It could have been worse. This is the comment coming from the market after the mega fine of 2,8 billion collars with which the Beijing Antitrust punished Alibaba last Saturday, the web giant that continues to pay for its economic and political strength, which is suspect in the eyes of the scheme. On the Hong Kong Stock Exchange, the shares of Jack Ma's group advanced by 5% after having even started at +9%. The reason? The ruling has not called into question the business model of the e-commerce giant, which has already reviewed contracts with its huge base of client companies. In short, the hope is that Xi Jingping will be satisfied with the lesson inflicted on the restless Jack. Who knows if this afternoon Wall Street will pay a similar tribute to Amazon, which over the weekend celebrated the no of its employees in Alabama at the entrance of the union in a plant of the giant, the second largest US employer. It is one of the few reasons of interest of the day for operators, already waiting for the quarterly reports which during the week will offer elements to understand if the Stock Exchanges, at the high points, deserve further confidence.
ASIAN LISTS UNDER BRAKING, THE SHORTAGE OF TWO CHIPS IS WEIGHING
In the meantime, Asian lists open under the banner of caution: the Nikkei falls in Tokyo (-0,7%). Hong Kong (-1%), Shanghai-Shenzhen (-1,4%) and Seoul (-0,5%) are also down. And the Indian Stock Exchange (-2,5%) is paying for the increase in the pandemic.
Representatives of Samsung and Taiwanese TSMC will parade today in Washington to illustrate to parliamentarians the prospects for the recovery of supplies of chips to US industry: the picture is not the most reassuring.
US FUTURES DOWN, EUROPE FLAT
Futures on US stock exchanges also declined slightly. Before the quarterly, profit-taking prevails. On parity also the contracts before the European opening.
The same goes for the other markets: oil, Brent and WTI, are little moved in the first stages; gold down 0,4% to $1.737; greenback nearly unchanged at 1,188.
POWELL: STRONG ECONOMY, NO TIME TO RAISE RATES
"The US economy is at a turning point: on the one hand it is accelerating, on the other an increase in infections could impede recovery". So last night the president of the Fed on "Sixty Minutes", a popular CBS show. Jerome Powell underlined that in any case “US economic growth in the second half of the year will be very strong, just as the increase in the labor market will be strong. We will evaluate an increase in interest rates – he added – when the recovery of the labor market is complete, when we return to maximum employment and the 2% inflation target. It will take some time” for that to happen. The Fed shouldn't raise interest rates on fears of rising inflation, "we can afford to see true inflation before we act," concluded the Fed's chief.
THIS WEEK THE ECB, CHINESE GDP ARRIVES
Europe, just a few days away from the ECB directorate, is a step backwards, a circumstance which should favor the confirmation of the purchases by the Bank of Frankfurt. China, which will provide data on its first quarter GDP on Friday (a sensational +18% is expected), is already talking about interest rate cuts to contain inflation.
THE QUARTERLY REPORTS OF THE US BANKS AT THE START. LVMH ACCOUNTS
This is the situation at the beginning of the US quarterly campaign: the numbers of JP Morgan, Wells Fargo and Goldman Sachs will arrive on Wednesday; it will continue with Bank of America and, on Friday, with Morgan Stanley. Outside of banking, keep an eye out for Pepsico and Delta Airlines accounts.
The accounts of the Lvmh luxury flagship are to be followed in Europe tomorrow. Coinbase, one of the most important cryptocurrency platforms, will debut on Wall Street on Wednesday.
DIASORIN BUYS THE AMERICAN LUMINEX: 1,2 BILLION
Hot opening also in Milan. Diasorin comes to the fore, as yesterday evening it announced the purchase of the American company Luminex for a price, in cash, of 1,2 billion dollars. Through the acquisition of Luminex, DiaSorin will access the technology and multiplexing portfolio of molecular diagnostics, strengthening the current offering and expanding its presence in the United States.
2,4 MILLION EX UBI ACCOUNTS AD INTESA, ORCEL LANDS IN UNICREDIT
Historic day for the banks, but even more so for the 2,4 million customers of Ubi Banca, who from today will be customers of Intesa San Paolo to all intents and purposes. About a thousand Ubi branches share the same fate. Over the weekend, the IT migration of the entire Ubi network to that of Intesa was arranged.
Thursday 15 is instead a day dedicated to the assemblies: there will be that of Unicredit for the appointment of the new Andrea Orcel and of the entire board of directors, as well as that of Banco Bpm for the budget.
ERDOGAN FREEZES ITALIAN HELICOPTERS
The negative note concerns Leonardo, who is involved in the tensions between Italy and Turkey in spite of himself. Ankara has frozen the signing of a contract with the Italian group worth over 70 million euros for the purchase of 10 AW169 training helicopters, reported La Repubblica Sunday speaking of a retaliation for the recent statements by Prime Minister Mario Draghi.
Other tips for the accounts are also on the agenda, including that of Ovs.
Atlantia should also be followed: the offer for an 88% stake in Autostrade per l'Italia presented by the Spanish group Acs will be on the table of the board of directors in the next few days.
The Treasury will instead be busy preparing for the launch of the third edition of the BTP Futura, on offer from Monday 19: duration 16 years with a double loyalty bonus.
BEIGE BOOK AND ZEW INDEX COMING SOON
Among the macro data of the week, in America the Beige Book and the Empire State Manufacturing index, in Europe the German Zew index and the Eurogroup meeting.
In Italy, the Government is working on the Economic and Financial Document and on the new budget variance request expected for the first few days of the week.
CUBA, THE CASTRO ERA IS CLOSING
After the disappearance of Philip of Edinburgh (which did not prevent the reopening of pubs closed due to the pandemic today) geopolitics is preparing for another historic farewell: on Friday Raul Castro, 89, Fidel's brother, leaves the political scene in Congress of the Cuban party.
