The calm returns to the markets after the thuds of the beginning of the week. He also recovers Tokyo, in seclusion to try to save the Olympics. The site of the Financial Times dedicates the first news story to Mario Draghi's plan for a "radical restructuring" of Italy. And 40 world leaders, United Nations envoys and heads of companies will participate in World Earth Day, the climate summit organized by the president of the United States, Joe Biden. Also present were Pope Francis and the leader of the Kremlin, Vladimir Putin. There is anticipation for the intervention of Chinese President Xi Jinping. Only the Covid emergency curbs optimism: India, which has set a new global record of 312 new cases in 24 hours, is collapsing, like Brazil.
TOKYO +2%, AUSTRALIA CANCEL PROJECTS WITH BEIJING
Tokyo's Nikkei index gained 2% this morning, recovering most of the losses from the beginning of the week. Toshiba climbs 4% following rumors about the arrival soon of an offer from the private equity fund Bain, ready to enter the game after the withdrawal of the CVC fund.
On parity the CSI 300 of Shanghai and Shenzen. The Beijing authorities have announced that 200 million people have already been vaccinated in China.
The tug of war between China and Australia continues. The Australian government has decided to cancel two important infrastructure construction projects signed by local authorities with China: Canberra has used for the first time a law that allows vetoing programs deemed harmful to national security.
CONTAGION RAGES IN INDIA, OIL HOLDS BACK
Hong Kong's Hang Seng (+0,6%), Seoul's Kospi (+0,5%) and Singapore's FTSE Strait Times (+0,7%) also rose. After the new record of infections in India, the BSE Sensex in Mumbai slows down: -0,5%. The possible drop in imports from New Delhi, the third largest oil importer in the world, has contributed to depressing crude oil prices: WTI at 61 dollars a barrel, Brent at 65,22.
WALL STREET STARTS AGAIN, BOND RATES DOWN
The S&P500 future is down slightly this morning. Yesterday on Wall Street both the S&P500 index and the Dow Jones closed up by 0,9% thanks to the push of three sectors: finance, raw materials, energy. The Russell 2000, the index of small and medium enterprises that moves in line with expectations on the trend of the business cycle, rose by 2%. NASDAQ +1,19%.
Netflix falls (-7,4%), affected by the lower influx of new subscribers. The best stock is Intuitive Surgical (+9,9%), manufacturer of robots for surgical use.
Incoming purchases from Japan pushed US 1,5414-year bond rates down to 12%, to their lowest since March 24. The outcome of the auction (XNUMX billion) of the twenty-year bond was brilliant.
YES OF THE GERMAN JUDGES TO THE NEXT GENERATION, TODAY THE ECB
On the eve of the ECB summit in Frankfurt, the most welcome news arrived from Germany: the Constitutional Court of Karlsruhe said yes to the Next Generation EU programme, the one which envisages the 750 billion euro aid plan. The EU parliaments that have ratified the agreement rise to 14 out of 27. The unanimity of all parliaments is required, because this is the essential condition to be able to allow the EU to start issuing recovery bonds and start paying the advance by 13%, which for Italy corresponds to about 27 billion euros.
As far as the Frankfurt meeting is concerned, no change in the institution's policy is expected: liquidity is abundant, but for now, under the skies of the pandemic, there is no demand for investments. All postponed to the June meeting regarding the economic forecasts.
MILAN +0,3%, CHIPS AND BEER PUSH AMSTERDAM
After a slow start, Piazza Affari timidly follows the rise: +0,3%, to 24.161 points. The other European lists are more tonic, led by Amsterdam (+1,3%), the leading exchange in continental Europe for trading: Heineken appreciates by 4,84% after the presentation of the first quarter accounts.
ASML Holding, a major chip maker, gained 4% on the day of its quarterly data release. More than the numbers for the first three months of the year, it is the forecasts for 2021 that impress: revenues are estimated to rise by 30%, also following the rush to increase the production capacity of many companies in the sector.
Just Eat loses 4,7% after the Financial Times reported Uber Eats' intentions to enter the German market.
KERING (GUCCI) CANCEL THE COVID EFFECT
Paris rises by 0,74%. Kering (+4,17%) leads the charge for fashion stocks across the continent. The house that owns the Gucci brand closed the first quarter with sales of 3,9 billion euros (+21,4%), exceeding pre-pandemic levels.
Frankfurt appreciates by 0,5%. Daimler (-0,16%) will cut working hours for 18.500 employees and temporarily halt production at two plants in Germany as a shortage of semiconductor chips has hit auto production. London +0,52%, Madrid +0,71%.
SPREAD TO 102. BTP FUTURA AT 4,68 BILLION IN THREE DAYS
Positive session for the Btp, pending today's meeting of the ECB. The spread stands at 102 basis points, from 104 at the start and at the end yesterday. The ten-year rate closes at 0,76%, from 0,77% at the opening and 0,78% at the last closing.
Yields on the Bund, today at -0,26%, rose significantly on Monday after the announcement of Annalena Baerbock's candidacy for chancellor for the green party, with the prospect, in the event of her victory, of greater fiscal spending.
The placement of the BTP Futura 2037 continued at a moderate pace. On the third day of the offer (out of five), requests for 1,01 billion euro arrived, on the basis of approximately 24 thousand contracts. The overall request for the security is equal to 4,68 billion. In the previous edition, the BTP Futura 2028 obtained requests for approximately 4,92 billion euro in the first three days of the offer.
THE SUPERLEAGUE JUMPS, JUVENTUS DEFLATES
A giant Golden Tapir was delivered yesterday evening by Striscia La Notizia outside the Juve stadium before the match against Parma. It is the final teasing after the most bitter day for Andrea Agnelli and the Juventus club, which slipped on the Stock Exchange by 13,7% (-4,5% the day before), completely burning Monday's leap (+18,7%) in the wake of the news of the birth of the Super League of 12 VIP clubs. The retreat of the English clubs has triggered the retreat of the Milanese teams. And so Andrea Agnelli, who in an interview yesterday had spoken of a "blood pact" between the clubs, while denying the hypothesis of resignation, was forced to raise the white flag. “The SuperLeague cannot go on – declared the Juventus president – We must be frank and honest, no. Evidently this is not the case, it will not continue ”.
LUXURY: THE FERRAGNI EFFECT CONTINUES, TODAY THE MONCLER ACCOUNTS
Driven by Kering's excellent quarterly report, yesterday luxury also shone on the catwalk of Piazza Affari. In particular, the Ferragni effect continued at Tod's (+4,33%). In ten days (that is, from the appointment of the digital entrepreneur to the board, ratified yesterday at the meeting), the stock has achieved a performance of +21%.
Significant purchases also on Moncler (+4,26%), which will report the results for the quarter today, Salvatore Ferragamo (+3,37%) and Brunello Cucinelli (+4,43%), which recorded an increase in sales during the quarter by 7% at exchange rates to 165 million euros, confirming the recovery that began in the second half of 2020.
FERRARI PRESENTS A SUPERCAR, LEONARDO GOES SHOPPING
Halfway between luxury and industry, Ferrari stands out (+2,43%). La Rossa has announced the first details of the new supercar, the first of three new models promised for the coming months. The limited editions of Ferraris, produced in a few hundred units, are reserved for selected customers among the most loyal, those who already own one or more Ferraris. The house will provide further details on the new model (name, price, production figures) during a virtual event on May 5th.
The industrialists did well: Pirelli +1,68%, Stm +1,16% and Stellantis +1,06%. Leonardo (+0,47%) acquired 30% of Gem Elettronica, a company specialized in the production of small and medium sized 3D radars, electro-optical sensors and inertial systems for the maritime, avionics and land sectors.
TAKES FLIGHT TO RAIWAY, WEDDING WITH EI TOWERS
Inwit is also among the best (+2,43%). Raiway's shares rose sharply (+5,68%) on the wave of the news that, once the law that will allow public television to fall below 50,1% has been approved, the wedding with Ei Towers will be celebrated, opening the road to the consolidation of the tower sector.
MEDIOBANCA PROMOTES RECORDATI
Recorded +2,53%. Mediobanca securities confirmed its outperform rating and price target at EUR 50,5, following the announcement of its preliminary Q2021 6 revenues. The company is expected to disclose the full results for the quarter on May XNUMX, together with the plan update triennial industry, which for analysts is the next catalyst for the share's performance.
CREVAL: AGRICOLE'S TAKEOVER OFFER TOWARDS VICTORY
Bankers thwarted: Bper -2,22%, followed by Unicredit, which returned negative and dropped 0,8%, and Banco Bpm (-1,6%), i.e. the main candidates to be protagonists of the expected process industry consolidation.
On the other hand, Creval is in great shape (+4,01% to 12,44 euros), one step away from 12,5 euros, new bid price raised by Credit Agricole during the night to conclude the offer, the deadline for which has been moved to 23 April and in which 52% of the share capital has already subscribed. “At this point it is presumable that the operation will go through”, just says a trader. Intesa Sanpaolo analysts write that they do not expect "the price to exceed the level of 12 euros per share if the bank remains on a standalone basis and that under these current conditions the offer could be successful".
MAIRE DOES BUSINESS IN TATARSTAN. GOOD OILS
Rebounds Maire Tecnimont (+2,30%) which signed an agreement with Taif to develop a new biodegradable polymer plant in the Republic of Tatarstan, in the Russian Federation.
Among the oil companies, which benefited from the recovery of crude oil in the second part of the day, Eni (+0,75%) and Tenaris (+1,02%) did well. Saipem -0,31%.
Promotica stands out in Aim (+35,8%): the 2020 turnover stood at 57 million (+54% compared to 2019).
