Today’s Stock Exchanges, March 29th. Markets still recovering, tech doing well in Alibaba’s wake. Ubs surprise: Ermotti returns to CEO
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MILAN – Another positive day for the European stock exchanges, despite yesterday’s uncertainty on Wall Street and with the tension on the banks dissolving and Asian technological shares pushed upwards by the reorganization announced by Alibaba, which sends the stock flying. The early morning twist, however, comes from the Swiss bank UBS, the one that bought Credit Suisse with a check for 3 billion to save the arch-rival that had entered a liquidity crisis: Sergio Ermotti he will return to his role of Group Chief Executive next week. Current CEO Ralph Hamers has agreed to step down “in the interests of the new combination, the Swiss financial sector and the country”.
The Stock Exchange promotes Ermotti in Ubs
Ubs takes a run-up to Zurich, climbs up to gain 3% and is now continuing up by 2.4% to 18.17 Swiss francs. The market, emerges from the analysts’ comments, appreciates that Sergio Ermotti is taking the lead of the Swiss giant to replace Ralph Hamers. For Citi it is above all the sign of a change, and the analysts recall Ermotti’s previous experiences in large-scale restructurings. They do not fail to point out the great challenge that awaits him with the merger project of two global banks, UBS and Credit Suisse, of systemic importance. During the change announcement press conference at the summit, UBS chairman Colm Kelleher stressed that the task of integrating Credit Suisse is greater than anything performed during the height of the 2008 financial crisis, when JPMorgan, for example, had to step in. to save Bear Stearns.
Fincantieri, appointments for the Jv with Naval group
The board of directors of Naviris, the joint venture between Fincantieri and Naval group, has approved the new appointments of the company. Pierroberto Folgiero, reports a note, has been appointed president. Damien Raby, appointed managing director, and Enrico Bonetti, confirmed chief operating officer, will manage the joint venture. The parent companies are equally represented on the board of directors. Created in 2020, Naviris is a 50/50 joint venture, where half of the employees are Italian and half French. With headquarters in Genoa and a branch in Ollioules, the Naviris team focuses on binational and export projects.
Confidence, good in Germany and declining in France
The Gfk consumer confidence index improved in Germany in April, equal to -29.5 points, against -30.6 points in March 2023. The figure is slightly lower than the expectations which indicated -29.2 points.
In March, household confidence dropped slightly again. The index that measures it dropped by one point to 81 points, and “remains well below its long-term average (100 between January 1987 and December 2022).” This was revealed by Insee, the French national institute of statistics.
Positive openings in Europe
Rising start for the European stock exchanges on which the feeling is strengthened that the banking crisis opened by the bankruptcies of Svb and Signature Bank in the USA and by the difficulties of Credit Suisse and Deutsche Bank on this side of the Atlantic can be overcome without too many problems. After the first trades, the Eurostoxx 50 rose by 0.77%. Driving the price lists of the old continent is Paris, which rises by 0.72%. Milan also did well, where the Ftse Mib grew by 0.70. In Francorte the Dax marks +0.60%, while London is more reflective with a gain of 0.22%. In Zurich, the UBS share is up by more than 2% following the news of the return of Sergio Ermotti as CEO.
Positive Asia driving Alibaba
Asian stocks rallied broadly bucking losses on Wall Street, led by massive gains by Chinese tech giant Alibaba following its announcement of its split into six business groups. The Hangzhou-based company said the changes are aimed at “unlocking shareholder value and promoting market competitiveness.” Alibaba is one of China’s leading technology companies, with businesses ranging from cloud computing to e-commerce, logistics, media and entertainment, and artificial intelligence. Its Hong Kong-listed shares gain nearly 14%. By mid-morning, the Hang Seng Index was up more than 2%. In Tokyo, the Nikkei 225 rose by just under half a percentage point, while Taipei and Bangkok also rose.
Positive futures for the EU Stock Exchanges
Positive futures on European stock exchanges in the morning trading. The contract on the Frankfurt Dax shows a +0.40%, the London Ftse 100 rises by 0.08%. The Euro Stoxx 50 gains 0.51%.
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