Stock exchanges are trying to restart after a volatile week, spiced up by concern over runaway inflation that has called for central banks to tighten monetary policies to curb prices, while growth is threatened by a number of factors – from Chinese lockdowns to war in Ukraine – which brings the specter of stagflation ever closer. The balance of the last eighth was overall negative, with the Eurostoxx 50 representing European equities down by 1.2%. All in all, Milan held up, registering a fractional increase (+ 0.2%). On the other hand, the situation of Wall Street is difficult, which on Friday closed a volatile section with several cases of collapses: Tesla, but also Walmart and the large-scale distribution sector (-20% in the week) with concern for the trend of the first economy to the world: episodes that seem to say that the market does not believe in the “soft landing” promised by the Fed president, Jerome Powell.
The resumption of trading is characterized by a very particular situation for Piazza Affari, where the 10 billion dividends arriving in the session of 23 May alone are almost reached. The detachment of the coupon affects 60 listed companies (for a total value of 9.8 billion), of which 19 are on the main list. The most generous check of this round will be that of Generali which will pay shareholders almost 1.7 billion euros, Eni and Intesa Sanpaolo instead will stop at just over 1.5 billion euros but in both cases it is the only balance on 2021 accounts after the down payment already distributed in autumn. A substantial amount for Tenaris (330 million but always for the balance), for Inwit (approximately 300 million) and for A2a (more than 280 million) while outside the Ftse Mib the total coupons of UnipolSai. According to the Radiocor agency, as regards the dividend yield, i.e. the ratio between the value of the coupon to be detached on Monday and the price of the share on the stock exchange, Azimut is 6.4% while Generali and Unipol travel around 6% compared to the last closing. Also considering the advance payments, Intesa SanPaolo would be well above 7%, Eni and Banca Generali in the area of 6%. UnipolSai stands out from the basket of big companies (7.1%). For a dividend yield above 8% it is necessary to look at the Star segment with Cairo Communication and Equita Group (for the latter considering the down payment and balance). In detail, here are the dividends for Monday: A2a, Amplifon, Atlantia, Azimut, Banca Generali, Bper, Diasorin, Eni, Finecobank, Generali, Interpump, Intesa Sanpaolo, Inwit, Italgas, Moncler, Pirelli, Recordati, Tenaris and Unipol. After the detachment of 23 May, the next ‘rich’ appointment for coupons will be that of 20 June with approximately 1.65 billion euros in distribution and two protagonists, Poste and Snam, who will pay the dividend balance of 530 million each. On the other hand, Enel’s coupon balance was forwarded in July, which will put 1.9 billion into the pockets of its shareholders.
As for the new week, then, there is attention to Davos, the Swiss town where – after two years of stoppage due to Covid – the World economic Forum. Between Monday and Thursday in the mountains of German-speaking Switzerland, business leaders, central bankers and world leaders will discuss the challenges of the planet. Italy will be represented by four ministers: Daniele Franco (Economics), Roberto Cingolani (Ecological transition), Enrico Giovannini (Infrastructure and sustainable mobility) and Vittorio Colao (Technological innovation and digital transition). Among the managers of the Belpaese will participate Andrea Illy (Illycaffè), Silvia Merlo (Saipem), Paolo Merloni (Ariston group), Stefano Scabbio (Manpower group), Domenico Siniscalco (Morgan Stanley), Andrea Sironi (Generali), Francesco Starace (Enel) .
On the domestic front, the date circled in red on the agenda is that of Friday, when Fitch will announce its decisions on the Italian debt rating, closing the spring exam session for the Italian economy. Currently the agency attributes to the Republic a triple B with a stable outlook and, according to analysts, it will hardly change the judgment, despite the cut in growth estimates linked to the war in Ukraine. Notable appointments are also the confederal congress of the CISL and the table on Tlc convened at the Ministry of Economic Development on Tuesday. Also on Tuesday, the Minister of Ecological Transition, Roberto Cingolani will give a briefing to the Chamber in view of the G7 of Energy Ministers. From Friday, then, weekend with the “Forum in Masseria” in Manduria, where ministers, managers and politicians will discuss PNRR for three days.
Among the main market movers of the week there is instead expectations for the Ifo index on the economic climate in Germany on Monday, while on Tuesday the SME indices of Japan, France, Germany, Eurozone and Great Britain will be released. Wednesday, eyes focused on the minutes of the last Fed board that could better clarify the direction of future monetary policy of the US central institution. The final data on GDP for Germany and the United States in the first quarter after the preliminary estimates communicated in April are also being published.
Here is the breaking latest news agenda with the main appointments:
MONDAY 23 MAY
– Mims: press conference by Minister Enrico Giovannini to illustrate the contents of the Sustainable Infrastructure and Mobility Annex to Def 2022.
– Tourism: presentation of the second edition of the “Communication, media and tourism” survey. Minister Massimo Garavaglia participates.
– Work: meeting of G7 ministers in Wolfsburg.
– Davo: the World Economic Forum opens.
– Germany: Ifo business climate index in May.
TUESDAY 24 MAY
– Ocse: taxing wages 2022.
– Mediobanca: presentation of reports on the wine sector.
– Energy: briefing to the Chamber by the Minister of Ecological Transition, Roberto Cingolani, in view of the G7 of Energy Ministers.
– Inps: information on income and citizenship pension in April.
– Bankitalia: economic survey on the housing market in Italy.
– Privacy: conference on the role of the guarantor. Among others, the Minister of Economic Development, Giancarlo Giorgetti, participates.
– Tlc: table at Mise.
– SME indices: Japan, France, Germany, Eurozone, Gb, USA.
– USA: new home sales in April.
WEDNESDAY 25 MAY
– Cisl: confederal congress opens with the report by the general secretary, Luigi Sbarra.
– Aspi: presentation of the “Wonder” project, with the Minister of Culture, Enrico Franceschini, and CEO Roberto Tomasi.
– Cdp: stage of the roasdshow in Brescia, with the president Giovanni Gorno Tempini and the CEO Dario Scannapieco.
– Germania: Pil I quarter.
– Germany: Gfk consumer confidence index in June.
– France: consumer confidence in May.
– USA: weekly oil stocks
– Usa: Fed board minutes.
THURSDAY 26 MAY
– Confindustria Moda: press conference on the first quarter results.
– Istat: consumer and business confidence in May.
– Istat: industry turnover in March.
– USA: new weekly applications for unemployment benefits.
– Usa: Pil I quarter.
– USA: pending home sales (compromises) in April.
FRIDAY 27 MAY
– Fitch: review of Italy’s rating.
– Istat: non-EU foreign trade in April.
– USA: PCE index in April.
– USA: trade balance in April.
– USA: consumption and income expenses in April.
– USA: Michigan consumer confidence index in May.