs that the major crude oil producers are unlikely to change their production containment policy at the technical meeting scheduled next week.
Resignation encouraged for Stellantis, Paribas cuts Tim
Spotlight on Mount Paschi. The price set by the Treasury is 4,15 euros per share, for a total value of approximately 650 million euros. The consideration incorporates a discount of 2,49% compared to yesterday's closing price. Following the operation, the stake held by the Mef in MPS drops from 39,23% to approximately 26,73% of the share capital.
nexi would have reached an agreement with Unicredit on the management of digital payments.
Poste Italiane: the share that the government will give should go to the savers and employees of the company itself. This is the indication that the Antitrust Authority gives to the government in its opinion, according to sources close to the matter.
stellantis: at least 2.500 voluntary exits have been agreed upon by Stellantis with the unions. To the 1.520 workers in the Turin area announced this morning by Uilm, another thousand are added between Cassino and Pratola Serra which brings the overall figure to 2.510 redundancies, according to Fiom.
Tim: BNP Paribas lowers its target price to 0,20 euros from 0,25 euros.
Rai Way: the government is preparing a decree to facilitate the long-awaited merger between Rai Way and competitor Ei Towers, which would create a group of TV transmission towers worth over 2 billion euros, according to reports from government sources.
Tod’s: Tabor Asset Management, shareholder with approximately 1,1% of the capital, is asking to improve the terms of the ongoing takeover bid, increasing the price compared to the 43 euros per share offered by L Catterton.
The Italian Sea Group: the majority shareholder GC Holding has completed the placement of approximately 8,7% of the capital through ABB at a price of 10,10 euros per share. After the sale of the share, GC Holding holds 53,6% of the company. Yesterday the stock closed at 11,12 euros.
