“I feel good” said the president Joe Biden commenting on the unexpected victory in the Midterm elections. The same feeling can be felt on the markets a few hours after trading resumed. Judging by the futures on Eurostoxx+0,3%, the European markets are heading towards an opening with a plus sign, in the wake of last week's gains but even more so due to the signals arriving from the East.
A few hours frommeeting between Xi Jingpin and Joe Biden in Bali, with a view to the G20 summit, a note of optimism for the relaunch of the global economy comes from China. The Beijing authorities have brought forward the outlines of a bailout plan for the real estate sector, the most painful note of the situation. The intervention should allow the companies to solve the problems of lack of liquidity that risk leading them to bankruptcy: the sixteen-point program includes extensions of the credit lines and the possibility of issuing new debt. In the Hong Kong list, Logan Group and Longfor Group rose by more than 20%.
China runs, Softbank freezes Tokyo
The response from the price lists of the Celestial Empire was immediate. There Hong Kong Stock Exchange it is up nearly 2% this morning from +7,7% on Friday. L'CSI 300 index the Shanghai and Shenzhen lists rose by 0,2%.
Other climate in Tokyo: The Nikkei it is down by 0,8%, weighed down by the -12% drop in Softbank. Masayoshi Son's giant presented lower-than-expected quarterly figures and the release did not mention the share buyback plan that the consensus expected. The stock exchanges are on parity South Korea andIndia.
The Treasury summons the Bot people. Giorgia Meloni at the G20
Field day for the bond markets at the start of a week ending on Fitch verdict on the sustainability of the Italian debt. We start this morning with the debut of edition number 18 of BTP Italy. The bonds on offer, with a duration of six years, will return to the subscribers Italian inflation plus a real coupon currently indicated at 1,60%, before a possible increase on Thursday before the placement with institutional investors.
The BTP, which dropped below 4% on Thursday, closed on Friday at 4,20%. The US bond market was closed on Friday for holidays.
In business square, back from a roaring week dominated by the plus sign, a day marked by the quarterly reports of medium-sized enterprises and by EU industrial production data. The premier Giorgia Meloni, escorted by Economy Minister Giancarlo Giorgetti leaves for the G20 scheduled in Bali, the occasion for the first meetings with the world's top leaders. But, probably, there won't be a confrontation with French President Emmanuel Macron.
The Fed is holding back Wall Street. Elon Musk still in the crosshairs
I US futures for the time being, they let us foresee a cautious departure. Weigh the warning coming from Fed from the mouth of Christopher Walter: the markets, he says, have gone too far, the war on inflation is far from won. The stock markets expect a half point rise in mid-December, then two mini rises of a quarter point before spring.
A Wall Street the season is starting to close quarterly. To follow the accounts of Wal-Mart and Macy's and Target retail champions.
Il Nasdaq futures is down 0,5%, the benchmark high-tech index closed up 1,9% on Friday, +8,1% for the week. The Dow Jones remained behind in the last two sessions, rising by 0,1% on Friday: +4,1% the weekly balance.
Still on the cover the deeds of Elon Musk who will have to answer to the Delaware judge from the accusation of having collected 52 billion bonuses from Tesla thanks to the achievement of too easy objectives.
The Ftx crisis threatens the price lists
But the unknown factor weighs on the markets bankruptcy of Ftx, the second largest cryptocurrency platform, which has raised the white flag putting customer deposits at risk.
This morning the Bitcoin it's down slightly, at around $XNUMX. The bankruptcy trustee of FTX, the same of Enron, has announced that the judge will provide indications on the bankruptcy process within days. Bloomberg points out that the request for insolvency proceedings filed by the platform founded by Sam Bankman-Fried is not accompanied by the documents that the company usually attaches in order to facilitate the securing of assets.
Among the worst stock exchanges on the planet, in the last five days, is the Sao Paulo stock exchange in Brazil, -5%. The first public releases of Lula da Silva alerted the market: the new president spoke of an increase in spending that reminded many of Liz Truss' announcements on taxes.
WTI oil slightly moved at 89 dollars a barrel. Price down slightly, from -2,6% last week. The weekly loss widens to -6,6% in euros. The evolution of the next sessions could also be conditioned by China's openings on a softer management of Covid.
Il European gas it closed the ninth negative week out of ten with a drop of -13,7% which pushed the quotation to its lowest level since the beginning of June. In August the price was 353 euros per mWh. Italy accelerates on energy independence. The first shipment of liquid natural gas of the Mozambique departed from the Coral Sul Flng rig off the Rovuma Basin. This was announced by Eni which is delegated operator of the Coral South project on behalf of its partners in Area 4 ExxonMobil, CNPC, GALP, KOGAS and ENH.
Gold down 0,5% to $1760 after closing one of the best weeks in its recent history with +5,3%. Quotation on the highs since the end of August.
Atlantia, Benetton takeover bid fails
- stop atTakeover bid for Atantia. On the last day of the offer, adhesions to the Opa Schema Alfa (Benetton-Blackstone) reached 81,091% of the securities subject to the offer. Considering the stake already held by Edizione, the Benetton family holding company, in Atlantia, the bidders, according to Reuters calculations, reach 87,35% of the total capital. Therefore, the 90% threshold indicated as necessary for the success of the operation was not reached.
- Azimuth. HSBC cuts the rating to Hold, target price of 22 euro, from the previous 27 euro.Prysmian. Citi cuts judgment to Neutral.
- Banco BPM. The second shareholder Davide Leone & Partners, let it be known through an interview with la Repubblica that the consolidation of the bank can be ensured through operations involving Crédit Agricole and Unicredit.
- stellantis. The Sevel factory in Atessa, in the Abruzzo region, halted most of the work until Tuesday due to a lack of components.
- TIM. The Minerva plan which provides for the creation of the so-called single network through the launch of a public purchase offer on the capital of Telecom Italia (Tim) by Cdp finds a cautious response from the Minister of Economy Giancarlo Giorgetti, who underlines how a wider discussion within the government is needed on the project. “There are several ministers involved, we need to discuss them,” Giorgetti said.
