The Chinese purges do not stop. This morning the big names in technology, from Tencent to Alibaba, collapsed on the Stock Exchange Hong Kong (-4,5% the tech sector index) after the approval of the new privacy law which introduces strong limits on the collection and sale of customer data. In New York the shares of Alibaba they lost another 7%. Meanwhile, analysts are trying to understand what President Xi means when he invokes, as he did at the party's central committee, "stricter rules for the highest incomes". But the climate does not bode well, thought the operators who have poured avalanches of shares onto the market lvmh (abundant 20 billion gone up in smoke in two days) or Hermes.
The tightening of Beijing overshadows the all in all positive response of the price lists to the anticipations on the next moves of the Federal Reserve, which will be partially anticipated at the Jackson Hole meeting. After the first negative reaction on Wednesday, the US markets have regained their balance, which bodes well for the European markets. But the omens of an autumn that won't be easy crop up here and there. In Brazil, for example, after six bearish sessions, the entire 2021 rise was lost.
WEEK IN RED IN HONG KONG, DOWN ALIBABA
- Final of the week in deep red for the Chinese price lists. The CSI300 Shanghai and Shenzhen are down 2,4%, -4% on the week. Hang Seng of Hong Kong -2,3% (-6,3% for the week).
- Down also the Nikkei of Tokyo -0,7% (-3,3% per week). It contributes to dragging the price list down Toyota -3% in the aftermath of the rumors of the newspaper Nikkei on a sharp reduction in the production of motor vehicles being studied by the executives. The usual reasons, i.e. the shortage of chips, have been joined by the logistical difficulties of suppliers in Thailand and Vietnam.
- The index Bloomberg APAC relating to the Asia Pacific area, it fell by 0,5%: at these price levels, the week closed down by 3,6%.
- The stock market closes the week up New Zealand +1% after the postponement of the rate increase decided to counter the effects of the pandemic.
US FUTURE DOWN, TESLA LAUNCHES THE ROBOT THAT DRIVES
The futures of Wall Street I'm down a bit this morning. Yesterday, after a negative start, the markets changed course: S&P +0,19%, Nasdaq +0,11%. Dow Jones down 0,13%. The macro data favored the more positive tone: the request for layoffs fell to a 17-week low.
- Tesla closed down 2% on the day it unveiled its AI business, during its first AI Day, it unveiled a super chip to be installed in a humanoid robot under construction.
ROBINHOOD MISSES, STEVANATO DOES HONOUR
- Frana Robinhood -7%. The trading platform has warned that there will be a decline in revenues in the current quarter due to the slowdown in user activity (today 21,3 million on a monthly basis).
- The freshman is a credit to Wall Street Stevanate +6%: the Paduan freshman, active in the production of vials and containers for pharmaceuticals and biotechnology ends the April-June period with revenue growth of 26% year on year.
- Il dollar, yesterday, up 0,3% against the euro, it fell slightly to 1,169. WTI oil flat at $63,7 a barrel. In closing, Texas crude dropped 2,7%, the sixth in a row.
- Gold at 1.785 dollars an ounce, +0,3%. 1,23-year Treasury Notes at 1%, -XNUMX basis point.
BUSINESS PLACE AGAIN BELOW 26 THOUSAND POINTS
The wall of 26 points, painstakingly built in the last few weeks of increases, did not hold up to the first hint of a monetary ministration anticipated by the Fed. The Piazza Affari index slipped to 25.982 points, with a drop of 1,63% while the euro came under pressure, at its lowest against the dollar for nine months, and the spread, slightly widening. A strong reaction that could herald a hot autumn for the markets of the Old Continent, even if the recovery of Wall Street at the end raises hopes for a weekend rebound.
ITHE PRICE/EARNINGS RATIO DROP 13,6X
- The decline of the Italian price follows the trend of theeurostoxx 50 which closed at -1,6%, down from the highs of mid-August.
- Il FtseMib records a year-to-date performance of +16,70% against +15,60% of the Stoxx 600 index. At current prices, the price/earnings ratio is on average 13,6 times (12,4 times for 2022) .
LUXURY ON SALE IN PARIS -2,4%
- The most sacrificed Stock Exchange is that of Paris, the most concentrated on luxury which represents 16% of the capitalization. The Cac 40 index drops 2,43% under the pressure of brand sales: Kering loses 9%, LVMH 6,4% (more than 10% in two days), Hermes -4,5%.
TOYOTA CUTS ARE HURTING FOR VOLKSWAGEN
- Under fire too Frankfurt -1,3%.
- In this case too, the decline originates from news arriving from Asia. Toyota -4% announced yesterday that September production will be cut by 40% due to the ongoing chip crisis. The effect on the German auto giants was immediate. Volkswagen leave 2% on the ground. "We currently expect chip supply in the third quarter to be very volatile and limited," acknowledged a spokesman for the Wolfsburg-based company - the second-largest automotive group by volume after Toyota - in response to a request for comment by Reuters.
LONDON BENDED BY THE FALL OF THE MINES
The declines are more than a percentage point even at London -1,5%, drowned by the decline in mining stocks. Alglo American -11,5% is the worst title. Antofagasta -5% announced it will reduce copper production for the year due to low rainfall Los Pelambres (Chile) affecting its ability to optimize processing. Better Amsterdam -0,73% and Madrid -0,69%.
THE SPREAD WIDES TO 107 POINTS
Risk aversion rises, the race for Bunds picks up speed as usual at -0,49%. The yield of the BTP 10 trades at 0,57%. This widens the spread to 107 basis points.
MONCLER LEADS SALES, EVEN EXOR BADLY
The flood of luxury sales hasn't spared Piazza Affari. Sellers are hot on Moncler – 6,12%. The sickness of China also afflicts the other securities of the sector: cucinelli -6,21% Tod’s -5,04% Ferragamo -4,74%.
The Agnelli stable also suffers. The slowdown of luxury is striking Exor -3,46% and Ferrari -2,8%. The problems of the chips for the car world push us down stellantis -3,56%, which will have to reduce production in French plants, e Cnh Industrial -3,9%.
UNICREDIT UNDER FIRE, INCREASE IN SIGHT FOR MPS
Bank sales. In fact, Unicredit -2,71% finds space among the ten worst blue chips of the day. Off the main lineup it doesn't fare much better Ps, -1,91%. According to Bloomberg, the Treasury is considering a capital increase for the Sienese bank of up to 3 billion euros in order to strengthen its capital solidity and comply with Unicredit's request to make the acquisition neutral for its capital ratios. The MEF's preferred path, the agency claims, would be that of an increase in option, so that shareholders can subscribe and not see their share diluted.
Down too Campari -2,74%, bad for the oil services sector: Tenaris -4,8% Saipem -2,9%. Eni -2,8%.
UTILITIES ARE SAVED, NETWORKS GO INTO ORBIT
The utility sector holds, rediscovered in a defensive key. Out of the 40 stocks in the index, the only positive ones are: Enel + 1%. Italgas + 1,22% Terna + 0,9%.
In the rest of the price list, the flight of Networks +28% among the main Italian players in the IT Consulting sector, specialized in System Integration, Cyber Security, Big Data & Analytics, AI, IoT, Cloud services, could move on the stock exchange. On Wednesday, the stock closed with an increase of more than 30% at 1,99 euros. In recent months, it has gained about 150%. Borsa Italiana announces that, starting today and until further notice, orders will not be permitted to be placed on Reti ordinary shares without a price limit.
