The brilliant quarterly performance supports the markets, which are also addicted to low bond yields which reflect caution in the face of the pandemic. But the numbers coming from Big Business are comforting: 88% of US companies beat analysts' estimates. More importantly, the increase in profits was 17%, three times the historical average: it is easy to predict that it will be largely beaten the figure on the distribution of profits to shareholders for 2019.
TOYOTA RECORD. SAMSUNG: FREEDOM IN EXCHANGE OF CHIPS
Good news also comes from Japan: Toyota closes the quarter with 9,15 billion in profits, on the wave of sales back above the pre-Covid level.
In a moderately positive climate there is room for news worthy of a Korean soap opera. The lawyers of Jae-in, the heir to the Samsung fortune jailed for bribes, have made it known that in his absence the company is unable to make the most delicate decisions, such as the start of construction of a chip plant in the USA (17 billion investments) which Washington awaits with trepidation. Hence the request for freedom for the assisted person, who has so far served 18 months out of the 30 foreseen by the sentence. It is confirmation that chips, these days, weigh more than oil.
TENCENT CENSORSHIP GAMES: +5%
China's CSI 300 blue chip index climbed 0,5% this morning, with the CSI Info Tech index gaining 1,0% this morning. The Hang Seng index rose by 1,5%, the Hang Seng Tech index by 2,7%.
The improvement in Chinese stocks is linked to the rebound in technology stocks. Tencent, up 5%, said it would further restrict minors' access to its video games.
Better-than-expected data on the performance of the Chinese economy has arrived. Caixin's June composite PMI rose to 53,1 points from 50,6 previously. The estimates were for an unchanged figure. The growth of the PMI index relating to the services sector was even more pronounced, rising to 54,9 points from the previous 50,3. The estimates were at 50,5 points.
The MSCI Asia ex-Japan index is up 1,08%, Japan's Nikkei is down 0,3%. Earnings above 1% for South Korea and India.
WALL STREET STAYS ON TOP. PHARMA RISES
The closure of Wall Street yesterday was positive. The S&P500 and the Dow Jones gained 0,8%, Nasdaq +0,6%.
In great evidence Apple (+1,26%), the fashion stocks (Ralph Lauren +6,2%) and the pharma Translate Bio (+29,13% after the Sanofi offer).
Oil little moved from -0,6% yesterday. We are awaiting data on US inventories and trying to understand what the impact of Covid could be on the growth in global demand. No reaction, so far, to the wave of attacks on oil tankers in the Strait of Hormuz attributed to Iran.
Gold is little moved at $1.810.
ONLY PARIS SHINES IN EUROPE, AT THE HIGHEST SINCE 2000
Futures on European stock exchanges anticipate a slightly higher start after an opaque session. Only Paris (+0,73%) tries to distinguish itself from the platoon of other Stock Exchanges: the Cac 40 index is at its highest level for twenty years, i.e. since 8 September 2000, a performance which, among other things, reflects o state of grace of the luxury industry, which represents about 16% of the entire capitalization. The other price lists were much less effervescent, on a day without ideas, excluding some quarterly reports. Thus, in line with what happens overseas, operators park their liquidity on bonds.
MILAN AND FRANKFURT FLAT, THUD OF BMW
Piazza Affari does not deviate from the calm climate: +0,02% to 25.352 points.
SOCGEN RUNS, BP WARMS UP THE CITY
Paris shares with the Italian square the progress of Stellantis. But the spotlight on the Cac 40 was also turned on by the results of Société Générale (+6,33%) after quarterly profits of 1,44 billion, the best result since 2016. All businesses showed an improvement: retail banking given net income multiplied more than 7 times in the second quarter.
London (+0,33%) runs on the wings of strong oil profits. BP +5,64%. The British oil group reported net income of $3,1 billion in the second quarter, up from a net loss of $16,8 billion a year earlier, mainly due to the health crisis. BP has announced plans to raise its dividend by 4% in 2021 and has also announced the start of a share buyback program starting next month.
Modest decrease for Frankfurt (-0,09%), weighed down by the sharp decline of BMW (-5,04%). The automaker reported a net profit of 7,6 billion euros in the first half of 2021, up sharply from a year ago, but management expects a "likely" impact from chip shortages and rising materials first on the company's activity in the last six months of the year.
BOND FEVER: BTP 10 AT -0,56%, 5Y AT -0,077
The uncertainties of the stock markets are positively reflected in the rising prices of government bonds. As a result, the downward pressure on 10-year US Treasury yields continues at 1,18%, on its lowest level in five months.
In the Eurozone, the Bund trades at -0,48%. The yield on the 0,56-year BTP is 0,077%, the lowest level for four months. The five-year period closed at -105%. Spread stopped at XNUMX points.
MARGINS OF STELLANTIS RISE (+4,2%)
It is the accounts of Stellantis (+4,23%) that keep Piazza Affari afloat. The company announced a challenging development program of electric and hybrid cars, 21 in all, to deliver an alternative version to the combustion engine for all models by 2025. Improves 2021 guidance on adjusted operating margin up to about 10%, "after the robust results in the first half," says a note. In July, the group's car registrations in Italy fell by 20,26% against a drop in the market of 19,36%.
The performance of the house led by Carlos Tavares leads Exor upwards (+0,83%). Conversely, Ferrari's slowdown continues (-2,63%) despite sales returning to 2019 levels.
GENERALI DOES NOT ENCHANT THE MARKET, MEDIOBANCA -1,47%
The solid results of Generali's half-year did not impress analysts: -1,04%. By now the market is concentrated on the September deadlines, when it will be necessary to decide whether or not to present a list of the board of directors for the next board meeting. Uncertainty also affects Mediobanca (-1,47%).
Bankers are also bad: the tension on the eve of the hearing of the Minister of Economy on the future of MPS (-2,39%) weighs heavily. Unicredit is slightly down (-0,3%), Intesa is better (+0,55%) two days after the board of directors on the accounts (and the return to the dividend).
BUZZI, LEONARDO AND DIASORIN BRAKING
Under fire Buzzi Unicem (-2,51%) in the half-year turnover rose by 5,8% but profits fell by 3%. Among the ten worst stocks are Leonardo (-2,24%) and Diasorin (-2,55%), after yesterday's effervescence.
In the top ten of the greatest increases are Eni (+1,65%) and Moncler (+0,79%).
BE +7,3%, RUNS LIKE JACOBS
In the Star, the Be share (+7,3%) among the most important protagonists of Italian consultancy is snatched upwards. The fact that the subsidiary Doom administers the commercial rights of Marcel Jacobs, the 100m gold medal. Equita sim has raised its rating to Be a buy from hold (maintain) with a target price rising from 1,64 to 2,4 euros. Analysts point out that a further acceleration is expected in the demand for IT and innovation (also in terms of image) by financial institutions, ie 80% of customers.
IN RALLY AEFFE, REPLY AND DOXEE
Aeffe rally (+10,9%), always in the spotlight of the market since the publication of the financial statements. New historic highs for Reply on the occasion of the quarterly. Wiit is also at the top (+2%).
Doxee is up sharply (+3,59%) in the wake of the results for the first half of the digital multinational discussed at Aim.
AIM, NUSCO DEBUT TODAY
The SME price list is preparing for Nusco's debut today. The Nola-based group active in the production and sale of interior doors and window frames in wood, PVC, aluminum and iron was admitted to trading starting tomorrow.
