It doesn't stop the increase in oil. And so, despite the slowdown in growth, there is talk of rate hikes again in May. Oil continues its run this morning and the WTI crude oil comes close to eighty-one dollars a barrel, yesterday's session closed with the largest daily increase since July 2020: +6%. Meanwhile, both the American ISM index and the European PMI data signal that the economy risks slowing down, thanks to a drop in bank loans. Thus it takes shape unstable picture, in which it is wise to navigate on sight while waiting for the developments of a situation that remains uncertain. This morning, by the way, is being staged in Zurich the general meeting of Crédit Suisse, the last chance for shareholders (including the Saudis) to make their case heard. “If UBS hadn't intervened – the deputy governor of the Swiss central bank said yesterday – Cs would have failed the next day, causing a fatal financial crisis for Switzerland but, probably, for the entire world finances”. In short, these days, trust is a rare commodity.
Intermonte: good fundamentals for Piazza Affari
The oil effect also supported the futures of the markets this morning, yesterday supported by the performance of energy. Europe's stock exchanges should openand above parity, the EuroStoxx 50 index future gains 0,3%.
IERI (Yesterday) Milan it closed up +0,24%, which adds to last week's 4,7% increase. A note of Intermonte promotes Piazza Affari: “the valuations – we read – remain supportive, the Italian market trades at 9,5 times the P/E 2023, with a dividend yield above 4%”. The broker believes likely a loss of economic momentum in the second half of the year, with the relative downward revision of the estimates on corporate profits, but for the current quarter, there are the conditions to look with interest at at least two sectors, public utility companies and consumer companies. Both domains have been upgraded to Positive from Neutral.
The euro it appreciated yesterday to 1,089. The Austrian member of the board of the ECB, Robert Holzmann, said that the hypothesis of a hike of fifty basis points in May, remains valid.
Weak futures in the US, Tesla crashes
Weak futures overseas, while Janet Yellen he denounces the decision of Saudi Arabia and its allies as "non-constructive". President Joe Biden dampens fears of a rise in the price of gasoline and believes that the cut is not as bad as it sounds.
In this context, Big Oil also moved upwards in the USA (+4% Exxon), with the result of raising the Dow Jones +1%. Down the Nasdaq -0,3%: the risk of a new rate increase hurts the Tech. He closed the session in sharp declines Tesla -6,1% despite the increase in sales (+4%) in the quarter. But the markets expected more after the cut in selling prices (-25%).
Goldman Sachs, in addition to revising the forecasts on oil prices upwards, makes an initial list of winners and losers after the move by OPEC +: among the first is Warren Buffett, who in recent days had strengthened his stake in Occidental, the serious consequences for the airlines.
Hong Kong loses its shots
Down the Asian Stock Exchanges: -0,4% the ASIA Pacific index. Better Tokyo +0,3%. The CSI 300 of the Shanghai and Shenzen price lists fluctuates around parity. Depressed by technology, Hong Kong's Hang Seng index lost 0,6%. The Seoul Kospi increased slightly (+0,4%). Starting session just above parity for Mumbai's BSE Sensex.
The Treasury launches a new green bond
Under tension i government bonds. The majority of observers believe that a 0,25% increase in European rates in May is probable. In the US, on the other hand, the hypothesis is growing that the Fed will not move at the next meeting. The Treasury Notes ten-year deals at 3,43%, two-year deals are just under 4%. At the end of the session, the German bund was at 2,24% yield, -4 basis points. The ten-year BTP closed at 4,08%,
The Treasury has awarded the mandate for the placement of a syndicate new Btp Green expiring on 30 October 2031. The task was entrusted to Banco Bilbao Vizcaya Argentaria, Bnp Paribas, BofA Securities Europe, Crédit Agricole and Monte dei Paschi.
Stellantis engages the turbo, Enel towards new sales
Protagonist Stellantis following the sharp acceleration in March sales data. In March, 168.294 cars were registered in Italy compared to the 119.548 registered in the same month of the previous year, equal to an increase of 40,78%. The Stellantis group – which includes the Fiat, Jeep, Lancia, Chrysler, Alfa Romeo, Peugeot, Opel, Citroen/DS brands among others – saw growth of 36,28% with a market share of 35,08% since 31,84% in February.
Other titles in the spotlight:
- Width: RBC files the target price to 12 euros, from 12,5 euros.
- Getting very:Morgan Stanley raises its judgment to Equal-Weight, target price at 29 euros.
- Enel: Bloomberg reported yesterday that the company is considering selling a majority stake in its power storage division.
- Leonardo: Spain could buy another five Eurofighters, in addition to the twenty booked last summer.
- Tim: The network marketing process is "moving forward" with two deals on the table, a scenario unthinkable a year ago. This was stated by the managing director Pietro Labriola when answering a question on the differences between shareholders with respect to the issue of the sale of the group's fixed network.
- Enav: The Treasury has indicated Alessandra Bruni and Pasqualino Monti respectively as the next president and CEO of the group.
