October 2, 2022

Hardwood Paroxysm

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Stock Markets Sharply Rise After Fed, Stellantis and Unicredit Run Behind Accounts

Chinese exchanges are positive, but service activity is slowing down

Towards a bullish close in the Asian markets: if Nikki 225 In Tokyo I remained in equilibrium, the Chinese arenas (Hang SengAnd Shanghai) positive in the session also affected the spread of the Caixin SME index in April. Activity in the services sector witnessed a sharp decline. The Purchasing Managers’ Index (PMI), calculated by Ihs Markit and published by Caixin media group, was 36.2 in April versus 42 in March. This is the biggest drop since February 2020, when the Chinese economy was paralyzed by the first global wave of Covid-19.

Unicredit: Russia weighs heavily this quarter, with profits dropping to 247 million

Unicredit It operates on the stock exchange after the institute closed the first quarter with a written net profit of millions, down 72.2% from a year ago, after making precautionary writedowns on almost entirely $1.3 billion in loans to Russia. Russia’s net profit rose 37.8% to 1.2 billion. The group reduced its exposure to Russia by $2 billion overall. This is what emerged from the press release on the quarterly accounts of the institution. The maximum loss associated with Moscow in the worst-case scenario is now 5.2 billion, with an impact of 128 basis points on the Cet1 coefficient.

Stellantis: higher-than-expected revenue in the quarter

Stilants It ended the first quarter of the year with revenue of €41.5 billion, up 12% over the same period last year, although consolidated deliveries fell 12% to 1.374 million units. The management confirmed the forecast already announced for the whole of 2022. Stellantis, on the other hand, has revised estimates for 2022 in the European and North American auto markets. After the first quarter, the group
The automaker expects the North American auto market to remain stable compared to 2021, when 3% growth was previously forecast. with regard to
Extended Europe: Forecasts are now for a 2% decline at the end of 2022 compared to 2021, when the previous estimate was for 3% growth. Unchanged at +3% respectively
And estimates for the auto market in South America, India and Asia Pacific increased by +5%.

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Tim: Agree with OF on one network in a few days

On a single network project that will place assets Telecom Italia With Open Fiber “there has been some delay, no friction, but there is a convergence of interest from all stakeholders, it’s a project of unique complexity.” This was stated by Pietro Labriola, CEO of Tim, speaking at a press conference about the draft Memorandum of Understanding being discussed by Tim and Cdp, the largest shareholder in Open Fiber. “I don’t see problems and friction, I’m optimistic I can shut down very quickly, even in a few days.” The expectations were to close the agreement by the end of last April.

Oil rises ahead of the OPEC + meeting

content increase rawIn light of the OPEC + meeting on supply and after the recorded jump with the intentions of the European Union to impose an escalating ban on Russian oil over the next six months: West Texas Intermediate crude futures for June rise by $ 108 a barrel after rising more than 5 points on the eve, and that of Brent to 110.5 dollar. prices Gas Slight increase to 105 euros per megawatt-hour.
In terms of foreign exchange, theeuro It regained ground on the dollar and was trading at 1.061 (1.055 evening Wednesday, May 4th).