The threat comes from Silicon Valley. But the new economy has relatively little to do with it. Thursday Wall Street was frozen by the news that Silicon Valley Financial, faced with losses of 1,8 billion dollars due to the collapse of deposits and wrong investments by the subsidiary SVB, was launching an unexpected capital raising (2,25 billion). In the space of a few hours, the bank's stock lost about 70 percent of its value with heavy effects for the sector: JP Morgan, the most important bank in America, fell by 4,5%, the credit index aWall Street left over 6% on the ground. Just an emotional reaction or the first sign of the costs of Fed policy? A few days after the meeting of the central banks, the markets find themselves valuing a new risk. The slowdown immediately had repercussions on credit in Europe: Piazza Affari opens downwards with the Ftse Mib at 27.075 points (-2,29%). Unicredit yields 3,54% to 18,54 euros. Banco Bpm also down - 3,86% and Bper -3,76%.
- Le Stock Exchanges of Europe should open lower, EuroStoxx50 index futures -1,3%. Yesterday Piazza Affari left 0,72% on the ground -
- Il construction sector a ten-year bond closed yesterday at a 4,38% yield.
- The member of the board of directors of the ECB, Francois Villeroy de Galhau, said yesterday that theinflation throughout the euro area it is still too high, bringing it down remains the top priority of monetary policy. He added that the "peak will come this semester, and then halve by the end of the year." The banker added that he believes the ECB will bring prices back to the 2% target between end-2024 and end-2025.
- La European Commission he loosened the rules on state aid, allowing member countries to more easily grant aid to zero-emission industry which will be the focus of today's meeting in Washington between Biden and the president of the European Commission Ursula von der Leyen.
- It marks a decline of 0,5% on Nasdaq futures. The index finished Thursday's session down 2,1%. & P 500 -1,9%.
- In addition tobank alarm the expectation of the numbers on the labor market that will be announced in the afternoon weighs on the market. Even more, operators fear that the statistics signal a new strong increase in hourly wages: a rise of 4,7% is expected after +4,4% in January.
- Oracle presented to closed markets a quarterly performance lower than expectations in terms of revenues, the stock managed to lose 3%.
- Volatility rises in the bond market; The Treasury Notes at ten years it is this morning at 3,81%, from 3,99% yesterday morning.
Joe Biden has proposed a $6.800 trillion budget maneuver for 2023. His promise is to cut the federal deficit by $3.000 trillion over the next decade, including through the imposition of a minimum 25% tax on Americans. rich. The no of the Republicans who control the Chamber is taken for granted.
The slowdown on Wall Street affects the Asian Stock Exchanges
The slowdown on Wall Street conditioned the last weekly session of the Asian stock exchanges:
Hong Kong's Hang Seng is down 2,5%, -5,5% for the week. CSI 300 of Shanghai and Shenzen lists -1%, -3,7% per week.
It falls on bitcoin, at 20.030 dollars, due to fears of a rush by investors to demobilize their positions, yesterday the session ended with a drop of eight percent, tonight the descent continued.
Tokyo -1,7%. The ups and downs of the yen have also continued in the last few hours, this morning the Japanese currency weakens against the dollar, the cross reaches 136,6 after the publication of the central bank statement. As expected, on the day of governor Kuroda's congefo, the Bank of Japan confirmed the current monetary policy framework: according to analysts, the change of course will be announced later, most likely in the second half of the year, by the new governor .
China: Congress crowns Xi Jinping for third term
The third plenary session of the 14th National People's Congress, the legislative branch of the Chinese parliament, approved this morning (by 2.951 votes to one) the reform and restructuring plan of the State Council (the central government), the ninth surgery of its kind since the 80s. President Xi Jinping has secured a third five-year term as president of China. Delegates unanimously voted to confirm Xi as chairman of the Central Military Commission as well. On the agenda in the next few days, according to what has been announced, there are the elections of other institutional leaders of the People's Republic
Among the main changes is the establishment of a state supercommittee on financial supervision and regulation which will assume part of the mandate of the Central Bank (Pboc) or will completely absorb the current regulatory authorities on the protection of consumers and investors.
WTI oil on the fourth consecutive day of decline to 75 dollars.
back to topgold, at $ 1.830.
Leonardo sees 2023 revenues at 15,0–15,6 billion after closing i accounts 2022 with revenues up 4,7% on a like-for-like basis to 14,71 billion.
sapphire expects net sales to reach approximately $1,3 billion in 2027, with a 5-year compound annual growth rate of approximately 4%, driven by sustained growth in owned brands, which are expected to exceed 50% of revenues in the Group by the end of the plan. The adj Ebitda margin is expected between 12% and 13% of sales in 2027.
