Il Taurus is rediscovering China Caixin's manufacturing PMI beat expectations, rising to 51,1 in March. On Sunday night, the manufacturing PMI index calculated by the National Statistics Office exceeded consensus expectations.
To the stock exchange Hong Kong the Hang Seng index gained +2,20% at the end of the first session of the month and quarter.
The latest Chinese electric car starts with a bang
Vola Xiaomi is up by +12%: the mobile phone manufacturer that recently entered the electric car arena said that almost nine thousand orders arrived on the first day of marketing its first model. Meanwhile today at the Ministry of Business and Made in Italy the tables on the factories of stellantis, with particular attention to Melfi and Mirafiori.
New record oftheir to 2.253 dollars an ounce, while the Bitcoin. Petroleum at the highest levels since the end of 2023. The jump in the dollar and the signs of economic strength in the United States have put a brake on hopes of an early rate cut. The balance at the beginning of the year exceeded +9%.
Record quarter for the stock markets
The second quarter of the stock markets thus began in a positive way with the blessing of Jerome Powell who, commenting on the inflation data, went so far as to say “The economy is strong and the job market solid with a low unemployment rate. For this reason I believe that there is no reason to think that there could be a recession. What motivated such confidence was Friday's data on the PCE price index - the Fed's preferred inflation indicator - which in February showed a trend roughly in line with expectations. (but slightly slowing down +0,3% from +0,4%)
The unexpected restart of the American manufacturing sector boosted the yield of XNUMX-year Treasuries to 4,31% from 4,21% last week, the highest in four months. It is very likely that in Europe too this morning the ten-year Bund at 2,29% and the ten-year BTP at 3,67% will follow the same path.
Numerous interventions are expected today from members of the US central bank. Meanwhile, on Friday, data showed that l'PCe d indexFebruary recorded moderate growth, with +0,3% on a monthly basis from +0,4% in January and +2,5% on a yearly basis. Robert Holzmann, a member of the ECB's governing council, said the ECB could start lowering interest rates before the US Federal Reserve, given Europe's relatively slower economic growth. The Austrian banker, one of the most critical exponents of the ECB, reiterated his opinion according to which the governing council should decide only on the basis of the June forecasts.
Trump's shares are down 21%.
The Easter holidays in the United States lasted less than in Europe. Yesterday Wall Street closed slightly lower, S&P500 -0,2%. The Nasdaq rose 0,1%. World stock markets have completed the fifth positive quarter of the last six (MSCI World index +8,5%) and it will be important to understand how geostrategic tensions, which unfortunately show no signs of abating, and the persistence of inflation will impact mood of investors on the accelerator. Artificial intelligence,
The electoral challenge is weighing on Wall Street. Trump Media, the company that represents the Tycoon's ambitions, lost -21% after revealing losses of $58,2 million in 2023. Auditors' "doubts" about its ability to continue operating also weighed on the stock .
Furthermore, they multiply signs of strength in the US economy:
- Yesterday Wall Street closed slightly lower with the S&P500 -0,2%. The Nasdaq rose 0,1%.
- The ten-year Treasury Note weakened due to the indications on the strength of the United States economy that arrived yesterday: the yield rate reached 4,30%.
- The Japanese Nikkei 225 lost 1,6% on Friday, also affected by the detachment of dividends. Among the big names that have paid the coupon are SoftBank and Tokyo Electron Ltd. The Yen has always fluctuated at its lowest level since 1990.
However, there is no shortage of contrarian signals. Powell himself added that the central bank's work is not yet finished considering that the inflation target is +2%. of the situation, monetary policy should take it into account. Meanwhile, the strong increase in sales of some Big brands is worth noting, with the EuroStoxx 50 Index reaching a new high since 2000. The balance sheet for the first quarter is +12,50%.
Flat opening in Europe, oil runs high
The stock exchanges of Europe have open around parity. EuroStoxx50 unchanged. In the last session of 2024 the Ftse Mib index closed flat (+14,4% the quarter) and
Spotlight on Istanbul after Erdogan's unexpected electoral defeat.
Price of Petroleum up 0,4%, the highest since the end of October, supported by signs of improvement in demand and growing tensions in the Middle East. Manufacturing activity in China and the United States increased in March for the first time in six months and a year and a half respectively, which markets saw as an indicator of growing demand for oil.
Saipem goes up, STM sinks, Tamburi exits Alpitur
The ordeals continue stm Barclays cuts the target to 40 euros, from 46 euros.
Saipem: Bernstein initiates coverage with Outperform rating. The company has completed the early repayment of the 387 million euro loan, stipulated in February 2023 with a consortium of Italian and international banks and 70% guaranteed by Sace.
Tim: Elon Musk's Starlink has made a complaint against Tim to the Ministry of Business and Made in Italy and to Agcom, accusing the Italian company of hindering the spread of fast internet in the country.
Ferretti resolved yesterday to withdraw the buyback proposal for the meeting of 22 April 2024 and consequently also the proposal to cancel any treasury shares purchased pursuant to the aforementioned authorization.
drum: the sale of a significant share of Alpitour remains the first choice and the project of an IPO of the tour operator is a possible alternative, president Giovanni Tamburi told Il Sole.
Azimuth: the new digital bank, which will be born from the spin off of part of the Italian network of financial advisors of Azimut Holding, aims to have a bank as a shareholder with up to 50% of the capital and will be listed on Piazza Affari possibly before the elections in the United States in November. The president and founder, Pietro Giuliani, said this during a press conference last Thursday to present the project.
Intesa Sanpaolo has appointed Luca Bocca as new chief financial officer, as part of a new organizational structure which envisages, among other things, the merging into a single structure of the wealth management activities, a strategic sector of the group.
Monte Paschi Bank: The European Commission has taken note of the government's placement of a 12,5% stake in the bank, and continues to "closely monitor" compliance with commitments regarding the reprivatization of the bank. A spokesperson said this in response to a question about the statements by the Minister of Economy Giancarlo Giorgetti, according to which with the sale of the last quota the government is substantially in line with the commitments undertaken with the EU.
Unipol: Consob has approved the offer document for the voluntary hour launched by Unipol on the subsidiary UnipolSai which will start on 8 April and end, barring extensions, on 26 April.
Buzzi: sees operating results for 2024 close to 2023 levels but recognizes the existence of prevailing downside risks due to a deflationary economic scenario, especially in advanced economies, and renewed geopolitical tensions in Ukraine and the Middle East. The group also announced its intention to introduce increased voting, up to two votes per share.
De Nora Industries inaugurated a new production plant in Okayama, Japan last week, to further strengthen its presence in the country. At the new site, cells and electrolysers will be built using DSA electrodes, made in the Fujisawa plant.
Dovalue: The former director general of the Treasury, Alessandro Rivera, will be nominated for the presidency in the list for the renewal of the board of directors, as reported by Il Messaggero on Sunday.
Tod’s. The Della Valle family, the majority shareholder, excluded the influencer Chiara Ferragni from the list for the renewal of the board of directors, presented on Thursday evening and which will have to be voted on at the meeting on April 24th.
Iren has signed a binding agreement for the 50% purchase of a NewCo in which the operating branches of Egea Spa, Egea Commerciale Srl and Egea Produzioni e Teleriscaldamento Srl will merge, investing 85 million euros. The agreement, communicated on Saturday, provides for Iren both a four-year call option, exercisable from 31 March 2025, for the purchase of the remaining 50% of NewCo, and to subscribe to a reserved capital increase of 42,5 million euro, which would bring its share to 60%.Lottomatica it wants to “exit national borders and create a European multi-country operator,” said CEO Guglielmo Angelozzi.
