The conflict between Iran and Israel is less scary for the markets and European stock exchanges are expected to open on a positive note today. The Eurostoxx 50 futures rises by 0,45%. Also positive Wall Street futures (+0,22% the Dow Jones and +0,32% the S&P500). The performance of FTSEMib may be affected by detachment of the dividend of some basket giants.
Iran has downplayed the impact of Israel's attacks and outlined no immediate plans to retaliate. This has raised hopes that tensions between the two countries will not escalate into a wider war in the Middle East. If anything, the focus remains on the prospect of higher interest rates for longer in the United States.
The US closure on Friday. Netflix and Nvidia are in sharp decline
The main US stock indexes recorded mixed changes in the last session of the week. The Dow Jones gained 0,56% to 37.986 points, while the S&P500 recorded a decline of 0,88% to 4.967 points. Worst performance for the Nasdaq (-2,05% at 15.282 points). Definitely a bad day for Netflix (-9,09% at $555,04), after the release of the financial results for the 1st quarter of 2024. Furthermore, the streaming giant has announced that starting from the results of the 1st quarter of 2025 it will no longer provide the quarterly update on the trend of subscribers. Bad too NVIDIA (-10%)
Asian stock markets positive. Blinken slams China for aid to Russia
Asian stock markets are the first to show greater relaxation. The Stock Exchange Tokyo It rebounded after last week's decline, particularly after Friday's plunge. The flagship Nikkei index, which had lost more than 6% in the entire last week, closed up 1% at 37438,61 points. Even the stock exchange Hong Kong attempts a rebound in response to the sharp correction of the indices last week and the Hang Seng index rises by 1,94%, to 16.538
The secretary of state Antony blinken he will warn Beijing during his visit to China next week, that the US will take punitive measures if he doesn't stop send technology linked to armaments with Russia. The Financial Times writes this, evoking sanctions against Chinese financial institutions and other entities. According to FT, Blinken will tell Beijing that the United States and its allies are growing increasingly impatient with Beijing's refusal to stop supplying Moscow with anything, from chips to missile engines cruise ship, to help it rebuild its industrial base.
The next rate cuts are expected in the Eurozone
Cautious, the president of the European Central Bank, Christine Lagarde, reiterated that a cut in interest rates by the ECB "will be appropriate" if the Governing Council sees its level of confidence increase in the fact that "inflation is converging towards 2% target in a sustained manner”. In her speech to the International Monetary and Financial Committee during the spring meetings of the IMF and World Bank, Lagarde added that "at the same time the Council does not commit itself in a predetermined manner to a particular rate path".
The governor of the National Bank of Belgium and member of the ECB Pierre Wunsch, however, is much more decisive, according to whom the European Central Bank will probably cut interest rates several times this year, with two consecutive moves in June and July among the possible options. Today at 17pm a new speech is expected from the president of the ECB as well as that of the governor of the Bank of France, Francois Villeroy de Galhau. Euro little change at 1,0664 +0,0012.
Oil and gold falling
On hopes that the much feared escalation in the Middle East will not occur, oil prices fall (WTI -0,95% to 81,44 dollars per barrel and Brent -0,95% to 86,46 dollars per barrel). The price of gold also fell: -1,45% to 2.378 dollars an ounce.
What to follow today
The BTP/Bund spread starts again at 141 basis points. Last Friday S&P Global Ratings confirmed the triple B rating and the stable outlook on Italy in line with the decisions made last autumn. The next appointments are April 26th with Dbrs (BBB-high with a stable outlook), May 3rd with Fitch (BBB with a stable outlook) and May 31st with Moody's (Baa3 with a stable outlook).
Dividends. It starts today and will end on May 20th dividend season. Eight companies in the Ftse Mib and seven listed on the other indices will detach their coupon. Here they are FTSEMib: Banca Mediolanum (0,42 euros – balance); BancoBPM (0,56 euros); Campari (0,065 euros); Ferrari (2,443 euros); Iveco Group (0,22 euros); Prysmian (0,7 euros); Stellantis (1,55 euros); UniCredit (1,8029 euros). MidCap: BFF Bank (0,541 euros – balance); Maire (0,197 euros); Piaggio (0,08 euros – balance). Euronext Milan: Banco di Desio e Brianza (0,2634 euros); BasicNet (0,15 euros); Edison resp. (0,105 euros). Euronext Growth Milan: Culti Milano (0,1 euro).
Interpump grows stronger in the pipe and fittings sector. The group chaired by Fulvio Montipò has announced that it has acquired, through the English subsidiary Interpump Hydraulics, 100% of the capital of Alltube Engineering, a group that operates in the pipe and fittings sector, for 2,3 million euros
NextChem Tech, subsidiary of Nextchem (Maire group) acquired an additional 34% stake in both MyReplast Industries and MyReplast from an existing shareholder. The operation, explains the note, allows NextChem Tech to increase its stake from 51% to 85% of the share capital of both companies, while the remaining 15% is still held by a local entrepreneur. The total consideration is approximately 8,9 million euros, of which 5,1 million euros due within the closing and 3,8 million euros deferred (including an earn-out) to be paid based on various milestones until December 31, 2027.
Tim. The European Commission will decide on the proposed purchase of the fixed network by KKR by 30 May. Tim evaluated his submarine cable business Sparkle 481 million euros as of December 31, 2023, following a write-down of 107 million recorded during the year, according to documents published on the telecommunications group's website. The Italian Treasury is trying to secure control of Sparkle, considered strategic for the country as its network extends for over 600.000 kilometers and transmits information between countries in Europe, the Mediterranean and the Americas.
In February Tim rejected a Treasury offer for Sparkle. According to some sources, at the time Tim had considered the Treasury's offer too low, which valued the asset at around 600 million euros plus around 150 million euros in variable components.
Campari does not rule out new acquisitions and continues to look at M&A opportunities in high-end and very high-end spirits and in strong brands in the USA and Asia, as stated by the CEO, Matteo Fantacchiotti, in an interview with Milano Finanza on Saturday. The group is also looking at the whiskey segment.
Leonardo. Nigeria wants to buy 24 jet fighters to modernize its fleet.
Industrial Driver's License announces return of Gettit Marx as CEO effective July 1, 2024, replacing Scott Wine, who is leaving the Company at the end of the current three-year business plan cycle to pursue other interests. From the same date Marx will leave Iveco Group and will be succeeded by Olof Persson in the role of CEO, closely involved in the development of the Group's plans presented at Iveco's last Capital Market Day.
Pininfarina. The Board of Directors, following the passing of Paolo Pininfarina, unanimously appointed President of the Board of Directors Lucia Morselli, former independent and non-executive director, as well as member of the Company's Appointments and Remuneration Committee, who accepted the position.
BPER Banca. The Board of Directors has appointed Fabio Cerchiai as President of the Board of Directors, Antonio Cabras as Vice President and Gianni Franco Papa as CEO.
Saipem, GeneralFinance and Sogefi 1st quarter 2024 financial data expected. The shareholders' meeting of BPER Banca approved the financial statements for the 2023 financial year - closed with a statutory net profit of 1,36 billion euros - and resolved to assign a dividend of 0,3 euros per share,
Last days for two takeover bids in progress. The voluntary total takeover bid (OPA) promoted by Unipol on UnipolSAI shares will end on 26 April. As of Friday, 7.611.039 membership requests had been submitted. Therefore, overall the membership requests are at 50.190.415, equal to approximately 11,98% of the offer. Borsa Italiana reminds you that Unipolsai ordinary shares purchased on the market on 25 and 26 April 2024 cannot be tendered in acceptance of the offer.
The takeover bid by Crown Bidco for Tod's shares will end on 8 May. As of Friday, 7.158 membership applications had been submitted. Therefore, overall the membership requests are at 3.600.777, equal to 38,9% of the offer. Borsa Italiana reminds you that Tod's ordinary shares purchased on the market on 7 and 8 May 2024 cannot be tendered to the offer.
Il Furniture expo closed the 62nd edition with 361 thousand visitors: +17,1% on 2023, returning to pre-Covid numbers. Invasion of buyers from abroad and mass return of buyers from China.
