Elon Musk smiles. But apart from the good mood of Tesla's number one, there is no reason to celebrate in the world of markets, stressed by the contagion that is once again besieging Europe and the Americas. Indeed, on the vaccine brake there is the death of a Brazilian doctor who was participating as a volunteer in phase three of the AstraZeneca vaccine test. Meanwhile, China has begun distributing one of its vaccines free of charge in Southeast Asia. The markets await the outcome of the second and final TV duel between Joe Biden and President Trump, who is recovering according to the polls. Bad news for the stock exchanges, which most fear an uncertain outcome.
ASIA CONTRASTED, THE YUAN COMES BACK
The Asian price lists contrasted this morning. The Shanghai Composite lost 0,8%, Hong Kong's Hang Seng 0,3%, Seoul's Kospi 0,9%, Tokyo's Nikkei 0,7%.
The yuan is back, at 6,67 against the dollar, rising yesterday to its highest level in the last two years. The financial journal Caixin reports that the Chinese authorities intend to expand the scope for foreign investment.
Last night, on Wall Street, the S&P500 lost 0,2%; The index future is down 0,7% this morning. NASDAQ -0,28%. The Dow Jones closed down -0,35%.
RIGHTS TO POLLUTE RETURN 400 MILLION TO MUSK
Fireworks on Snap (+28%), while Netflix still suffers (-7%).
But the most interesting results are those of Tesla (+4% after the Stock Exchange), once the quarterly data are released: the company presented its fifth quarterly profit and confirmed its promise to produce half a million cars in 2020. Behind the +131% of net profit, at 331 million dollars, there is not only the automotive business: there are also 397 million in proceeds from the sale of green certificates to competitors with car fleets that are out of standard compared to the CO2. The industrial margin improved to 23,5%, more than expected.
“We are used to thinking of Tesla as a car manufacturer. In fact, they continue to churn out new and efficient energy products,” says Alyssa Altman, an analyst at Publicis Sapient.
Brent oil falls to its lowest level in the last three weeks: after -3% yesterday, this morning we are at 41,5 dollars a barrel. Yesterday's data on crude oil and gasoline inventories were devastating for prices.
IMF: THE WORLD HAS LOST 3 THOUSAND BILLION
The trend of the pandemic has sunk the price lists of the old continent, which close together in negative territory. Meanwhile, the International Monetary Fund notes that Europe is experiencing the worst crisis for over 70 years. Only the "unprecedented response prevented a devastating outcome": without the "recession it would have been much worse. The outlook is very uncertain – adds the IMF – The re-emergence of infections in Europe probably represents the greatest downside risk at the moment. A no-deal Brexit would be another potential shock to the business." The risks to the European economy remain significant and are increasing with the second wave of infections. Given the considerable uncertainty, policies must continue resolutely to support the recovery. However, Europe will grow by 2021% in 4,7, the recovery will be less than that expected before the pandemic, "implying a loss of almost 3 trillion euros".
BREXIT: WE RETURN TO TREATMENTS, THE STERLING TAKES FLIGHT
In this livid atmosphere, the clearing arrives in the late afternoon. Britain and the European Union will resume talks this week to find an agreement on post-Brexit trade relations. This was communicated by a spokesman for Boris Johnson following a phone call with the chief negotiators of both sides. “We are ready to welcome the EU working group to London to resume negotiations this week,” he said.
MILAN THE WORST BAG: -2,03%
Piazza Affari -2,03%, at 19,085 points, was the worst price list in the European Union.
Deep red also for Frankfurt (-1,43%), Paris (-1,53%) and Madrid (-1,65%).
Outside the Eurozone, London suffered (-1,9%), bent by the strengthening of the pound against the dollar (+1,7% to 1,31) and against the euro (+1,2% to 1,108).
European equities down for the third consecutive session, weighed down by the healthcare sector and the construction sector.
FIDO SUPPORTS NESTLÉ, VIVENDI WANTS TO LIST UNIVERSAL
Nestlé (-0,82%) raised its sales estimates for the year thanks in particular to pet food.
Sweden's Ericsson jumped 6,4%, thanks to rising margins and the rollout of the 5G network in China.
Vivendi +2,3% after the accounts for the quarter and, above all, after the announcement of the start of the listing procedure for Universal Music, the most valuable investee.
WEAK BTPs, A NEW THIRTY-YEAR BEGINS
Downturn in the Italian secondary market, in a market that is still affected by the ten-year roll and theissuance of the first Sure bond on Monday.
In a share swap transaction via syndicate, the Treasury gave a mandate to a pool of banks to repurchase five bonds between BTPs and CCTEUs and the simultaneous issue of a new 30-year BTP maturing on 2051 September XNUMX.
The Italian ten-year rate stands at 0,73% from 0,73%.
The yield differential between Italy and Germany on the ten-year stretch is 137 points from 135 at the previous closure. Bund at -0,58% (+2 basis points).
FERRAGAMO: “WE DON'T SELL”, BUT THE STOCK DOESN'T BELIEVE IT
Salvatore Ferragamo flies to Piazza Affari (+8,73%): the market focused on rumors about a possible sale of a share by the family. Ferruccio Ferragamo, however, has categorically denied having had informal meetings or talks with investors to sell shares in the company.
The banking sector was in the red after the strong gains on the eve: Bper -6,38%, Unicredit -3,77%, Intesa San Paolo -2,8%, Mediobanca -2,26%, Banco Bpm -2,15%, Pop Bank. Sondrio -3,07%. Mps (+2,08%) goes against the trend.
UNIPOL RAISES 500 MILLION
Among the mid caps, Unipol Sai performed well (+0,88%), after completing the placement with Italian and foreign institutional investors of a "Restricted Tier 1" regulatory capital instrument in euro, non-convertible and under Italian law, for a nominal amount of 500 million euros, with issue and settlement date scheduled for 27 October.
Deep red for the Oil sector: Saipem -5,26%, Eni -3,38%, Tenaris -2,48%.
THE CHAMPIONS LAUNCH JUVENTUS AND LAZIO
Juventus (+4,6%) and Lazio (+6%) run later successes in the Champions League.
