It goes down, albeit a little, but it goes down. L'inflation Usa, slipped to 4,9% in April, to a two-year low of 5%. In particular, we see the first signs of a slowdown for rentals, as confirmed by Airbnb's forecasts, among other things. The Bull thanks, but does not rejoice. The tug of war in Washington on the federal debt ceiling is curbing optimism. Eventually, it is the general opinion, Republicans and Democrats will agree. Meanwhile, however, the CDS to insure US bonds against the risk of default, and soar above the level of Greece, Brazil and Mexico, countries that have suffered more than one default.
Prices are also slowing down in China
Prices also slow down in China: the consumer price index released tonight by the Beijing national statistics office records an increase of 0,1%, the weakest change since the beginning of 2021. The consensus was +0,3%: in April last year , with Shanghai in lockdown, inflation had been 0,7%.
I producer prices, which reached the fourth consecutive month of negative change, recorded a decline of 3,6%. According to Eric Zhou, chief economist at Bloomberg Economics, these data leave Beijing's central bank the possibility of further easing monetary tightening.
Asia is not keeping pace with the Nasdaq. Toyota turnover rises
Despite these data, the Asia Pacific stock exchanges are not keeping pace with Wall Street, in the end of the session they mostly moved little. Slightly down the Hang Seng of Hong Kong. Only a modest increase for the CSI 300 index of stock exchanges Shanghai e Shenzhen. The Kospi of Alone the BSE Sensex of Mumbai is up by 0,3%, on parity.
Unchanged the Nikkei. Between January and March the profit of Toyota it was up 3% year-over-year thanks to sales and an easing chip supply crunch.
The US markets thank technology. The Nasdaq it closed with an increase of more than a percentage point to 12.306 points, a level it had not seen since August 2022. The FANG Plus index, which collects the top ten parameters of Wall Street technology, grew by 1,90% to 6.370 points, highest level in a year.
Only +0,45% forS & P 500. Indeed, the Dow -0,08% is in the red.
Microsoft is betting on nuclear fusion
Still in evidence the Artificial Intelligence. A +4,1% announces the launch of the service by Google to respond to the advance of Microsoft +1,73%. The latter launches a new challenge: between five they have a company. Helion, will provide energy to the software giant thanks to nuclear fusion.
He misses out Walt Disney – 4,8% after the stock market after having closed the second quarter with revenues of 21,81 billion dollars (+13%). Increased Disney+ subscription prices offset the loss of 4 million subscribers.
Ten-Year Treasury Notes 3,44% from 3,51%. The decline in inflation, especially core inflation, is not as rapid as hoped and this is reducing the prospect of a rate cut already this year.
Europe, the fall in interest rates can wait
Le stock exchanges of Europe, yesterday all lower, open higher but without momentum: Paris leads the lists with a gain of 0,67%. Frankfurt e Madrid by 0,35%, more shy London with a +0,17%. Also Milano it is positive with the Ftse Mib gaining +0,24% to 27.331 points.
In the Eurozone. German Bund 2,29% from 2,35%, 4,19-year BTP 4,27% from XNUMX%.
The key ECB interest rate is close to its peak, but more "adjustments" are still needed, he said Mario centeno, a member of the ECB Governing Council, adding that he expects rates to start easing sometime next year. “We are approaching the terminal rate,” Centeno said at a news conference, adding that the ECB could peak in June or July. German ECB member Usabel Schnabel will speak today.
New negative record for natural gas
To favor the fight against inflation, the continuous drop in the price of natural gas 2,7% at 34,99 euros/mWh, below 35 euros for the first time since January 2022. -53% since the beginning of the year. The decline is also aided by falling spot LNG (liquefied natural gas) prices for delivery in North Asia in June, to their lowest level in two years as demand for China, Japan and South Korea restocking remains weak.
At 13:00 the Bank of England should announce a rise in the cost of money by a quarter point to 4,5%, the highest since 2008.
Enel, Scaroni wins by knockout; highlighted Iveco
Enel (+0,48%). The government won a decisive victory over rebel investors in themeeting yesterday called to vote the top management of the company. All six candidates proposed by the Treasury were elected to the board of directors, with Paolo Scaroni as chairman. A great satisfaction before the defeat of "his" Milan in the derby du Champions.
Iveco (-1,75%) beat analysts' estimates and closed the first quarter with consolidated revenues of 3,4 billion euro, up 11,5% compared to the same period of 2022. Adjusted Ebit was equal to 162 million (60 million more than in the first quarter of 2022). The financial perspectives for 2023 have been updated upwards: consolidated adjusted ebit between 600 and 640 million euros, net revenues from industrial activities up from 3% to 5% on 2022, net liquidity at around 2 billion.
Other quarterly reviews today by Business Square.
nexi (-0,77%) closed the first quarter of 2023 with 741,7 million euros in revenues, up 9% year on year. Ebitda amounted to 335,7 million, up 14% on the previous year. As at 31 March 2023, the Net operating financial position is equal to 5,51 billion and the NFP/Ebitda ratio is equal to 3,3 times. The company confirmed previous guidance for 2023. Ebitda is expected to increase by 10% and net financial leverage is expected to be approximately 3,0 times Ebitda.
Team (-2,81%) closes the first three months of the year with growing revenues and Ebitda, supported by the improvement of the domestic trend and the positive contribution of the Brazilian activities. Net financial debt as at 31 March 25,8 amounted to €0,5 billion, up by €31 billion compared to 2022 December XNUMX.
Banca Mediolanum (+0,61%) expects to exceed the 2023 million euro net interest income target in 700, after having more than doubled the figure in the first quarter, and expects a net profit "much higher" than that of 2022.
Tod’s (+4,29%) closed the quarter with a consolidated turnover of 270,5 million euros, up by 23,2%, better than expected. At brand level, strong results for Tod's (+24,4%) and Roger Vivier (+30,9%). The contribution of China is important, where both brands are present, each with its own network of points of sale in the most important 'luxury malls'.
