Nasdaq and S&P break new records. The other Stock Exchanges around the planet are faltering. They are the two sides of a situation conditioned by the return of the fear of contagion, in the face of the advance almost everywhere (Africa in the lead) of the Delta variant. In fact, it is the giants who most benefit from it that raise their heads stay home, or Netflix, Twitter and Facebook, which closed up 4,2% at 355 dollars, a price worth 1.008 billion dollars in capitalization, for the first to nine zeros. Meanwhile, the Washington District Court judge declared "legally insufficient" the charges against Zuckerberg for anti-competitive practices filed earlier this year by the Federal Trade Commission of the United States government and by the Attorney General on behalf of 46 states. The other side of the coin is the general uncertainty, not only for the recovery of the Covid-19: bad news for tourism, but also for the expectation of the numbers of the US labor market and for the echo of the inflation that also appears in Europe.
SHANGHAI -1,4%, RETAIL SALES IN TOKYO +8,2%
The Chinese Stock Exchanges are slowing down: the CSI 300 index of the Shanghai and Shenzen stock markets falls by 1,4%. The Central Bank of China tonight through a reverse repo operation has injected 20 billion yuan of liquidity. We are on the fourth day of net injections, about double the average of the last few months. The People's Bank of China itself, in the statement released at the end of the quarterly meeting of its highest governing body, states that "the Chinese economy is stabilizing and improving: in this context, the monetary policy committee will continue to act in a responsible and prudent, providing liquidity in a reasonably large way”: a mix between caution and the need to support the market in view of the centenary of the Party.
The MSCI Asia Pacific index is down after six consecutive sessions of gains. Tokyo's Nikkei loses 1%. Retail sales in May increased by 8,2% compared to the same period in the previous month. This is the third consecutive month of growth.
Hong Kong's Hang Seng -0,8%. BSE Sensex of Mumbai unchanged. Vietnam takes the lead in the GDP ranking: +6,6% in the second quarter.
THE FUTURES RISE
Wall Street futures are down slightly. Yesterday evening the Dow Jones lost 0,4%, weighed down above all by the companies more sensitive to the economic cycle. The worst stock was Boeing (-3,4%): the authorities rejected the request to fly the 777 again.
The Nvidia stock (+5%) was in great evidence at the Nasdaq: Broadcom, Marvel and the Taiwanese Media Tek have decided to support the offer of 40 billion dollars for the British Arm, the jewel for chip design.
The 1,47-Year Treasury Note traded at a 1,53% yield, up from XNUMX% on Friday night.
Bitcoin at $34.750, up slightly from yesterday's +6,3%.
WTI oil is down 0,5% to $72,5 a barrel from -1,5% yesterday.
THE DELTA VARIANT HOLDS BACK THE EUROZONE. HAWKS ATTACK PEPP
The shadow of the Delta variant falls on European lists, forcing analysts to review the accounts. Tourism stocks pay the highest price, but the prospect of new lockdowns is felt on all price lists, especially in Europe, where, unlike the US, there are no companies favored by the stay home.
In this context, the comparison on inflation and on the purchases of the Pepp program heats up. The ECB, according to the governor of the Austrian bank Robert Holzmann, is starting to complete the purchases by the end of March. The Italian board member, Fabio Panetta, brakes: "We should strive to maintain the unconventional flexibility that has proved so useful during the pandemic". Meanwhile, during the last week, the ECB brought its net purchases under the Pepp program to 24,31 billion (against 19,36 billion a week ago) reaching 1.169,94 billion.
LAYOUTS BLOCKED FOR THE TEXTILES, SKIP THE CASHBACK
Agreement on layoffs. An extension of the blockade until 31 October has been decided for the textile supply chain (including leather goods and footwear), whose companies will still be able to use the free redundancy fund. At the same time another 13 weeks of extraordinary cash will be granted to companies (about ninety) in crisis that are negotiating at the tables of the Ministry of Development.
Other decisions: surprise cashback skip; however, the blocking for another two months (until 31 August) of the sending of tax bills and the postponement to 20 July of payments for VAT numbers (Isa and lump sums) were confirmed.
BUSINESS CENTER HOLDS DOWN (-1,11%) WITH FINANCIAL SECTORS
Piazza Affari closed the first session of the week down by 1,11%, at 25.227 points, after being in the red in the middle of the day due to sales on financials.
TOURISM CLOUDS, MADRID PUMPS
The other price lists of the Old Continent also suffer: Frankfurt loses 0,34%, Amsterdam limits the damage to 0,4%, while the balance of London (-0,85%) and Paris (-0,99%) is heavier %). In a nosedive especially Madrid (-1,97%). Prime Minister Pedro Sanchez said the country would require full vaccinations or negative tests for Covid for travelers arriving from the UK to the Balearic Islands.
GOBBETTI AT FERRAGAMO. BURBERRY IN THE SIGHT OF KERING
Robust drop for Burberry (-9,05%). The news of the departure of Marco Gobbetti, the general manager responsible for the recovery of the luxury group since 2017, caused the collapse. Gobbetti, already a veteran of Lvmh, will already assume the role of managing director of Salvatore Ferragamo on Thursday .2,67%, after the initial increase). The resignation of the Italian manager has revived the rumors of a takeover bid on Burberry itself. The main suspect, according to Bloomberg, is Kering (-1,5%).
BLACK MONDAY FOR TRAVEL AND TOURISM
Day of passion for tourism and for the travel sector, in the face of the nightmare of a recovery of infections. Lose shots Air France (-4%), Aéroport de Paris (-6%) and Accor (-3%). In deep red Iag (-6,2%), holding company of Iberia and British Airways, Easyjet (-5,8%) and the tourism giant Tui (-4,6%). The Spanish hotel chain Melia is bad.
NEW MINIMUM FOR AUCTION BOTS: -0,521%
Positive closing for the Italian secondary market: the spread between ten-year BTPs and Bunds drops to 111 basis points (-1,36%), the rate of the Italian benchmark stops at +0,88%.
On the primary, historic low for the yield of six-monthly Bots: -0,521% a breath less than the previous minimum of -0,520%, marked last December. The Treasury has fully assigned the amount offered, equal to 6,5 billion six-month BOTs, maturing on 31/12/2021, against a request for over 8,7 billion, for a coverage ratio of 1,35. XNUMX.
BANKS AND OILS, TWO PLUGS FOR THE LIST
Few blue chips finish in positive territory.
The drop in oil is reflected in energy stocks starting with Eni (-2,03%). On the six-legged dog, Intesa Sanpaolo confirmed the hold rating and target price of 9,9 euros after the words of CEO Descalzi on the spin-off of the renewables & retail business and the sale of a minority stake.
Tenaris (-3,31%) and Saipem (-2,42%) are also in deep red.
Banks are negative: Bper loses 3,18%, Unicredit leaves 3,09% on the ground, Banco Bpm 2,82%, Banca Mediolanum 3,05%.
PLUS SIGN FOR HEALTHCARE, FERRARI AND TERNA
Ferrari +0,68%, Terna +0,83% and Stm +0,47%. Also in Piazza Affari, as in the rest of Europe, a plus sign for sanitaryware: Amplifon grows by 0,24%, Diasorin by 0,58%, Recordati +0,33%.
Stellantis -1,29%: the group will present the electrification strategy for the coming years on Thursday 8 July.
MEDIOBANCA AWARDS REPLY (+2,75%)
In evidence Reply, which closed the negotiations with a rise of 2,75%. Mediobanca Securities confirmed the outperform rating, with a target price of 125 euro.
AIM, BOOM DEBUT FOR BETTER THIS (+57%)
Record at Aim. On the first day of trading, the digital platform Meglio Questo opened with an increase of 50%, and then rose to +57,43%, at 2,204 euros. The placement price was set at 1,40 euros, the maximum of the range, after the collection of orders exceeded the offer by five times. The system is based on a personal (virtual) assistant that helps you, for free, to find the right offer on the phone, the Internet, car rental and so on.
