A vaccine for everyone by May 4st. And free everyone before the XNUMXth of July, more than a celebration for the stars and stripes citizens. It's the promises that Joe Bidenwon the great battle of economic stimuli, he said on TV Thursday evening before engaging in the battle on the infrastructure level which, however, this time will look like a long trench warfare, not a sudden blitz like rain 1.900 billion dollars, as many as the Italian GDP in 2020, which will already inflate the wallets of Americans this weekend.
Not for long, because at least a third of that money will go to Wall Street. Or maybe more, see the bitcoin boom, which reached a record $57 thanks to an unexpected boost: the number of women who invest in cryptocurrencies, according to a Robinhood blog, has grown sevenfold since the beginning of the year. This also serves to explain the umpteenth end of the week on the upside of the Stock Exchanges, already pushed by the decisions of the ECB, surprisingly more dovish than ever, despite the cold shower coming from AstraZeneca, and the passing (with some difficulty) of the auctions on US Bonds.
TOKYO UP 1,9% THIS WEEK, IN SHANGHAI RED
- The Tokyo Stock Exchange is among the best in Asia Pacific this morning, the 1,7% rise in the Nikkei index brings the weekly balance to +1,9%.
Hong Kong's Hang Seng, which lost 0,5% a couple of hours after the close, ended the week with an increase of 1,2%. - Conversely, the CSI 300 index of the Shanghai and Shenzen stock markets closed the week in the red: - 2,5%.
FLY 85 BILLION DOLLAR FRESHMAN COUPANG
- Seoul's Kospi index, up 1,6%, closed the week on parity. The freshman Coupang, leader of e-commerce, is on its way to a triumphant debut in New York: after having raised 4,6 billion dollars in the IPO, the freshman is worth 85 billion dollars.
- Softbank, which owns a 33% stake in Coupang, climbed 40% after hitting a 60% gain.
- While waiting for the first face-to-face between Biden's sherpas and Xi's men, scheduled for Sunday in Alaska, the US has launched a new torpedo: the White House has issued new restrictions on high-tech suppliers to the Chinese Huawei.
UPHILL FINAL FOR T BOND AUCTIONS, INDEXES AT THE TOP
- The US Treasury yesterday placed 24 billion dollars of thirty-year bonds in the last of the feared month-end auctions: the coverage ratio has improved, albeit slightly, but remains below the average of transactions: this morning the 10-year trades at 1,512% after falling overnight to 1,475%, below 1,5% for the first time this week.
- The future of the S&P 500 index, which rose to its all-time high yesterday, is flat. The Dow Jones +0,58% and the Nasdaq +2,52% were also at the top yesterday, halving the losses from the previous record.
- In addition to the recovery of the big names in technology, the resurrection of Amc +4,8%, the first chain of cinemas in the world that smells the air of reopening, should be noted.
EUROPEAN FUTURES SLOW DOWN, GOLD AND OIL DOWN
- Oil is holding back, WTI at 65,7 dollars a barrel and gold at 1.713 dollars.
- Flat this morning the future on Eurostoxx 50 -0,03%, down by 0,2% Frankfurt, after yet another record yesterday in the wake of the decisions of the central bank.
ECB, MORE PURCHASES OF 80 BILLION A MONTH COMING SOON
Purchases by the ECB remain unchanged, both in terms of rates and the size of the PEPP programme, but the pace of interventions will increase "significantly" in the next quarter in response to any tensions on the markets. Thus the ECB which, as happened last week at the Fed, chose on Thursday a middle ground between intervention to curb the rise in yields and the laissez faire. In the aftermath of the meeting, Reuter reports, circles close to Lagarde announced that ECB purchases will remain below 100 billion a month but will be significantly higher than the current 60 billion/month. In this way, comments Intermonte, "the ECB intends to defend itself from the contagion effect of the rise in US rates but also to ensure control of rates in the quarter that is about to begin which will be characterized by a sharp increase in consumer prices".
INTERMONTE: TOWARDS A ZERO SPREAD OVER SPAIN
Given the premise, the note concludes, "it is possible to hypothesize the zeroing of the spread between Italian and Spanish securities with the arrival of the 0,30-year BTP rate in the 70% area and the gap with German securities decreasing by around XNUMX points ”.
EUROPEAN EXCHANGES AT THE HIGHEST. MILAN +0,82% IS THE BEST
For now, let's be content with the market's response to Madame Lagarde's move: all the main indices are on the rise, marking new highs, some absolute (the Dax) some for over a year (Eurostoxx 50, the FtseMib, the Parisian CAC). The Eurostoxx 50 stopped just short of reaching its highest level since 2009. In particular:
- Milan ends as queen in Europe with an increase of 0,82% to 24.121 points, reaching levels not seen since February 2020.
- Frankfurt rises by 0,23%: Paris +0,72%; Madrid +0,76%; Amsterdam +0,72%. Surprisingly, it seems destined to take the place of the City after Brexit.
RENAULT SELLS ITS SHARE IN DAIMLER
- In the rest of Europe, London +0,2%. HSBC -4,43% fell sharply. Zurich -0,24%.
- EDF jumped +6,7% after Paris announced, after the confrontation in Brussels, that it won't be necessary to resort to the energy group's stew.
- Renault has announced the sale of its 1,54% stake in Daimler in a direct market placement. The operation, linked to the Régie's recovery plan, is worth 1,4 billion euros at yesterday's prices.
SPREAD FALLS TO 93, YIELD BELOW 0,6%
Christine Lagarde's statements gave wings to the BTPs,
The spread slipped to 93, the 0,6-year yield returned below the 22% already reached on XNUMX February.
The bund closed the session with a yield of -0,333%, down sharply from -0,203 at the end of February.
The inflation risk returns: the 1,5-year US bond falls below 1,475% (XNUMX%) for the first time in the week.
The European Central Bank has revised upwards its inflation estimates for 2021 and slightly increased its growth forecasts. In the baseline scenario, Frankfurt expects a 4,0% increase in GDP (against the 3,9% estimated in December) and average inflation of 1,5%, above the 1% seen previously. It is even possible that inflation in the Eurozone will touch 2% at the end of 2021 but this, according to the president of the European Central Bank Christine Lagarde, is due to "technical and temporary reasons". Longer-term projections remain unchanged.
GENERALI RECORD: DIVIDEND YIELD IS 8,84%
Un record group operating profit for the second year in a row (5,208 billion euros +0,3% from 5,192 billion in 2019) it pushed Generali up +0,87%. The insurance group of Trieste has in fact proposed a dividend per share of 1,47 euros, in two tranches respectively equal to 1,01 (0,96 euros in 2020) and 0,46 euros per share (this is the unpaid part according to last year). At current prices, the dividend yield is 8,84%.
TIM LEADS THE BLUE CHIPS CHARGE
The day's champion of the main list was Tim +4,66%, already on the rise in the wake of the judgments of Intesa Sanpaolo and BofA Securities which raised the target price from 0,85 to 0,92.
Important purchases also on Nexi + 2,54% which recorded a 2020% increase in payments with smartphones in the shop in 140.
OIL IN FLIGHT. MAIRE TECNIMONT IN ORBIT: +14%
Oil products are doing well thanks to the push coming from OPEC+ which has increased consumption forecasts: Tenaris +2,4%, Saipem +1,16, Eni +0,78%.
On the shields Maire Tecnimont +14% rewarded by the accounts. According to Banca Akros, the results are in line with expectations in terms of net income because the lower revenues were offset by higher margins. Considering the expansion of multiples in recent months, the analysts raised the target price to 2,4 euros from 1,8 euros, confirming the rating at neutral.
DIASORIN BRAKES, BARCLAYS RESIZES CAMPARI
Few titles in red. Campari is down (-2,81% to 9,82 euros), on which Barclays has reduced its recommendation from equalweight to underweight, with the target price going from 8,7 to 8 euros.
Down Diasorin (-6,52%), after the 2020 accounts and the outlook for the first half of 2021: Disappointing indications on tampons from a US competitor and mixed results, moreover the market was disappointed by the absence of guidance for 2021.
CREDIT, ONLY BANCA IFIS SHINES
Banks are weak, in particular Banco Bpm -1,64%; Unicredit -1,26%; Bper -0,84%. Banca Ifis did well +2,59%, after the 2020 accounts, with a net profit of 68,8 million euro, in line with the preliminary results released on 11 February last and higher than the guidance indicated between 50 and 65 million euro .
TECHNOGYM +5%, ARTIFICIAL INTELLIGENCE LANDS AT AIM
In the rest of the list:
Fly De Longhi +8,66%. which closed 2020 with a net profit of 200,1 million, up 24,3% compared to the previous year.
Technogym +5%, aims for the next reopening of the gyms.
Sesa also performed well +3,88%), after the company announced that it had closed the first 9 months of the year with an adjusted consolidated net profit of the Group of 43,5 million (+40,8%).
Almawave made its debut at Aim +7,3%, a leading company in Artificial Intelligence and natural language analysis
