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

Chinese exchanges are positive, but service activity is slowing down

Asian markets head towards a bullish close: If the NIKKEI 225 in Tokyo remains in equilibrium, Chinese markets (HANG SENG, Shanghai) are positive in a session that also affected the impact of the spread of the Caixin Pmi Services Index for 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 is on the stock exchange after the institute closed its first quarter with a net book profit of millions, down 72.2% compared to last year, after making precautionary writedowns on loans for 1.3 billion “almost towards all of 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

Stellantis finished 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%.

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

In the One Network project that would put Telecom Italia’s assets in common with Open Fiber “there has been some delay, no friction, but 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

Crude oil a little higher, in light of the OPEC + meeting on supply and after the jump recorded with the intentions of the European Union to impose an escalating ban on Russian oil over the next six months: WTI futures for June rose by $ 108 a barrel, after increasing by more than 5 points On the eve, and those of Brent at $110.5. European gas prices rose slightly to 105 euros per megawatt-hour.
On the foreign exchange front, the euro regained ground against the dollar and was trading at 1.061 (1.055 evening Wednesday, May 4th).

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