The financial week opens under the banner of no. China has said no to new talks on rates with Washington, after the new measures adopted by the US on imports from Beijing. Instead, increases of 60 billion on US goods are triggered today. In the meantime, premier Li Kequiang has confirmed forthcoming concessions for business to limit the impact of confrontation with the USA: the tug of war is destined to last until the American elections in November.
The impact of the provision is, for now, limited: today, in fact, most of the Asian price lists are closed for the Autumn Equinox holiday: China, Japan, South Korea and Taiwan. Hong Kong -1,2% fell sharply.
OPEC SAYS NO TO TRUMP: BRENT AT 79,77 DOLLARS
Another no came from Algiers, where OPEC members met who, with the support of Russia, rejected Trump's request to boost oil production by the cartel to offset the effects of the embargo on Tehran . "I'm not aware of the existence of a single refinery complaining of supply problems," Saudi Energy Minister Al Falih joked.
Immediate impact on prices. Brent trades this morning at 79,77 dollars a barrel (+97 cents), Wti at 71,54 (+76 cents). The other raw materials are in tension. Natural gas (+7%), copper (+6%), platinum (+5%), silver (+1%). Negative balance for sugar (-9%), which dropped at the beginning of this month to its lowest level in the last ten years: the market is flooded by overproduction from India and Thailand.
NEW RISE IN US RATES ON WEDNESDAY
On Wednesday, however, the US president will have to take note of a third obvious no: despite his invitation to keep the cost of money low. The Fed, however, will announce Wednesday that it will raise the cost of borrowing, the third (probably not the last) increase of the year. Great attention to what the president Jerome Powell will say in the press conference: soft tones could favor the continuation of the Wall Street rally, already at a record level (+2,3% during the week the Dow Jones). Bonds are also under strain: the 3-year bond, now steadily above 3,07%, closed at XNUMX%.
Trump will console himself this week with the show-speech at the United Nations General Assembly, of which he will be the main, if not the only protagonist.
On the front of the central banks to follow today Mario Draghi, in comparison with the European Parliament in the afternoon. There will be no shortage of questions on Italy, at the start of a crucial week for the maneuver: the accompanying note to the Economic and Financial Document should be announced on Thursday.
TRIA STILL IN THE TRENCH. THURSDAY THE STA OF THE BTP
Meanwhile, the pressure of the Five Stars continues on the minister Giovanni Tria who defends the line of a deficit not exceeding 1,6%. Over the weekend, the governor Ignazio Visco warned of the risk of negative reactions from the market: "if for example - he said - the risk premium rose by 200 basis points, while still remaining below the end of 2011, it would trigger a rapid increase in the debt-to-output ratio to unsustainable levels.
Treasury auctions will help measure the fever of the markets on Italy during the week: we start tomorrow with the offer of Ctz and Btpei; Wednesday will be the turn of the semi-annual bots. Tonight the terms of the offer of medium-long term securities will be released in the auction on Thursday.
ENI DISCONNECTS THE ADVANCE COUPON. GENISH AT THE TIM BOD TEST
On the corporate front, today the calendar foresees the detachment of the Eni advance dividend (0,42 euro).
The long-awaited Telecom Italia board meeting is scheduled, an opportunity for shareholders to discuss after the bitter summer controversies.
NOW THE TRUTH FOR ASTALDI. FCA, MARELLI SALE NEAR
Among the topics of the day, the proposal to restructure the Astaldi bond (750 million) which the company seems ready to ask the banks in view of Friday's board meeting, decisive for the company's fate.
It could be the decisive week for the sale of Magneti Marelli by Fiat Chrysler. Calsonic Kansei, the subsidiary of Kkr which is expected to execute the operation, has raised a loan of up to approximately 5 billion euros from Japanese banks to finance the acquisition.
BREXIT AT RISK, MURDOCH LOSES SKY
Another hot topic in Europe is Brexit. After the rejection of the May plan by the European Union, the pound suffered a heavy setback on Friday (-1,4%). Opens today in Liverpool Labor Party Conference. Also under discussion is the request to repeat the referendum on leaving the EU
The outcome of the battle of the year is being examined by Wall Street and the City today: Comcast, with an offer of 39 billion dollars, won control of Sky (23 million subscribers in five European countries) from which it exits Rupert Murdoch, who founded it in the early XNUMXs.
BIRTHDAY FOR GOOGLE, ACCOUNTS FOR H&M AND NIKE
All eyes on Google: the press meeting for the search engine's XNUMXth anniversary is scheduled tonight
Among the budgets to follow are the accounts of H&M, the Swedish giant of cheap clothing grappling with a delicate attempt to relaunch.
Nike is also in the spotlight.
