Quantum C, a Chinese freshman in quantum cryptography, made its debut on the Shanghai Stock Exchange yesterday with an increase of 924% compared to the offer price. An example of that euphoria made possible by the rush of households to get into debt to participate in the stock market boom. But the government, which in recent days had blessed the rally, decided it was time to intervene before an inevitable crash. Tonight, Beijing took the field by ordering two state-controlled pension funds to reduce positions in two companies that went public abnormally in the last two weeks.
The signal had an immediate effect: the Shanghai Composite is down 1%, after eight consecutive sessions of gains. Almost all Asian stock markets drop: Tokyo -0,2%, Hong Kong -1,1%, Seoul -0,7% while a new mystery explodes: the body of the mayor of the capital was found two days after his disappearance .
AMAZON AND TESLA ARE RUNNING, SLOW DOWN WALL STREET
Even the other engine of the increases in recent days, the Nasdaq, although reaching a new high, has shown signs of wear. The Times Square index started strong, then came to mark a drop of 0,7%, finally recovered all the losses, closing up 0,5%, at 10.547 points, a new record. The Bigs are supporting the list, preferred because they are defended from the decline by the strong buybacks already approved. Amazon, Nvidia and Tesla still shine by 2,1%.
The other US markets were down: Dow Jones -1,39%, S&P 500 -0,56%. Pharmacy giant Walgreen Boost Alliance lost 7,8% after UK inventory write-down.
PROSECUTORS MAY INVESTIGATE TRUMP'S ACCOUNTS
The indices suddenly worsened on news of the Supreme Court ruling authorizing prosecutors to investigate Donald Trump's accounts. Wall Street is starting to think about a defeat of the president in November.
Brent Oil closed down 2% yesterday, traded at $42 this morning, down 0,7%. The oil sector in Milan is significantly down: Tenaris-3,58%, Saipem -4,45%, Eni -3,04%.
Gold slipped slightly below the $1.800 threshold at the start of the session.
GOAL FROM PENALTY TAKERS IN EUROPE. TODAY COUNT IN HOLLAND
Only technology escaped yesterday the bear's revenge on the European stock exchanges. Meanwhile, the surprise election of the Irish conservative Pashal Donohue as president of the Eurogroup against the Spanish Nadia Calvino, supported by France, Germany and Italy, represents a success for the front of the "Countries of Penalty", confirming that the outcome of the comparison on next week's Recovery Fund is far from obvious. Today Prime Minister Giuseppe Conte meets his Dutch colleague Mark Rutte.
MILAN (-1,98%) IS THE WORST SQUARE
Milan brought up the rear of the European price lists: -1,98%, at 19.505 points, with a strong acceleration in sales towards the end. Stm is saved.
Paris is also in the red (-1,21%). Airbus dropped 1,5% after first-half deliveries plunged to a 16-year low despite a June rebound. Madrid is also under fire (-1,22%).
TECH SAVE FRANKFURT: SAP +4,5%
Frankfurt holds (-0,04%) thanks to technology. Corre Sap (+4,5%) after results in strong recovery in the second quarter. Software license revenues contracted -18%, but cloud revenues exploded, up 21% to €2,04 billion. The company explained that the cloud order book has seen steady demand for digital supply chains, e-commerce, cloud platforms and Qualtrics solutions.
The confirmation was given by the exploit of Teamviewer: +4% on the wave of the boom in demand for remote Internet services.
London heavy (-1,73%): Nationale Grid slipped about 5% after energy regulator Ofgem said companies operating in the sector should invest £25bn between 2021 and 2026 to deliver carbon-neutral energy and proposed cuts in returns that companies could make.
THE SPREAD RISES TO 172, BTP FUTURA CLOSES TODAY
Slow day for the bond market. The 1,20-year yield is stable at 172%. But the spread rises to XNUMX points due to the brilliant performance of the bund.
Today the auction of 12-month bonds (7,5 billion) and flexible bonds will take place: 7,5 billion 12-month bonds together with 2,5 billion flexible bonds maturing on 14 December 2020. Bot 14 on the gray market July 2021 shows a yield of -0,124% from 0,014% at the mid-June auction.
On July 14, the Treasury will offer up to 10 billion BTPs: a new 7-year term and the reopening of 3 and 20-year terms.
Btp Futura slows down again. During the fourth day of the offer, requests were received for around 560 million euros, based on more than 15 contracts. The total request is equal to 5,77 billion euros.
ATLANTIA -8,3%, THE TREASURY GIVES THE BENETTONS 3 DAYS
It weighed on Piazza Affari the Atlantia mortgage (-8,29%), after the Consulta declared that the Genoa decree is not illegitimate, in the part in which it excluded Aspi from the reconstruction of the Morandi bridge. Prime Minister Conte has issued an ultimatum to Aspi: "Proposal by the weekend or revocation of the concession".
STM ADVANCES, CAMPARI AND CERVED BOOM
In a contrasted session, however, some positive notes stand out. Stm (+1,22% to 24,13 euros) took part in the technology rally: Equita sim raised its target price by 4% to 26 euros, confirming its hold rating, following the company's positive indications on current trading.
Campari (+2,6%) has reached its highest level since the end of February, also eliminating the red since the beginning of 2020. Ubs has increased its target price to 7,9 euros from 6,9 euros. The last five years have closed with a positive performance, Campari outperforms the Italian stock exchange and the European sector to which it belongs on time horizons of 1, 3 and 5 years.
Cerved (+3,5%) has restarted market surveys with the aim of identifying a partner for its Npl division.
GOLD MAKES CONFINVEST SHINE: +50% SINCE JANUARY
Confinvest, the Italian leader as a market dealer of physical gold for investment, rose by 3,38%% and brought the gain from the beginning of the year to over 50%. The quotation returned to the levels of the end of February thanks to the gold rally but also to the launch of the Lingotto account.
BAD BANKS, MPS AND CREVAL ARE SAVED
The banking sector pushed the price list downwards, slowing down throughout Europe. The most targeted by sales was Banco Bpm (-3,58%), considered the most accredited claimant for MPS (+0,79%), after Equita Sim raised the target price of the share from 1,3 euro to 1,6 .3,44 euros per share. Also in the red were Unicredit (-2,63%), Bper (-1,8%) and Intesa (-XNUMX%).
Among the mid caps, Creval stands out (+2,36%), ready to restart the process for the enhancement of the Npl division.
5G, TIM EXCLUDES HUAWEI IN ITALY AND BRAZIL
Industrials are also weak, losses exceeding 4% for Leonardo and Diasorin. FCA -1,88% after Detroit District Judge Paul Borman dismissed General Motors' lawsuit against the Italian-American group.
Tim has excluded Huawei from the tender for 5G supplies in both Italy and Brazil.
