Lots of suspense, then the happy ending. In the night, writes Reuter, Country Garden, China's second largest real estate group, paid the interest on two dollar bonds on the fly avoiding in extremis the default. The figures at stake are modest, only 22,5 million dollars, but they signal a willingness to stay afloat despite the tide of debts (187 billion dollars in all, mostly on the domestic market) weighing on the group. One of the few who has so far fulfilled all his commitments. Out of 50 Chinese companies that underwrote currency bonds, 34 (including giant Evergrande) ended up in default. The China's troubles they are also being felt in Europe, supported yesterday morning by the echo of Beijing's interventions in favor of the brick and mortar. After the initial push, however, the euphoria returned. Also because Christine Lagarde it was careful not to give any foothold to optimism on the interest rate front. One week before the Frankfurt directorate, the suspense remains intact.
Opening in red in Milan
• The stock exchanges of Europe they opened slightly lower. Futures EuroStoxx50 -0,1%.
• The Ftse Mib of Milan it closed yesterday around parity. To report Tim, which went beyond the 0,30 euro threshold for the first time since April and the performance of Eni which recorded the eighth rise in ten sessions, stimulated by the same rally in the European oil producers and from the perspective of an upcoming listing of Fullness.
• To report the overtaking of Novo Nordisk on Lvmh. Yesterday the Danish pharma company reached a market value of 424,7 billion dollars, overtaking the leader of the luxury market. Britain yesterday authorized the sale of Wegowy, the anti-obesity drug developed by the Danish company.
The spread runs at 170. Yields on the rise after Lagarde
• Weak start to the week for government officials. The yield of Waist it rises to 2,57% on the day in which the German Court of Auditors questions the criteria used by the government to conceal the growth of the debt. The BTP ten-year period rises to 4,28%. The spread it reaches 170 basis points due to fears that the expected hole in the public accounts generated by the Superbonus could force the government to fall back on certain issues in the next maneuver.
• Little light on rates yesterday since Christine's speech Lagarde. “Central banks must set inflation expectations at their targets at a time when changes in labor and energy markets and geopolitical turmoil cause price swings,” he said, “it will be crucial for central banks to maintain inflation expectations firmly anchored as these relative price changes occur.”
• In light of the latest signs of a cooling down of inflation, the "doves" have caught their breath. The governor of the central bank of Portugal and member of the ECB board Mario Centeno, said that there is "the risk of doing too much" in terms of rates.
• The Belgium raised 21,9 billion euros from a bond intended for "retail customers", with the explicit aim of competing with banks, which often pay zero on deposits. The issue has a maturity of 1 year and a coupon of 3,30%. A "tax" on banks that promises to be far more effective than intervention on extra profits.
• Wall Street reopens today after closing for Labor Day. Futures are slightly lower.
China's services index disappoints. Weak Tokyo
• Payment made by Country Garden does not support i Chinese price lists: Hong Kong's Hang Seng -1,5%. CSI 300 of the Shanghai and Shenzen price lists -0,6%.
• He let down the index SMEs Services of Caixin, which fell in August to its lowest level since the beginning of the year at 51,8 points. The Bloomberg consensus was expecting a slowdown to 53,5 from 64,1 in July.
• Tokyo's Nikkei +0,1%. The yen weakens for the third consecutive day. Credit Agricole wrote in a report tonight that Japan's monetary policy will not change this year or next. In 2025, control of the interest rate curve could be abandoned and the first interest rate increases could arrive the following year.
• On parity the Kospi index of Seoul. In South Korea, inflation accelerated last month to +3,4% yoy, from +2,3% in July: economists had expected +2,9%. Basic inflation was flat, +3,3%, as in July.
• The central bank of australia he left the cost of money unchanged. Sydney -0.62%.
Gas uphill, the bill runs in Italy
Oil Brent it is close to 89 dollars, close to the highs of the year.
Il EU gas it ended the session down by -5,7% at 33,60 euro/mWh and today it starts up again by 3%. News in the night from Australia. Workers at Chevron's liquefied natural gas plant have threatened two weeks of continuous 24-hour shutdowns at two major export facilities since mid-September, in escalating tensions threatening global fuel supplies
Meanwhile, the gas bill rose again in Italy in August, +2,3% compared to July (for the typical protected family), when instead it had fallen by -2,1%. This was communicated by the Regulatory Authority for Energy, Networks and the Environment (Arera).
Panetta promotes the digital euro, Bitcoin slows down
Bitcoin $25.670. struggles to get back beyond the threshold of 26 thousand dollars. While awaiting the response from the SEC on the subject of ETFs, yesterday Fabio Panetta, the next governor of the Bank of Italy, speaking at the Econ of the European Parliament, expressed his opinion on theDigital euro. “It would offer us a digital means of payment that would unite us like cash, because like cash it could be used anywhere and by anyone in the euro area,” she explained. “It would strengthen our economy and our autonomy because it would be based on a European infrastructure, reducing dependence on a small group of non-European suppliers,” she added. Furthermore, “it would not require the opening of any separate account at separate facilities, because it would be managed by the same banks.
Morgan promotes Generali, punishes Unicredit and Campari
Intesa Sanpaolo. Morgan Stanley raises the target price from 3,50 to 3,60 euros. The same investment bank cuts the target price of Unicredit from 29,5 to 29 euros.
Campari Morgan Stanley cuts the judgment to EqualWeight, target price 13,30 euros.
Generali Morgan Stanley and SocGen raise the target price to 21 and 20 euros.
Prysmian signed an agreement for a capacity reservation fee of up to approximately €90 million with Marinus Link Pty, a subsidiary of TasNetworks, the Australian transmission system operator, for a new electricity interconnection between Tasmania and the state of Victoria.
Avio enters with 17% in T4i, a Padua University spinoff, investing 2,5 million euros.
