MILANO – 2.20 pm. Bags opposed to the reopening of exchanges, while the release of the container port that blocks the Suez passage the reopening of the trade route is approaching but oil, which initially reacted by losing altitude in view of normalization, starts to rise again in the late morning. Milano fluctuates above and below parity and in the early afternoon advances by 0.15%, Frankfurt goes up 0.5%, Paris 0.4%. Of the opposite sign London, down 0.2%. In Piazza Affari we point out the “no” of the cda del Creval to the Crédit Agricole takeover bid and the operation of Carraro family to delist the homonymous tractor company.
At the center of the financial market news, however, there are international events: some massive sales have hit individual stocks, generating concern on the lists. According to what was reconstructed by the financial agencies, the movements started already at the end of the Friday session on Wall Street (where the indices also closed the week positively) and are linked to the difficult situation of Archegos Capital Management, the family office of Bill Hwang, which would have been induced to close the positions by the banks (the famous margin call).
According to what he reconstructed Bloomberg, the flow reached $ 20 billion concentrated on Chinese big techs and American media stocks (ViacomCBS and Discovery the hardest hit). The setbacks are slowly coming to the surface: the Japanese banking giant Nomura announced that on March 26 “an event occurred” which could entail “a significant loss” for one of its US subsidiaries, generated “by a transaction with a customer”. Nomura, explains a note, “is currently evaluating the extent of the possible loss and the impact it could have on financial results” and currently estimates that it can “claim damage from the customer of approximately $ 2 billion”. On the stock market, the stock was overwhelmed by sales, losing 17% and then closing with a historic -16.3%. According to rumors, the loss would be linked to Bill Hwang’s hedge Archegos Capital Management. Also Swiss credit he then announced that he had reported “very significant losses” deriving from exposure to an anonymous US hedge fund, stressing that he could not yet quantify exactly the damage that will affect the results of the first quarter.
Weak Wall Street Futures. This morning, the Tokyo stock exchange closed up 0.71%. The Topix index rose 0.46%.
Euro down on the dollar at the beginning of the day. The greenback strengthens thanks to investor confidence in the economic strength of the United States, which continue with determination in the vaccination campaign. In Europe, however, the infections of Covid-19 continue and vaccinations are slower. Thus the single currency remains below $ 1.18, at 1.1775 against 1.1795 on Friday at the end. Euro / yen at 128.90 and dollar / yen at 109.49.
Among the raw materials, as mentioned, the first successes in unlocking the Suez passage, where the Ever Given ship has run aground for days, immediately bring down the price of Petroleum, which as mentioned, however, then returns to rise: the WTI gains 0.7% to 61.3 dollars a barrel and Brent rises by 0.85% to 65.1 dollars. Departure down for the price oforo. The immediate delivery metal is down 0.27% at $ 1727 an ounce.
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