The stock exchanges open at full gallop after two anomalous weeks but then slow down and Milan reverses course. The last two weeks, it is said, have been characterized first by the most pronounced falls in the last two years, then by the rise in the last five sessions, the most robust since 2013. The rally continues this morning at Tokyo +1,8% on the back of last week's gains (+3,4%). In progress too Korea +0.9% ed Australia +0,8%, i.e. the main markets at work today. Chinese lists (including Hong Kong and Taiwan) are closed for the New Years holidays. On vacation today too Wall Street closed for President Day. On Friday, the US stock market closed the week of recovery sharply higher: the Dow Jones and S&P500 rose by 4,25%, the Nasdaq even by 5,3%, the best weekly performance since December 2011.
However, the crackling debut did not keep its promises and Milan reversed course in mid-morning with Enel and FCA weighing on the price list. Moderate the European Stock Exchanges.
The decline of the yen, down on the dollar to 106,4, from 106,8 at the end. The dollar is also weak against the euro at 1,2426 against the euro. They weigh on the US currency Russiagate developments and President Trump's violent attacks on FBI investigations.
The slowdown in the dollar favors the recovery of oil. Brent crude rose 0,9% to 65,4 dollars a barrel. In the United States, the number of drilling rigs operating rose to 798 last week, the likeliest level of activity not seen since 2015.
Gold also goes up to an 18-month high at 1,348 dollars an ounce.
ATHENS COMES OUT OF PURGATORY, TODAY DRAGHI'S NEW DEPUTY
In Europe, the week opens in Brussels with the meeting of the Eurogroup which is also attended by the president of the ECB, Mario Draghi, and with the intervention of the Minister of Economy Pier Carlo Padoan. The appointment of the vice president of the central bank is under discussion: in the running Spanish Finance Minister de Guindos and Irish Governor Lane. Also scheduled is the decision on Greece's exit from the financial assistance plan.
On the eve of the summit, a sensational case exploded: Central Bank of Latvia Governor Ilmars Rimsevics, a member of the ECB Governing Council, was arrested by the country's anti-corruption office.
On the macro front, the publication of the data should be noted eurozone manufacturing PMI, the most awaited indicator to measure the intensity of the recovery.
The data on inflation for the Old Continent will be published on Friday.
THE MINUTES OF THE FED AND BUFFETT'S ACCOUNTS ON THE DIARY
Against this backdrop, the stock markets are awaiting the minutes of the Fed meeting at the end of January, the last one led by Janet Yellen. In anticipation of the probable rate hike, traders are preparing to decipher the meaning of every single word on the board, both in terms of inflation and the rise in payroll.
In this regard, the comparison between the accounts of Whole Foods, the food distribution group purchased a year ago by Amazon for 13,7 billion dollars, and Wal Mart which in the meantime has allied itself with the Japanese Rakuten should be followed on Wall Street. Turnover is expected to be close to $135 billion.
It is nearing the conclusion US quarterly season. 55 S&P 500 companies will be announcing accounts this week. The most anticipated will be those contained in the letter to Berkshire Hathaway shareholders, Warren Buffett's holding, which will be published on Saturday 24. Among the advances, the strengthening of Apple's share, the entry into Teva, the Israeli generic drug giant and the reduction of the investment in Ibm.
SOFTBANK CLOSE TO 20% OF SWISS RE
In the meantime, negotiations are progressing between Softbank, the Japanese giant led by Masayoshi Son, and the shareholders of Swiss Re. The purchase of 20-30% of the reinsurance group which has shareholdings of over 160 billion dollars is under discussion. The Japanese tycoon aims to join the board. The operation could increase the value of Partner Re, the company controlled by Exor.
POSTAL ACCOUNTS TODAY. MOODY'S CONFIRMS THE INTESA RATINGS
On the corporate front we begin this morning with the 2017 results of Poste Italiane. Tomorrow will be Terna's turn, Wednesday for Tenaris.
The most important appointment concerns the approval of the accounts of Intesa San Paoloscheduled for Friday. Moody's confirmed the bank's ratings last Friday The American agency communicates it, underlining that the "baa3" baseline credit assessments and all the bank's ratings and evaluations have been confirmed.
700 MILLION FOR THE VALTELLINESE. CTZ AUCTION FRIDAY
Several capital operations are planned. Spotlight on the Creval increase: the operation starting today provides for the offer of almost 7 billion shares, out of the 110 million outstanding, in the ratio of 631 new shares for each security, at an issue price of 0,1 euro. On Friday, the stock lost 12,62% to 7,8 euros after a similar crash on Thursday (-12,78%).
Wednesday will be heldextraordinary shareholders' meeting of Atlantia to approve the adjustments to the capital increase to service the takeover bid on Abertis.
The end-of-month Treasury auctions also kick off on Friday: they begin with the offer of Ctz and Btpei.
(updated at 12pm)
