The financial week that will close with the expected summit between Donald Trump and Chinese President Xi begins on a note of optimism. Asian stock markets, supported by optimistic statements by US Vice President Mike Pence, mark a modest rise. Positive signals are also arriving from the Chinese Minister of Commerce, Wang Shouwen.
DECISIVE HOURS FOR NISSAN. SUNING (INTER) BUYS CARREFOUR IN CHINA
Tokyo +0,3% on the eve of the meetings of the most important companies, among which tomorrow's meeting of Nissan shareholders stands out, decisive for the relaunch of the axis with Renault (and for the alliance with FCA).
The rise of the Chinese markets was weaker: Csi index and Hong Kong both +0,1%. Carrefour, held back by the decline in sales, has decided to exit the Chinese market: the Suning group, owner of Inter, will take over the business.
The price of crude oil is still on the rise. Brent oil rises to 65,4 dollars a barrel supported by Iran-US tensions. Tomorrow at the Middle East economic conference in Bahrain, Trump's son-in-law, Jared Kushner, will present his proposal for a peace plan. On the table 50 billion dollars of investments in the Palestinian territories along the West Bank and the Gaza Strip. Abu Mazen closes: "First the political solution, then the economic one", while Israeli premier Netanyahu is in favor of considering the proposal.
The geopolitical situation, combined with the drop in rates from a boost to gold, this morning at 1.405 .4 euros, just below Friday's highs of 1.410.
Bitcoin is in great turmoil, which shot up this morning to 11.240 dollars. Since the beginning of the year, the virtual currency has almost tripled in price.
Futures on European stock exchanges move slightly up before the opening: EuroStoxx50 +0,2%.
THE MUSK SATELLITES AT THE START
Not even if it were San Lorenzo, the sky of San Giovanni tonight will light up at the height of Florida thanks to the satellites, two dozen in all, sent into space by Space X, an Elon Musk company, on behalf of the Department of Defense. It will be, tweeted the inventor who controls Tesla, the "most difficult operation ever carried out by Falcon", the launch platform already successfully tested on two occasions. But it will also be the first night test on behalf of the Department of Defense of the 230-foot (over 70-meter) long rocket.
The Space X test will be the visiting card of the American superpower three days after the meeting scheduled for Friday 28 between Xi Jing Ping, fresh from his visit to North Korea, and Donald Trump, following the G20 meeting in Osaka.
The markets hope that it will be an opportunity to reopen the channels of dialogue and avoid new tensions on other fronts as well, such as the European Union in Trump's sights. The agenda of the Osaka summit also includes the issue of the overwhelming power of the technological giants, starting with the threats to privacy and security.
COLLAPSE OF ERDOGAN IN ISTANBUL, THE LIRA RISES
In the meantime, the Iranian crisis after the shooting down of the US drone contributes to warming spirits, already exasperated by trade tensions between the big names which are holding back the economies: the US national security adviser, John Bolton, visiting Israel, threatened new initiatives against Tehran.
Worth noting is Erdogan's defeat in the bis elections for the leadership of Istanbul, wanted by the president after the first defeat he suffered months ago. The challenger Ekrem Imamoglu, forced to take the appeal test due to the accusation of fraud, significantly increased his votes. The President's defeat was greeted by a sharp rise in the Turkish lira (+1,5%).
US RATES: POWELL SPEAKS TODAY
In this climate, operators are wondering about the moves of the central banks, after the expansive indications that emerged from the top of the Fed and from the words of Mario Draghi. In the USA, two dovish notes have already expressed their support for an immediate rate cut”: James Bullard of the Saint Louis Fed (already in favor of a rate cut at the last meeting) and Neel Kashkari of Minneapolis. John Williams of the New York Fed will speak this week and, tomorrow evening, President Jerome Powell.
No less important is the outcome of the stress tests on US banks: the amount of dividends and buybacks allowed to systemic banks will depend on the outcome of the tests, which will be announced on the 27th.
Among the sensitive data of the week the trend of the real estate market and durable goods. The release of the final GDP figure for the first quarter is also expected.
THE FED IS IN THE SIGHT OF BEIJING
Among the listed securities to follow are the accounts of FedEx, in the crosshairs of China which accuses the company of espionage against Huawei and threatens to blacklist the company. Also scheduled is the quarterly of Nike, of the pharma distribution giant Walgreens Boots Alliance controlled by Stefano Pessina from Constellation Brands.
In Europe, the most awaited accounts are those of H&M, the Swedish retail giant.
TODAY IN LAUSANNE THE CHOICE FOR THE OLYMPICS
The G20 appointment is timely to allow for a pause for reflection on the nominations in the European Community. In the meantime, discussions with Europe on the issue of public finances continue.
Giuseppe Conte will allow himself a diversion: in Lausanne, the Prime Minister will attend today the assignment by the IOC of the 2026 Winter Olympics:
In the Eurozone, the release of the German confidence index, the Ifo, should also be noted.
The Budget Adjustment with which the government hopes to highlight the ongoing improvement in public finances should arrive in Parliament this week, which should, in the intentions of the executive, show Europe that a corrective maneuver is not necessary.
GIORGETTI: “WHO STILL BELIEVES IN BORGHI?”
To warm up the political scene the unexpected abjuration of minibots by the undersecretary to the Prime Minister, Giancarlo Giorgetti: “But do you still believe in Borghi? If it were a viable solution, everyone would do it”, was the blow with which he dismissed the proposal of the leader of the anti-euro League.
The shareholders' meeting of Cassa Depositi e Prestiti is scheduled for Friday, with which the public subsidiary should detach an extra dividend of one billion euros for its shareholders, of which just under 800 million are destined for the state. The major dividends distributed by the Bank of Italy are also on the way.
The end-of-month Treasury auctions begin on Wednesday: they start with the offer of 6 billion euro of Treasury bonds as at 31 December 2019. 7,15 billion Treasury bonds mature in six months
SUMMIT IN CARIGE, RAIN OF COUPONS IN PIAZZA AFFRI
Of note is the edition meeting held in Piazza Affari for the appointment of the board of directors,
Tim's strategic committee met today ahead of Thursday's board. The most popular hypothesis is that of a Netcom resulting from the division of a part of Tim into which part of the debts (we are talking about 15 billion) and the employees of the TLC company should flow. Open Fiber, on the other hand, should bring assets worth two billion. But it is only for the moment of rumors to be verified
It could also be an important day for the fate of Carige: today the interbank fund is examining an alternative intervention plan to the offer of the Apollo funds, considered too "stingy" by the creditor banks. The calendar of Piazza Affari, which closed the week with an increase of 3,8%, predicts the detachment of several dividends: Acea (0.71 euro) Acsm (0.07 euro, Autogrill (0.20 euro), Exor (0.43 euro), Hera (0.10), Iren (0,0830), Masi (0.10) Poste Italian (0,44), Prysmian (0,43 ,0,1350= Snam (0,0275) Telecom resp (0,1545), Terna (1,07), Unieuro (XNUMX).
