The agreement on the Autostrade dossier he arrived at 5 in the morning, after a night of negotiations filled with breakups and bad tempers.
In the end, barring surprises, the agreement reached by the majority and between the Government and the Benettons includes the following points:
- the spin-off of Aspi from Atlantia;
- the entry of CDP into the capital of Aspi in a controlling position (51%) together with other public and private partners;
- the descent of Atlantia (yesterday +1,5% on the Stock Exchange) in the Aspi capital to a stake of around 10-12%;
- reduction of tolls;
- increase in compensation.
The solution leaves numerous issues unresolved, but in any case it seems much less impervious and dangerous than the revocation, which would have entailed the risk of compensation of up to 23 billion euros. The exchange of accusations within the majority also made the negotiation with Aspi even more complicated.
ASIA RISES AWAIT CHINESE GDP
On the financial markets, the Italian tensions obviously had a limited echo. This morning, in Asia, Tokyo's Nikkei gained 1,3% in the final session, Sydney's S&P ASX 200 1,5%. Mumbai opened up 1%. Chinese stocks are down: Shanghai Composite -1,1% and Hong Kong's Hang Seng -0,3%.
Yesterday the Dow Jones gained 2,2%, the best session in the last two weeks. S&P 500 +1,3%, Nasdaq +0,9%.
The futures are positive. And those on the European Stock Exchanges are also positive.
To justify yet another bull rally are both the positive news and, paradoxically, the alarm signals that can favor the intervention of governments and central banks.
MODERNA ANNOUNCES: VACCINE CLOSER
The happiest note was provided by Moderna: the biotech company said that all the patients to whom it administered its experimental vaccine developed antibodies that kill the virus.
A disturbing picture of the credit situation emerges from the first US quarterly reports. Risky loans from JPMorgan, Citi and Wells Fargo rose to $28 billion, more than in 2008.
Meanwhile, traders are eyeing the Chinese GDP numbers due tonight with concern. An increase of 1,2% is expected (from -6,8% in the previous quarter) but the increase in production does not correspond to an increase in consumption.
QUARTERLY: JP MORGAN RISES, WELLS FARGO COLLAPSES
The negative signals that triggered the Fed's immediate reaction refueled the rally. we will not have achieved a full recovery of employment and an inflation level of 2%”.
“A thick fog of uncertainty surrounds us and the risks are on the downside”, concluded the blonde central banker with a poetic touch, underlining that “it will be vital to maintain support for the economy.
Contrasted the results of the big banks. JP Morgan closed higher after better-than-expected results. Citigroup lost nearly 4%. Wells Fargo, the third largest US bank, released disappointing quarterly results and lost 5%.
Waiting for the data from Goldman Sachs, Morgan Stanley and Bank of America, arriving in the next 48 hours, we can already detect the growth also in the USA of the liquidity parked by customers in current accounts: JP Morgan said that deposits have risen by 27% from a year ago, to $1.900 trillion, +5% from the first quarter.
TRUMP CLEARS HONG KONG'S SPECIAL STATUS
Yesterday evening Donald Trump signed the law that strikes the leaders of China held responsible for organizing the repression in the former British colony. Furthermore, during a press conference organized in the garden of the White House, he anticipated the end of the privileged trading status for Hong Kong.
Oil rises on expectations of a sharp drop in US crude inventories: the American Petroleum Institute forecasts it in the millions of barrels.
RECOVERY FUND, THE ROAD TO THE AGREEMENT IS UPHILL
The big appointments of the week are approaching, but the European markets chose caution yesterday, also because the impression prevails that the weekend's Recovery Fund summit will not be decisive.
Today Prime Minister Giuseppe Conte reports to Parliament in view of the European Council on 17 July. At the end, a majority resolution will be voted on. Meanwhile, the diplomatic work of the chancelleries continues to find an agreement on the Recovery Fund. The chancellor received the Spanish premier Pedro Sánchez, also expected tomorrow by Emmanuel Macron. Dutch Prime Minister Mark Rutte reiterated the position of frugal countries and asked that "European subsidies involve very strict conditions and be decided only if serious reforms are actually made". He also weighs the fear of the epidemic resuming, which prompted Macron yesterday to announce, in his speech on July 14, the return of the obligation to wear a mask from August XNUMXst.
According to Eurostat, in May, when member states started to ease the Covid-19 containment measures, seasonally adjusted industrial production increased by 12,4% in the euro area and by 11,4% in the EU, compared to April 2020.
Milan (-0,62%) recovers part of the declines in the final and closes at 19.879 points.
TECH SUFFERS: STM LOSES MORE THAN 4%
Similar script also on the other squares. The sharp decline in the technology sector weighs heavily, in line with the decline in the sector in the US, in fear that California will tighten the lockdown to stem a wave of coronavirus infections. The German Sap and Infineon leave 4% on the ground, as does the Dutch Asml. Stm is no exception (-4,18%).
Frankfurt suffers (-0,87%). The German confidence index, the Zew, stood at 59,3 points in July after rising to 63,4 points in June.
Paris -0,97%. Luxury fails: Hermès -2,79%. The worst is Madrid (-1,02%).
JOHNSON HUNTS HUAWEI, FURIOUS BEIJING
London is practically unchanged. British Prime Minister Boris Johnson has ordered Huawei equipment to be completely phased out of Britain's 5G network by 2027, drawing China's ire. It is a sensational about-face after the government had authorized the Chinese group in January to build 35% of the infrastructure.
A member of the Trump administration met yesterday with delegates from Italy, France and Germany to urge the ban of the Chinese company, a political decision but with serious consequences for telecommunications: Huawei supplies about a third of telephony masts mobile in Europe.
BTP: THE NEW 7-YEAR IS GOOD, BUT THE SPREAD RISES TO 170
The BTP recovered in the final, closing in positive territory, in line with the euro bonds, after the mid-month medium-long auctions.
At the close, the spread was 170 basis points from 169 in the previous session. The 1,21-year rate stands at 1,24%, after closing at XNUMX% on Monday.
The Treasury has placed a total of 10 billion euros, the maximum supply, in the new 7-year bond and in the reopenings of 3- and 20-year bonds, with declining yields.
BPER FLIES, UBI "BETRAYED" BY CATTOLICA
The uncertainty was reflected in the weak performance of the banking sector, devoid of significant points: Bper is the exception, the more tonic (+5,5%) ahead of Mediobanca (+1,73%) and Banco Bpm (+1,22 ,1,26%). Loses shots Ubi (-XNUMX%) after that Cattolica Assicurazioni has decided that it will adhere to the public offer launched by Intesa Sanpaolo. Assignor the other big Unicredit (-0,6); decidedly better than Banco Bpm, up 1,2%.
Strong sales also on Nexi (-2,8%): Mediobanca Securities confirmed the outperform rating and the target price of 17 euro per share on the stock.
AUTOMOTIVE AND LUXURY LOSE
Industrialists are down sharply, penalized by the resurgence of tensions between the US and China. Behind Stm, Prysmian (-2,31%) and the automotive sector fell behind: Ferrari -2,05%, Pirelli -2,01%. Cnh Industrial (+0,92%) goes against the trend.
Sales also on luxury goods, with Moncler and Ferragamo losing between 1,7% and 2,7%.
EU RULES CAUSE ENAV TO COLLAPSE
Among the mid caps, Sesa was in positive territory (+1,05%), which recorded a net profit of 30 million euro as at 42,188 April, up by 26,5%.
Enav splash (-5,15%). Equita Sim reduced the target price by 8% to 4,5 euros, confirming the hold rating, after the European Commission published a proposal for the adoption of exceptional measures for 2020-2021.
E-COMMERCE, TOUCH FOR UNIEURO
Unieuro further extends (+2,2%) in the wake of yesterday's strong leap after the better-than-expected quarterly results and the leap in the online sales channel. Kepler Cheuvreux raised the target price on the stock to 14 euros from the previous 10 euros.
