La China has decided to reopen the borders. From 8 January there will no longer be a quarantine obligation for those entering the country, but only a certificate of good health issued 48 hours before departure. The news had an immediate effect on Asian lists +0,5% and on US market futures +0,6%.
China changes course
China's sudden change of course in the anti-Covid fight raises more than one question: second Bloomberg, in the first twenty days of December at least 248 million people, 20% of the population, would have contracted the virus. But for now, in the absence of official data (Beijing no longer communicates daily data) optimism prevails: "many Chinese cities - according to the law on the JP Morgan report - are able to emerge from the emergency in a very short time".
Positive ones open bags after the Christmas break (Australia and Hong Kong are missing): the Chinese blue chip index rises by 0,6%. The stocks of tourism and travel companies are advancing in Asia: the turning point (Xi JinPing said that from now on the fight against the pandemic will be more focused) will allow the Chinese to resume traveling for the next Lunar New Year.
A Tokyo +0,5% Retail sales grew for the ninth consecutive month, driven by private consumption and the recovery of tourism. Bank of Japan Governor Haruhiko Kuroda ruled out the possibility of abandoning accommodative monetary policy in the near term. But he continues fetching it yen on the dollar, down for three sessions.
Gas, oil and bonds
The opening of the European price lists should reflect the situation of the energy market: the Natural gas on the European circuit it starts again from 83 euros per mWh, it is the lowest level since February. In ten days it has lost more than -40% and the balance sheet since the beginning of the year has been reduced to +16%. From the peak in August it has decreased by -77%. In Europe, temperatures are expected to remain above average until early January.
The Moscow government has announced that it is ready to reopen the taps of the Yamal pipeline, one of the main gateways of Siberian methane to the European Union. In return, Russia has announced that it will cut oil production by between 500 and 700 thousand barrels.
The increase of the Brent (84,5 dollars a barrel), however, seems to depend above all on the wave of freezing weather that hit North America.
In Italy, attention is monopolized by the wait for the launch of the Maneuver. At 14 tomorrow a highly armored text will arrive in the Senate: any adjustment would imply the almost certainty of the provisional exercise, which from 1st January would oblige to go ahead only with the ordinary administration.
Il bond market it starts again after the Christmas utterances of Klaas Knot, governor of the Dutch central bank and of the German Isabel Schnabel. Both reiterated that the ECB will have to persist in its policy of rate hikes, despite pressure from some governments. The Waist German closed down 2,40% on Friday BTP at 4,47%. Last week ended with a drop of 1,7% for the former and 1,8% for the latter.
Euro-dollar cross slightly up for the third consecutive day at 1,066.
Wall Street
Positive climate with reservations a Wall Street. The latest Personal Consumption Expenditure (PCE) Price Index data, released on Friday, showed that inflationary pressure is easing, but the Fed remains concerned about the strength of the labor market.
The aCiti analysts signaled that the Fed's official interest rate could reach 5,25% to 5,50% by the end of 2023, based on expectations that the labor market will continue to add new jobs in early 2023, exerting a further upward pressure on wages.
Elon Musk it doesn't even stop at Christmas. The tycoon revealed that by now a hundred Starlink satellites cover the sky of Iran, ensuring the Internet connections necessary for the resistance to communicate by overcoming the regime's censorship.
Bitcoin little moved at 16.868 dollars. Sam Bankman-Fried, founder of FTX, was released on $250 million bail. However, it later turned out that this amount was not paid. He reported it New York Times revealing that the release took place against the subscription of a bond to pay 250 million dollars, on the condition that he remains at his parents' home in California and presents himself at the next court hearings. In the event that she flees her parents' house in Palo Alto, given as collateral, will be seized and sold by government authorities. These conditions would have been agreed before the former enfant prodige left the Bahamas.
New board of directors for Juve. Tim: Vivendi thanks the government
On the eve of the meeting on tomorrow's accounts, the structure of the board that will lead Juventus from next January 18th. The controlling shareholder Exor ha candidate for the new Board Fioranna Vittoria Negri, Maurizio Scanavino (future managing director) Gianluca Ferrero (next chairman) Diego Pistone and Laura Cappiello.
Enel signed a 12 billion euro revolving credit line with a syndicate of banks and CDP, 70% guaranteed by Sace for its needs to cover collateral for trading activities on the energy markets.
Tim: Arnaud de Puyfontaine, CEO of Vivendi, expressed his gratitude to the government for the constructive climate in the ongoing discussions. A new meeting between the government, CDP and Vivendi on the reorganization of the former telephone monopolist is scheduled for 29 December.
Erg: through a Spanish subsidiary, signed an agreement for the acquisition of Instalación Fotovoltaica Arericsol VIII which owns a 25 MWp solar photovoltaic plant. The value of the transaction in terms of enterprise value is 30,4 million euros.
The proposal was accepted by the Ministry of Infrastructure and Transport Fincantieri to manage the maintenance of the Mose in Venice in a public-private partnership for the next 11 years. A total fee of 57 million euros per year for 11 years is envisaged.
