Macro data from China and Germany indicate a slowdown in the economy as the Fed is becoming more aggressive in its monetary policy to calm the price rush. Piazza Affari opens today rather volatile (-0.4% at the start and then goes positive) after yesterday’s selloff on Wall Street triggered by the hawkish voice of Governor Lael Brainard and an Asia in the red. Meanwhile, the US and the EU have announced new sanctions on Russia following the Bucha massacre. US WTI oil moves around $ 102 a barrel, the US T bond moves up to 2.6% and the ten-year BTP at 2.25% (sideways), while gas traded in Amsterdam drops 1.44 % to 107 euros per megawatt per hour.
To emerge this morning at the start are Avio (+ 9%), Saipem (+ 2.8%), Unicredit (+ 1%), Telecom Italia (+ 0.4%), Intesa Sanpaolo and Banco Bpm (+0.3 %), Unipol (+ 0.15%). On the other hand, Ferrari sells 1%, Cnh and Stellantis 0.8%, Credem 1.3%.
Manufacturing orders in Germany were down 2.2% in February from the previous month, well below forecasts of a 0.2% decline due to supply constraints, soaring energy prices and uncertainty linked to the Russian invasion of Ukraine which damaged demand. Orders from abroad fell by 3.3%, the Euro area recorded -3.3%, non-EU -3.4%. Internal orders, on the other hand, recorded a much more contained decline, of 0.2%.
Caixin China General Services PMI fell to 42.0 in March 2022 from 50.2 in February (below the 50 level and down), indicating the first decline in 7 months between Covid outbreaks and lockdowns. This is the sharpest decline in the industry since February 2020, with new orders falling to a two-year lows and exports falling at the fastest pace since October 2020. Meanwhile, cost pressures have increased as sentiment settles. at the lows of the last 19 months.
Macro data doesn’t stop there. Markets are expecting February retail sales in the Eurozone at 11:00, at 13:30 and the minutes of the March ECB meeting expected to be published, at 14:30 the weekly applications for unemployment benefits in the US, at 16: 30 weekly stocks of natural gas. Today the FOMC will publish the minutes of the FOMC meeting of March 15-16, in parallel the speeches of several members of the Fed are expected: at 15:00 Bullard (Fed), at 20:00 Bostic and Evans.
In Piazza Affari, to keep an eye on the Generali. The Insurance Supervisory Institute informed the Lion of Trieste that “there are no useful elements for the initiation of an administrative procedure” on
The net inflows of managed savings (excluding the insurance proxies of Branch I) of Anima relative to March was positive for 86 million euros, for a total of 738 million from the beginning of the year, the company announced today. At the end of March, assets under management amounted to 197 billion euros, an increase of 2 billion compared to the same month of the previous year.
Tomorrow at the Telecom Italia shareholders’ meeting a reduced turnout is expected, with reservations for about 50% of the capital and a low participation of small shareholders. According to Il Messaggero, KKR canceled the takeover bid on Tim at € 0.505, asking for due diligence to define the price, but the telecommunications group does not seem to want to grant it. However, the American fund is relaunching interest in the network in view of a possible collaboration.
On the banking front, from the discussions in recent weeks between the Treasury, the controlling shareholder, and the European authorities DgComp and ECB, a substantial go-ahead has emerged for the extra time requested by Rome for privatization without a new deadline being formalized, writes MF -Milan Finance.
As for Intesa Sanpaolo, the Swiss investee Alpian, a fintech asset manager, expects to start operations in Switzerland in the third quarter, with the aim of having 5,000 customers by the end of the year.
The Unipol shareholder cooperatives united in a pact with approximately 30% of the capital filed the slate for the renewal of the board, nominating Carlo Cimbri, current CEO, for the presidency in place of Pierluigi Stefanini. In UnipolSai, the only list presented by the controlling holding Unipol sees Cimbri confirmed as chairman. The absence from the list for Unipol of figures with a managerial profile would imply the decision not to appoint any CEO, with the operational powers that would be entrusted to a general manager while, as regards UnipolSai, the entry into the board of Matteo Laterza would indicate a possible transfer of the DG to CEO of the insurance company.
Saipem has been awarded new contracts in offshore drilling in the Middle East and West Africa for a total of over 400 million dollars. Tiscali closed 2021 with a net loss of 20.6 million, an improvement of 1.6 million on 2020, after recording stable revenues of 144.2 million. Ebitda decreased slightly to 28 million.
Augusto, holding in liquidation which controls Aedes, as part of the sale procedure of its entire stake in the real estate company, received from Hines Italia a non-binding offer conditional on the negotiation of the acquisition agreements and the execution of a two diligence.
As for Arterra Bioscience, Isagro and Maarten Chrispeels have initiated the sale of a maximum number of 1,552,655 shares held by them in the company through an accelerated bookbuilding procedure. (All rights reserved)
