The financial week dominated by the accounts of listed companies, especially the giants of the Nasdaq, starts well on the Asian markets. Lists in the East are at their highest for six months, despite the weak dollar against the yen and the euro. The Chinese Stock Exchanges are making progress (Shanghai +0,4%), while the pressure of the authorities on Alibaba is growing, subjected to new examinations by the Antitrust. Hong Kong (+0,2%) and Tokyo (+0,3%) were also positive.
In South Korea, the inheritance tax for the heirs of the Samsung empire holds sway: 12 billion dollars, which in part will be paid with works of art.
Even if in India the new infections in the last three days are in the order of one million (352.000 only yesterday), the BSE Sensex index in Mumbai opened up by more than 1%.
While waiting for the Fed, this morning the US 10-year Treasury Note lost share: its yield rose to 1,57%. Futures on the S&P index rose slightly.
RECOVERY EFFECT: COPPER FLYES AT THE HIGHEST FOR 10 YEARS
Raw materials increased sharply, confirming the prospects for economic recovery. Copper reached a ten-year high this morning at 9.650 tons. Goldman Sachs in the middle of this month had written that in the short term it should reach around 11 thousand dollars.
Among other commodities, there is also +4% in iron ore futures for steelmaking this morning.
WTI oil, on the other hand, moved little, at 62 dollars a barrel; Brent at $65,93. Gold slightly up to 1.780 dollars an ounce.
RECOVERY FUND: TRUTH WEEK. S&P YES TO ITALY
What will also be the week of truth begins for the EU states called to present their national recovery and resilience plans to the Commission, including Italy. Between today and tomorrow, Prime Minister Draghi is expected in Parliament for the presentation of the plan which received a painful go-ahead from the Council of Ministers after an even more painful phone call between Rome and Brussels. Up for grabs are 195 billion plus 30 of state origin. Fresh resources (net of the refinancing of existing projects) amount to just under 170 billion. The consultancy firm LC Macro Advisor believes that even if the multiplier to translate this figure into GDP growth were very low, around 0,7 times, the effects on growth should be slightly higher than the government forecasts.
The vote on Italy by Standard & Poor's arrived on Friday evening, which, based on the progress of the vaccination campaign and on the support provided by the European institutions, confirmed its rating and judgment.
THE FED SUMMIT KICKS OFF, EUROZONE GDP AND OPEC SUMMIT AROUND
Has the turning point arrived? This is the question that is interrogating the large economic blocs this week, committed to redefining their anti-Covid-19 strategies.
The issue is particularly topical for the Fed. Markets are keenly awaiting Jerome Powell's press conference on Wednesday, at the end of the central bank's two-day meeting. One wonders if, faced with the improvement in economic data, including employment and consumption, the president will refer to a possible reduction in purchases on the market (today 120 billion/month) to favor liquidity. For experts, the move will not take place before March 2022.
The Eurozone will publish its first quarter GDP estimates next Friday: a new negative figure is expected (-0,8%), in line with the previous quarter. The Eurozone is technically in a recession.
Also to be followed is the meeting of the OPEC+ countries, gathered to discuss oil production levels for the coming months after starting the withdrawal of the cuts at the beginning of April. The accounts of the majors are arriving, starting with Exxon, BP and Total.
RAIN OF ACCOUNTS FOR CORPORATE AMERICA
At the center of the activity, however, will be above all an examination of the state of health of Corporate America in the light of the first quarter accounts. We need to evaluate the impact on prices of Joseph Biden's next decision on the increase in capital gains. Another unknown factor: on the 29th the Food and Drug Administration will have to rule on the possible ban on the sale of menthol cigarettes which could cause the prices of Altria and the other big tobacco companies to plummet.
TESLA BEGINS, APPLE, ALPHABET AND MICROSOFT FOLLOW
Will the numbers for the quarter justify the record prices reached on the Stock Exchanges? Analysts are expecting record-breaking results, starting with the big names in the digital economy.
Spotlight on Tesla after yet another turbulent quarter, amidst problems with the Chinese authorities and the driverless car accident. Meanwhile, Musk is celebrating Sunday's Space X moon landing.
It's time for reckoning also for Alphabet (favored by the strong recovery in advertising), Microsoft (+17% revenue), Apple (expected the increase in the dividend and the resumption of the buyback) and Facebook. But also for the entertainment industry, after the Oscar awards and the gradual return to "normal" activity.
Finally, the accounts of the big banks in Europe are to be followed: from Deutsche Bank to Barclays, via HSBC.
AFTER FUTURA, THE BOT AND BTP AUCTIONS ARE BACK
Bot and Btp auctions are back this week. The third issue of Btp Futura it closed with subscriptions of 5,48 billion, slightly below the two previous placements, but not too far (6,13 and 5,7).
In Italy, the calendar provides for the detachment of the coupon of Creval (0,23 euro) and Saes Getters (0,4 euro).
MEETING FOR INTESA AND ATLANTIA. THE NUMBERS OF THE ENI GROUP
The meetings of Intesa and Atlantia will be held during the week (Wednesday 28). The results of Saipem and Eni will also be released.
TEST FOR LEONARDO AFTER GERMAN SHOPPING
Test at Piazza Affari for Leonardo, which acquired 25,1% of the German Hensoldt, a company specializing in defense electronics, cybersecurity and data management systems, for 606 million euros. Leonardo paid a 60% premium compared to Friday's closing.
