Smooth as oil Western stocks slide towards tomorrow's data on theUS inflation, waiting to catch the first signs of a possible (but not probable) drop in rates. Thus triggered what Domenico Siniscalco, vice president and until next July country manager of Morgan Stanley as well as former minister of the Treasury, defined the "magical moment for the Btp, indeed for Italy, a circumstance that does not happen often” and that the Treasury is preparing to take full advantage of with the launch of the Btp Valore intended for domestic savings, vouchers to compensate for the lower commitment of the ECB. He thinks so too David Iacoboni, the head of debt management: "I am reasonably optimistic - he said - The next decisions by the rating agencies will have satisfactory results" starting from Fitch verdict scheduled for Friday. From here, waiting for it to run out run of inflation (the worst in Europe is yet to come, warns the chief economist of the ECB Philip Lane), the "magic moment" of the BTPs.
Shanghai at 10-month high
However, diehards of the stock markets can turn to Chinese stock exchanges. The CSI 300 index of the lists of Shanghai and Shenzhen earn 0,5%. The Shanghai Composite is at the highs of the last ten months. However, the recovery of the Dragon's economy is slowing down. In April the exports rose 8,5% yoy to $295 billion, down from +15% in March, while cheap imports they fell by 7,9%, against the -0,2% expected by analysts. The trade surplus expressed in dollars rises to 90 billion, from 88 billion in March.
Down the Hang Seng of Hong Kong -0,5% and the Kospi of Alone -0,3%.
The Japanese are not spending despite wage increases
Instead, salt a Tokyo the Nikkei +0,8% thanks to the push of the raw materials and energy companies. Despite the rise in salaries in March in Japan are consumption went down by almost 2%. During a hearing in Parliament, Governor Kazuo Ueda provided only very general indications on the revision of monetary policy announced a couple of weeks ago by the central bank: in the coming months, decisions on rates and curve control will be decided on the basis of the current conditions.
Shy rises for EU stock exchanges
Le stock exchanges of Europe they should open slightly higher. EuroStoxx50 index future +0,2%. Business Square closed trading yesterday up 0,28% but the best of the day – with London closed to celebrate King Charles III – was Madrid. From a macro point of view, data on German industrial production was released on 8 May, which recorded a sharp slowdown in March (-3,4%).
The Swiss stock exchange yields more than Latvia's GDP
Despite the crash of Crédit Suisse la Swiss stock exchange is confirmed as one of the most generous. The shareholders of the 30 largest companies listed on the Swiss stock exchange will receive a total of 43,6 billion francs. The sum is impressive for its size because, the newspapers point out, it exceeds, for example, the entire Gross Domestic Product of the Latvia, a country that still has almost 2 million inhabitants. Alone i buyback of Nestlé and Novartis amount to more than 10 billion francs each.
- German Bund at 2,32%, 4,24-year BTP at XNUMX%.
- Euro down slightly against the dollar, at 1,099.
US banks on the roller coaster, Biden debt summit
Wall Street closed yesterday around parity, while le regional banks, up sharply in the first part of the session, they almost completely erased the gains in the final.
Il Federal Reserve Quarterly Bulletin released yesterday evening showed that obtaining loans has become less simple for everyone in the United States: the conditions of access to credit have worsened for manufacturing companies, for those who want to buy a house, for consumers, for holders of credit.
At this juncture, markets are eyeing today's meeting at the White House onraising the public debt ceiling. According to the Treasury Department, there are still about twenty days before the default. Pimco's Bill Gross suggests buying short-term stocks assuming that "they'll find a deal sooner or later"
- Il Treasury Notes ten-year bonds trade at a 3,49% yield, from 3,42% yesterday.
- WTI oil Adjusting after a string of bull sessions, Texas crude is at $73 a barrel this morning.
- Gold at $2.022 an ounce.
Mps/Bpm: record scores, Iveco grows in the electric sector
Likely a new “hot” session for Mount Paschi which the quarterly announced this morning. MPS closed the first quarter with a profit for the period of 236 million euros, up 51,3% compared to the previous quarter and also significantly improving year on year (10 million euros as at 31 March 2022). Gross operating profit was also up sharply, amounting to 414 million euro (+67,6%), supported by the interest margin up by 1,2% on a quarterly basis and by 56,6% on an annual basis, supported by the positive dynamics of the commercial spread (+71 basis points on a quarterly basis and +158 basis points year on year).
Bpm bank beats consensus estimates on first quarter profit thanks to a record result in the interest margin, which rose by 45% to 743 million euros. The Cet 1 ratio is 14,15%. Direct banking deposits amounted to 123,2 billion. In the light of the results, the bank raised its profit target for '23 to 1,1 billion, while a rise to 24 billion is expected for 1,4, "doubled compared to 2022".
Iveco will acquire, for an outlay of 35 million euros, the XNUMX% interest in the joint venture with Nikola Corporation in Ulm, Germany. The Italian company will also obtain an unlimited license to use and further develop the jointly developed Bev (Battery Electric Vehicles) and FCev (Fuel Cell Electric Vehicles) vehicle control software.
Enel: Hedge fund Covalis, which controls about 1% of the energy group, has criticized Assogestioni for not proposing an independent chairman. The Canadian pension fund Cpp Investments has said it will vote in favor of Assogestioni's list for the renewal of the board of directors and for Scaroni as president.
Good news for Telecom. Brazilian telecommunications operator Tim Sa reported a 4,3% increase in first-quarter net income, driven by its mobile phone business. Tim Brasil reported a profit of 437 million reais ($87,34 million) for the first three months of 2023.
