Taurus has suddenly awakened in Asia. A real jolt for the markets, which at the beginning of the session seemed to be starting a cautious week, conditioned by the resumption of infections (especially in the USA, as evidenced by the closure of Apple stores in various states, from Arizona to Wisconsin). The World Health Organization says that yesterday the new infections set a new global record. It was the worst day for California since the outbreak of the pandemic. But more comforting signals are coming from Asia: in South Korea and Beijing the situation is improving and the markets show that they have a great desire to put the capital lent by the governments to good use.
Wall Street's S&P500 index future reversed course tonight and is now up 0,5%.
Tokyo's Nikkei now gains 0,3%, versus -0,4% initially. Same variation for the Shanghai Composite. Hong Kong's Hang Seng loses 0,3%, Seoul's Kospi flat, Sydney's S&P ASX200 +0,4%.
However, confirming that the situation remains high-risk is the rush of gold which, after Friday's increases, is today trading at 1.752 dollars an ounce, the highest for five weeks.
Brent oil moved little, at 42,2 dollars a barrel, from +9% last week.
COUNT ADVANCE: 10 BILLION TO RELAUNCH CONSUMPTION
In this context, Italy, heartened by the overall positive outcome of the EU summit on the Recovery Fund ("the agreement could arrive by August" said EU President Ursula von der Leyen), is trying to raise the bar. It makes its way the idea of a VAT cut in the order of ten billion to boost consumption. Prime Minister Giuseppe Conte said: "We are discussing a bit about VAT these days, because adjusting VAT, lowering it a bit, could give a boost to the recovery of consumption: it is a matter of trust". A statement that confirms what was anticipated last week by the Minister of Economy, Roberto Gualtieri, who at the Trento festival spoke of a study to lower VAT in the wake of what was done in Germany. The cost, depending on the size of the measure, will range from 4 to 10 billion. The premier also said that the Simplification decree should arrive on the table of the Council of Ministers this week. A 500 euro bonus is being studied for women who want to become managers and a reduction in the tax wedge. This will be another budget slippage. The update of the data on the public deficit will be released this week.
THE IMF OUTLOOK AND THE ANTI-TRUMP REVELATIONS
However, Covid-19 remains a protagonist of the financial news after the increase in cases in various countries, starting from the USA but also in Germany and Asia. In this context, however, the markets are trying to find a semblance of normality. The summit between China and the EU, already postponed last September, will be held today by videoconference. Meanwhile, data on European consumer confidence will arrive, pending tomorrow's publication of the Eurozone PMI indices and Wednesday's release of the Monetary Fund's World Economic Outlook. The speech by Luis de Guindos, vice president of the ECB, at the Frankfurt forum should be followed this morning.
On the other side of the ocean, eyes on the stars and stripes GDP, which will be accompanied by data on unemployment benefits, expenses, personal consumption and the state of oil stocks. Two central bankers, Charles Evans and James Bullard, will speak this week.
The first election event for the US president since March, in Tulsa, Oklahoma, attracted fewer supporters than expected. Trump made up for it with a victory in the judicial field, forcing the resignation of New York federal prosecutor Geoffrey Berman, who was investigating Rudolph Giuliani, his trusted lawyer. The president, however, was unable to block the release of the book by John Bolton, the former security adviser, in bookshops tomorrow.
TODAY THE SEVEN BLUE CHIP COUPON IS DETACHED
In Piazza Affari today seven companies of the main basket will detach the dividend. These are: Exor, Leonardo, Poste Italiane, Snam, Stm and Telecom. Coupon also for Acea and Iren.
The new composition of the price lists is underway. Interpump and Inwit enter the Ftse Mib index, in place of Ferragamo and Banca Bper. Among the medium caps, Avio and Bf rise. Avio and Bf arrive in the medium cap market.
This morning the terms of the Ctz and Btpei auction on the 25th will be announced. The yield of the ten-year Btp starts the session at 1,35%.
DECISIVE WEEK FOR ATLANTIA, MANEUVERS ON IM
The network on the Autostrade is tightening. “Either a new proposal or the revocation will be mandatory,” Conte said yesterday. Meanwhile, the meeting of Edizione, the leader of the Benetton group, will be held tomorrow.
Great animation also on Tim: the government is pushing for an agreement with Open Fiber to create a single network company. Today the CEO Luigi Gubitosi participates in the presentation of Assinform's digital report.
ASSEMBREAL FOR FCA AND PSA. WAITING FOR CAR BONUSES
The key event will be the FCA assembly on Friday, preceded the day before by that of PSA. It will be an opportunity to get more precise information on the 5,3 billion Sace loan. The new incentives for the car should arrive this week.
