The Stock Exchanges are off to a positive start. Asian stocks rose under the impetus of Softbank (+2,1%). The Japanese giant has announced the closing of Vision, a 93 billion dollar technology fund participated by Saudi Arabia. Meanwhile, Donald Trump is starting from Riyadh with a large haul of contracts for US industry, starting with Boeing. The dollar is also recovering positions, after closing the week with a drop of 2,1%, to its lowest since April 2016. Now Trump's visit to Israel continues. The atmosphere will not be the easiest: Netanyahu had to precept ministers at the airport who wanted to underline with their absence the hostility towards Trump, guilty of having passed on to Russia information arriving from Tel Aviv intelligence.
Thus begins an intense week which will culminate on Friday and next Saturday in the G7 in Taormina, the first major international mission of Donald Trump, in the hunt for diplomatic successes to escape the pressure of the investigations into Russiagate. In fact, geopolitical events are destined to attract the attention of the markets, whose perception, according to Jan Hazius, chief strategist of Goldman Sachs, "has changed considerably in the last two weeks".
In the US, hopes in many reforms promised by Trump have vanished: the tax cuts, according to Goldman Sachs, will in the best case be half of what has already been budgeted and the Dodd-Frank reform project has almost vanished.
Managers shifted their focus to the euro area, boosted by the outcome of the French elections. And on emerging markets: despite the collapse of Brazil, in the midst of a political crisis, the Emerging Markets Stock Exchanges have advanced by an average of 14,5% since the beginning of the year. Better than Piazza Affari, together with Madrid the best market in the Eurozone.
CHANGE OF THE GUARD AT FORD'S TOP MANAGEMENT
Earthquake in sight at Ford: today the resignation of CEO Mark Fields should be announced. Great expectations on the price list also for the accounts of Tiffany's, a sign of the state of health of luxury consumption in the USA. The week on Wall Street will also be conditioned by the release of data on GDP for the first quarter, as well as by the publication of the minutes of the last meeting of the Fed. The slowdown in the economy is introducing more than one doubt about the next increases in US rates. Two central bank governors will speak this week: Patrick Harker of Philadelphia and Noel Kashkari of Minneapolis.
EU: AGREEMENT ON GREECE, TENSIONS ON THE ECB
Today the Eurogroup will take stock of the situation in Greece in view of the disbursement of the new tranche of the loan. The appointment on Wednesday will also be in the spotlight: that day in Brussels the recommendations of the European Commission on the public accounts of the various countries will be released. Great attention to the release of the PMI data of the main economies of the Eurozone, awaiting the confirmation of the recovery already signaled by Mario Draghi, who is participating in the meeting of the Eurogroup today.
Meanwhile, tension on the ECB front is growing in anticipation of the board meeting on 8 June. The French member of the Frankfurt bank, Benoit Coeuré, in an interview with Reuters hinted at the prospect of a rate hike before the end of Qe. Meanwhile, the hypothesis has taken shape that Jens Weidmann, the number one of the Bundesbank, will be Mario Draghi's successor in 2019. The German banker limited himself to saying: "It's too early, but I don't see why a German can't lead the ECB".
OIL RECOVERY WAITING FOR OPEC
A positive start for the oil market, which confirms last week's recovery (+6% for Brent in the last five sessions). For the first time in a month, Brent prices have exceeded 54 dollars. On the 25th the OPEC meeting will be held in Vienna, which should extend the cuts agreed last November for another 6 or 9 months as anticipated by the joint document of Saudi Arabia and Russia. The agreement made it possible to reduce production by 1,8 million barrels per day, but the effect was partially nullified by the increase in US extraction of shale oil (plus 80 barrels).
In terms of oil sector stocks, Saipem should be mentioned: today the shares are grouped together on the basis of one new one for every ten existing ones.
AT PIAZZAAFFARI INTESA LEADS THE CHARGE OF DIVIDENDS
Among the Italian appointments of the week, the assembly of Confindustria (Wednesday) stands out. The vote on the "maneuver" by the House Budget Committee is also scheduled.
The agenda of Piazza Affari will be dominated today by the detachment of the coupons. According to experts, their sum will account for about 1,5% of the value of the main index of the Milan stock exchange, or 330 points of the Ftse Mib index. In the pockets of the shareholders, therefore, a "swallow" of about 12 billion will arrive, the highlight of the 2016 budget campaign, which will not end here. Other companies will distribute dividends later and it is estimated that the total amount paid in 2017 will be equal to approximately 3% of the capitalization of Piazza Affari: something more than 18 billion.
Among the blue chips, the Intesa dividend (6,4%) stands out, but Poste Italiane also boasts a respectable coupon (5,7%) equal to that of UnipolSai and ahead of Generali (jumped to the top of the ranking with a dividend yield of 5,3%). Among the most popular stocks, Banca Mediolanum (5,5%) and Eni (5,4%) should also be mentioned.
Here is the complete map:
ACSM-AGAM 0,05 euros
AlerionCleanPower 0,045 euros
Amplifon 0,07 euros
Soul Holding 0,25 euros
Banca Popolare di Sondrio €0,06
BasicNet €0,06
BE Think 0,0148 euros
Brunello Cucinelli €0,16
Cairo Communication €0,05
Caltagirone €0,03
Cattolica Assicurazioni 0,35 euro
Cementir 0,1 euro
CIR 0,038 euros
Diasorin 0,8 euros
EI Towers 1,8 euros
ENAV €0,176
Enervit 0,08 euros
EPrice 0,13 euros
Erg 0,5 euros
Row 0,09 euros
Geox 0,02 euros
Igd 0,045 euros
Ima 1,6 euros
Inwit 0,147 euros
Irce 0,03 euros
Marr 0,7 euros
PanariaGroup €0,07
Parmalat €0,015
Rai Way €0,1537
Rats 0,1 euro
Salini Impregilo 0,053 euros
Salini Impregilo Resp. 0,26 euros
Saras 0,1 euros
Sias 0,18 euros (balance)
Sol 0,15 euros
T0d's 1,7 euros
Vianini €0,05
Elettra Investments 0,25 euros
First Capilat 0,42 euros
Agricultural farms 0,09 euros
Triboo 0,075 euros
FCA REQUESTS US CERTIFICATION FOR DIESEL
Fiat Chrysler under the spotlight, down 3,6% last week after the start of the infringement procedure by the EU Commission. The company formally filed on Friday with the American EPA the request for certification of diesel emissions for the 2017 models of the Jeep Grand Cherokee and Ram 1500. Meanwhile, Minister Graziano Del Rio vented an action by the Italian government both in the Community and in Italy. In response to the German accusations, the appearance in court against Volkswagen in the investigation into the dieselgate underway in Verona is not excluded.
Recordati is a stock under scrutiny after the EU drug agency on Friday recommended the approval of cariprazine for bipolar disorders and schizophrenia.
STOCK EXCHANGES: MILAN AT THE TOP, BTPs ACCELERATE
The Milan Stock Exchange reopens its doors after closing the week with the FtseMib index level, the best performance in the Eurozone, at the end of four positive sessions (today +1,2%) and one, Wednesday, marked by a heavy fall (-2,3%) linked to the decline of Wall Street.
The Paris Stock Exchange fell by 1,5%, Frankfurt -1%, the Eurostoxx 50 index lost 1,3%. The decline of the equity markets favored bonds and in particular those of the European periphery. The yield on the 10-year BTP fell during the week from 2,24% to 2,1%.
