the China did not disappoint expectations. In the first quarter, the world's second largest economy recorded a rise of +4,5%, a strong acceleration year on year from the previous +2,9% but also according to analysts' estimates: the consensus was +4%. Consumption data also exceeded expectations, rising by 10,6% in March, while industrial production recorded an increase of only 3,9%, against the +4,4% expected by economists. But to give a measure of the Dragon's newfound strength is the opening of the Shanghai Auto Show: Byd with a 69% increase in sales has conquered a share of the domestic market of 11%, leaving behind Volkswagen and Toyota.
However, the Chinese recovery does not exalt the local markets: the CSI 300 of the price lists of Shanghai and Shenzhen the Hang Seng's is around parity, down 0,7%. Hong Kong. Better the Japan (+0,5%): entry into force of begins to take effect Warren Buffett which has strengthened its position in the big five trader companies of the Rising Sun. the central bank is considering the possibility of revising downwards the planned inflation target for 2025.
LMSCI Asia Pacific Index is around parity, with gains in traditional sectors (finance and industry) matched by declines in tech. The equity markets of India and Korea are around parity.
Positive Europe after session down
The opening of the European Stock Exchanges rose slightly, yesterday down in the afternoon. Milano it closed down by 0,62% at 27.700 basis points, after overcoming the barrier at 28 points during the session, and this morning it opened up by 0,25% at 27.769 points.
So it stops thereper streak of five positive sessions, the longest in the last three months. Europe corrected in the finale in the wake of Wall Street's uncertainties, but we must not overlook the fact that many indices are starting to suffer from vertigo because they are at multi-year highs or even, in the case of the Cac 40, on historical highs.
The week started with renewed interest rate tensions and it could not have been otherwise after yesterday's latest data and the utterances of the hawks both in Europe and in the USA. For the continuation of the tightening on rates, he spoke out Joachim Nagel of the Bundesbank. "The ECB can discuss a change to the 2% inflation target, but only after bringing it to that level," said the ECB president Christine Lagard. "At the moment ... there is absolutely no reason to change the 2% medium-term goal," Lagarde told the Council on Foreign Relations in New York.
Il XNUMX-year BTP Yield rose to 4,30% from 4,28%, Bund 2,47% from 2,44%, both close to one-month highs.
Future Use dishes, the bear is scary
Flat futures on US stock exchanges. Wall Street closed slightly higher (+0,3% for the three main indices), after a start in the red due to the much higher than expected data for the New York State manufacturing index, which signals a strong recovery in the sector and consequently the doubt that the peak in interest rates has not yet been reached. In uncertainty, caution reigns supreme.
"Climbing a wall is one thing, scaling a monolith of skepticism is another." As Bloomberg describes the pessimism that circulates among US operators: the more the stock market rises, the more moods go down. Hedge funds are positioning themselves for un bear market, S&P 500 mini futures are at lows. Direction Daily bear ETF raised $285 million in a single day. Yet, contradicting the models of the big houses, the market has risen by 6% in the last month.
The president of the Richmond Fed, Thomas Barkin, said yesterday during an event that he is still not convinced of the declining trend of inflation, "I want more evidence of the path towards our target".
In this context, salt the dollar to 1,092 against the euro, while the Treasury Notes a ten-year yield rose to 3,59% from 3,50%.
Apple offers a savings account at 4,15%
Among the most disturbing notes remains concern over the state of health of regional banks and non-bank financial companies. But there are those who take advantage of it: Apple launched in partnership with Goldman Sachs a sort of savings account that pays 4,15% interest.
In sharp decline A in the wake of the news that Samsung intends to adopt Bing, equipped with artificial intelligence, instead of Google.
Cars: only 10 models will be eligible for the US discount
Meanwhile, the grip of protectionism is tightening. Yesterday the list was announced electric cars who will be able to benefit from the subsidy of 7.600 dollars, granted to cars that boast at least 50% of products made in the USA. Only ten models, including Tesla, were eligible for the discount. remain fEuropean and Japanese hearts.
The space launch of Starship, SpaceX's huge spaceship that includes the world's largest rocket, scheduled for yesterday, has been postponed for 48 hours due to a technical problem.
Stable oil despite the China effect
Petroleum up slightly to $84.9 after Chinese data. The International Energy Agency (IEA) has forecast that China will indeed account for the majority of crude oil demand growth in 2023. However, it has warned that production cuts announced by OPEC+ producers risk exacerbating a supply deficit expected in the second half of the year and could hurt consumers and the global economic recovery.
Gold braking to $1.998. Gold prices slowed down after the latest macro data from the US economy surprised on the upside by removing the scenario of an imminent Fed change of pace on rates.
A third list for Enel, Leonardo: an armchair for two. The titles highlighted in Milan
Is in the: The Covalis fund presented a list for the group budget meeting. The candidate for the presidency is Paolo Mazzucchelli, a banker with extensive experience.
Leonardo: Il Tomorrow reports that the company will be led by a Roberto Cingolani-Lorenzo Mariani relay, the first, the CEO, should have strategic planning and all the cybersecurity part in hand, operational management should instead be in the hands of the general manager Lorenzo Mariani.
Tim: Fixed-line bidders are preparing to raise their bids by between €1bn and €2bn, ahead of today's deadline to submit proposals for improvements to Italy's main telecommunications infrastructure, according to reports from Republic.
Width: confirms the planned investments in the biofuel market in Italy and abroad and looks to the USA and the Far East for its presence in this sector.
Prysmian: Morgan Stanley Initiates Overweight Judgment Hedging.
Campari: Morgan Stanley raises the target price to 13 euros.
Maire Tecnimont: Stifel begins coverage with a Buy recommendation.
