The financial week opens under the banner of new tensions on tariffs and the bankruptcy of Thomas Cook, former world leader in tourism, victim of the convulsions in the United Kingdom in view of Brexit. Against this backdrop, the parade of Big names kicks off at the United Nations assembly, divided over the environment and under the pressure of tensions in the Gulf, the sword of Damocles over oil.
The Asian lists reflect the general climate of prudence. The Hong Hong Stock Exchange index fell 0,8% as the city tries to undo the damage from the weekend's demonstrations.
The CSI 300 of the Shanghai and Shenzhen lists loses 1,5%. The yuan weakens to 7,11 against the dollar. Beijing is preparing for the long holidays in early October for the 70th anniversary of the birth of the People's Republic.
South Korea's stock market is down slightly, while the won depreciates to 1.193 against the dollar. The data on exports published tonight is a half-disaster, from September 22st to September 30th, Korean exports fell by XNUMX%, those with China, the main trading partner, by XNUMX%.
The Japan Stock Exchange is closed. The Indian stock market rally continues: BSE +2% after the drastic tax cut announced by Prime Minister Modi.
Earn new positions on the price of oil. Brent is up to $65 a barrel (+1%) after gaining 7% last week. There will be no meeting between Rouhani and Trump on the sidelines of the UN. Indeed, the foreign minister of Iran, interviewed by American television this weekend, said that the situation could even worsen, until we get to a war. But Tehran will present a plan to ease the tension to the UN.
The currency markets were stable this morning, with a modest gain for the euro and sterling against the dollar. Futures point to a modest recovery in US indices after the weekend's correction.
DAZI, WE TALK ABOUT IT AFTER THE CHINESE HOLIDAYS
In fact, last Friday on Wall Street the S&P 500 index failed to attack the historic record when it became known that the Chinese delegation to the US to negotiate on agriculture had brought forward the return to the homeland by abandoning the previously scheduled visit to Montana and Nebraska. Attention now shifts to October 10 when Liu He, Xi Jingping's right-hand man in matters of tariffs, will arrive in the US after the celebrations for the anniversary of the People's Republic.
Donald Trump meanwhile reiterated that he is not interested in concluding partial agreements with Beijing, adding, however, that "a major agreement" is unlikely before the elections in 2020.
THE FED IN ACTION, SINGER SENSES THE AIR OF CRISIS
Meanwhile, central banks remain at the center of attention of operators who smell the air of easing of credit conditions to deal with a complicated situation. Suffice it to say that Paul Singer, the soul of the Elliott speculative fund, has announced his intention to raise 5 billion in order to be able to take advantage of the difficulties of the coming months, which he believes are stormy for him.
The Federal Reserve will also inject liquidity into the financial market today. After last week's operations, the New York bank has brought forward the launch from this morning until October 10 of various repos (the equivalent of repurchase agreements) to deal with the sudden lack of liquidity in coincidence with the most demanding fiscal deadlines. So far the Fed's action has not aroused particular anxiety the markets are awaiting with particular attention the intervention of John Williams, the president of the New York Fed, without neglecting the words of James Bullard, the governor of Saint Louis who voted against the board's decision, he would have preferred a cut of 50 basis points.
Others to follow are the final figure for the US gross domestic product and the update on consumption trends.
DRAGHI EXPLAINS THE NEW QE TO THE EUROPEAN PARLIAMENT
No less eagerly awaited today in the Eurozone is the hearing of Mario Draghi at the Economic Affairs Commission of the European Parliament. The banker who will leave office at the end of October will illustrate the characteristics of the new monetary easing that he will bequeath to Christine Lagarde. The Economic Bulletin of the ECB will be released on Thursday.
The PMI data on Europe's main economies will provide an updated picture of the economic situation in the Eurozone today.
BANKRUPTCY AT THE TIME OF BREXIT: 600 THOUSAND TOURISTS TODAY ON FOOT
But the attention of European bankers will also be directed to Brexit. Today the High Court in London could rule on the legitimacy of the blockade of Parliament wanted by Boris Johnson but contested by the Scottish Parliament.
In the meantime, today 600 tourists travelling, including 150 from England, will have to deal with the bankruptcy of Thomas Cook, the British tour operator with 178 years of history behind it, which asked for judicial liquidation yesterday evening, announcing that "all future flights and future holidays”. Thomas Cook failed to reach an agreement with creditors and this triggered the bankruptcy filing puts 22.000 jobs globally at risk, including 9.000 in Britain. From work on Brexir to date the stock has lost 96% of its value.
ALL THE BIG AT THE UN ASSEMBLY. ENVIRONMENTAL COMPARISON
On the international political front, attention today will be divided between the youth summit on the climate, the final act of a triumphal week for Greta Turnberg, and the United Nations general assembly. Both events will be held at the Palazzo di Vetro but the distance between environmentalists and "polluters" has never been more evident. Donald Trump will snub the appointment on the climate exchange. The French president Emmanuel Macron will support the environmental theses.
To follow today the reaction of the Frankfurt Stock Exchange to the package of measures in favor of the environment approved on Friday by the German Parliament. Germany has committed itself to a maxi plan to protect the environment, which provides for 54 billion euros by 2023 and 100 by 2030 to make industry and the economy more sustainable. But according to environmentalists, the package is inadequate.
AT PIAZZA AFFARI ADVANCE DIVIDEND FOR ENI AND PIAGGIO
Eni's interim dividend (0,43 euro) arrives today at Piazza Affari, which consolidated its relationship with Abu Dhabi over the weekend, destined to become the number one supplier of the six-legged dog.
Piaggio also detached the advance coupon (0,055%) galvanized by the cut in taxes on two and three wheelers decided by India.
Dividend also for the shareholders of Sesa (0.63 euro).
TO FOLLOW: MEDIASET, JUVENTUS AND FERRARI
As for Mediaset, Vivendi has not exercised the right of withdrawal from the Berlusconi company which expired at midnight on Saturday. The Bolloré group is preparing to do battle both in Italy and in Spain and in Holland, the seat of the new Alfa holding company.
On the market, the performance of the Juventus stock should also be followed: the club's accounts report a surge in debt alongside the growth in turnover, which rose to 463,8 million against 309 in the previous year. The company is preparing to put in the pipeline a paid increase of 300 million necessary to "finance the maintenance of sporting competitiveness".
It is Ferrari that reserves the greatest satisfaction for Exor, thanks to the one-two finish at the Singapore GP.
The risk of acting as a white knight for Carige vanishes. The shareholders' meeting of the Ligurian bank approved the 700 million euro capital increase necessary to save the institution. The agreement, approved with the favorable vote of 91% of those present, was also possible thanks to the step back by the main shareholder, Vittorio Malacalza.
MILAN UP FOR FIVE WEEKS, TREASURY AUCTIONS UNDERWAY
Piazza Affari closed on Friday the fifth positive week in a row, an event that hadn't occurred since last April. The gain since the beginning of the year expands to +21%.
On the political front, today, with the green car measures set aside due to coverage problems, the preparation of the update note to the Economy and Finance document is getting underway, which must be presented by Friday. The Nadef will indicate the new growth and public finance objectives which will form the basis of the new Stability law.
Today Istat releases national economic data.
To make ends meet, a maneuver worth at least 16 billion is undoubtedly needed (net of any taxes on drinks and snacks).
In the evening, the Treasury will announce the amount of the Bot auction on the 26th. On Wednesday 25th, the placement of 500 million Btpei and 1,5 billion Ctz is expected.
trivial Italian information.. bietolone but think of his Italy at the gas barrel