Start of the week marked by bulls on the financial markets, with Wall Street once again surpassing itself and immediately starting at maximum levels. The European lists, already well tuned, benefit from the American push and close sharply higher. Piazza Affari regains 20.113 basis points, +2,12% driven by oil stocks and asset management. On the same wavelength are Frankfurt +2,2%; Paris +2,3%; Madrid +2%; London +1,53%.
Wall Street puts the fourth at the start: the S&P 500 flies over 3400 points and Apple is worth about 506 dollars per share (+1,9%), on the day of the 4 for 1 stock split. We move with confidence, waiting for the The Jackson Hole symposium will start on Thursday 27 August, with central bankers meeting virtually for the first time due to the pandemic. Among the most awaited interventions, there is that of the president of the Federal Reserve, Jerome Powell who will kick off the event with his speech.
Progress was more timid on Asian markets, Tokyo +0,28%. However, Hong Kong closed with an increase of 1,74%, thanks to the rally of Tencent (+5,79%) as, according to Bloomberg, the White House is reassuring American companies about the possibility of doing business with the WeChat app .
These news, together with those on future vaccines and possible treatments against Covid 19 are the basis of today's optimism. As for vaccines, Italy has started testing on a first volunteer at Spallanzani in Rome. This is the serum developed by the Biotech Reithera company of Castel Romano and financed with eight million euros by the Lazio Region and the Ministry of Research with the National Research Council (Cnr). On the other hand, news comes from the USA that the Food and Drug Administration has granted authorization to use blood plasma to treat Covid, despite incomplete data on the effectiveness of the treatment.
The treatment involves the emergency use of plasma from people who have already had the disease on patients still in the acute phase. This treatment gives Americans hope, together with the fact that cases of contagion in the US have decreased by 22% compared to two weeks ago. The pandemic could, for the first time, be under control, after 6 months. According to the Financial Times, then the US administration is considering bypassing the normal standards to allow a fast track to the British experimental vaccine in the US in view of the presidential elections.
The rise in oil, Brent +1,17, 44,87 dollars a barrel, is also contributing to the run of the bulls, after the hurricane Marco and the tropical storm Laura hit the Gulf of Mexico with the consequent stop of 58% of the production of offshore oil and 45% of natural gas in the region. In such a bubbly climate, gold tarnished, with spot gold falling to 1931,9 dollars an ounce (-0,44%).
On the currency market, the euro-dollar moved little, around 1,18. In Piazza Affari it is the day of the redemption of oil companies: Eni is queen of the price list, +4,04%, followed by Saipem +3,85%. Slightly behind Tenaris +3,37%.
Assets under management show great success: Banca Generali +3,84%; Azimuth +3,66%; Banca Mediolanum +3,25%. The automotive sector is recovering: Fiat +3,22%; Pirelli +3,44%. Leonardo raises his head +3,48%. Purchases on Hera +3,27%. Banks in progress: Mediobanca +2,95%.
Enel rises by 1,75%. Goldman Sachs analysts increased the target price on the electric giant from 9,6 euros to 10,2 euros; the experts have confirmed Enel in their list of securities to buy with conviction. The losses are limited to two stocks and are modest: Nexi -0,84%; Amplifon -0,18%.
Outside the main basket, Cattolica Assicurazioni gains 0,59%, on the day in which the court of Venice rejected the request of some shareholders to suspend the resolution to increase the capital in favor of Generali. “The operation with Generali – assures the company – continues as foreseen by the agreements entered into and communicated at the time”.
Bonds are shy: the spread between Italian and German ten-year bonds drops to 143 basis points (-0,88%), the yield on BTPs is 0,94%.
