“We support President Biden's intention to launch massive investments in infrastructure. And we are aware that the goal requires an effort on everyone's part: therefore we are in favor of an increase in the corporate tax”. Signed Jeff Bezos, the richest man on the planet, hit by criticism because, in reality, so far his Amazon has paid very few taxes. Just tactics or a sincere conversion? It is certainly a point in favor of the president and of his expansive policy, which Wall Street welcomes despite the united opposition of the Republicans. The challenge to tax havens launched by Janet Yellen also reaps approval, this time in France and Germany but also in Italy.
DOWN CHINA AND JAPAN. SAMSUNG PROFIT +44%
The last forecasts of the International Monetary Fund confirm that the exit from the Covid -19 crisis will be faster and more solid than that of 2008/09. Stock exchanges, almost all at peaks, appreciate but without excessive enthusiasm.
The MSCI Asia Pacific index is down 0,3%. Stock markets in China and Hong Kong are down, while Tokyo's Nikkei and Seoul's Kospi are up. In the list of South Korea, today called to a delicate electoral round, Samsung Electronics is slightly down after the presentation of the preliminary results for the quarter: operating profit rose by 44% thanks to the purchase of consumer electronic material. The first three months of 2021 were weighed down by the chip division, affected by the production shutdown of one of its large plants in Texas caused by frost storms.
India rises (+0,3%) in the aftermath of the record of infections: 115.270.
WALL STREET FUTURES ON EQUALITY
After Monday's record, profit taking prevailed on Wall Street. The spread of new variants together with the easing of containment measures prevents us from seeing progress in slowing the virus.
Wall Street futures are at parity this morning, after an adjustment session: Dow Jones -0,29%, S&P 500 -0,17. NASDAQ -0,05%.
Some significant changes among consumer and travel companies: Norwegian Cruise +4%, Mc Donald's +1,3%, Starbucks +1,9%, Nike +1,5%. In flight Snap (+5,12%), rewarded by analysts after the accounts.
The market is already focused on the quarterly campaign. According to estimates, the accounts should report an increase in profits of around 24%.
The 1,66-year Treasury Note is barely moved at XNUMX% yield, an area of little concern.
WTI oil up 0,3%, to 59,3 dollars a barrel, after yesterday's extension that brought the price back above 60 dollars a barrel.
ASTRAZENECA SYNDROME, BUT MORALE IS IMPROVING
Between today and tomorrow, the European Medicines Agency will publish its updated recommendations on the use of the AstraZeneca vaccine, yet another obstacle to the vaccination campaign. Despite the difficulties, however, investor morale is looking good.
The appetite for risk, especially in Europe, is on the rise: this is indicated by the trend of the Investor Confidence Index® (ICI) of State Street Global Markets. The index, which measures the confidence of institutional investors globally, rose to 93,9, an increase of 2 points compared to the February surveys.
ITALY'S GROWTH ACCELERATES: +4,2%
Advanced economies will emerge from the Covid-19 crisis much better and sooner than they did in 2008/09. After two years of strong growth (+6% in 2022, +4,4% the following year) already in 2024 the damage of the contagion will be almost forgotten (-1%). The forecasts of the Monetary Fund Outlook reserve a positive surprise for Italy, accredited with a growth of 4,2% this year, ie +1,2% more than last January's forecasts. The Sentix index on investor confidence also contributes to optimism: the figure jumped to 13,1 against 5 points at the beginning of March. But the advance of the lists (Eurostoxx 600 index at an all-time high at the end of the morning) stopped after the "cold" start on Wall Street. In an interview with Reuters, Pierre Wunsch, a member of the board of the ECB and governor of the Belgian central bank, said that it may be necessary to extend the PEPP purchases beyond the deadline, scheduled for March 2022, in the presence of a clear deterioration in the economy.
AT PIAZZA AFFARI (+0,21%) IT TOUCHES THE BLACK JERSEY
Piazza Affari (+0,21%) closed in positive territory at 24.761, but this did not prevent the Italian price list from winning the black jersey at the end of the meeting.
AIR FRANCE, PARIS FIRST SHAREHOLDER
The other European squares are better. Frankfurt is still flying (+0,7%), Paris is doing well (+0,47%): after months of negotiations, the rescue of Air France was closed over the Easter weekend. The state will be the first shareholder.
Historic record in Amsterdam (+0,69%). Madrid +0,66%.
CREDIT SUISSE: 4,4 BILLION LOSSES FOR ARCHEGOS
Also Zurich (+0,62%), despite the new losses of Crédit Suisse (-0,37%), which recognized losses of 4,4 billion francs due to the collapse of the Archegos family office on Wall Street. Two top managers torpedoed.
BP (+3,8%) CUT DEBT, STERLING TO HIGHEST IN A YEAR
BP flies to London (+3,83%) after the oil major said it expects to reach the net debt target of 35 billion dollars in the first quarter of 2021.
The Euro/Sterling cross hits 0,847 new twelve-month highs. The pound's first quarter, which ended with a gain of 4,80% against the euro, was the best in six years.
THE TREASURY LAUNCHES A 50-YEAR BTP AND REOPENS THE 7-YEAR
The Italian Treasury finally plays the card of a 50-year bond together with a 7-year BTP. The announcement of the offer weighed on the Italian paper's session.
The ten-year reference rate went to its highest level since the beginning of March, above 0,70%, and the Italy-Germany spread reached the maximum threshold of 102 basis points, the highest level since 9 March.
The Ministry of Economy and Finance has entrusted a pool of 5 banks with the mandate for a dual tranche issue by syndicate of a new benchmark 50-year BTP and a reopening of the 7-year BTP expiring on 15 March 2028 and coupon 0,25 .XNUMX%.
At the end of the morning, according to financial sources cited by Radiocor, for the BTP at 7 years demand stands at 56 billion euro while the spread was cut to 9 basis points (from 12 points at the start of the offer) on the yield of the BTP maturing in September 2027. For the 50-year BTP, demand instead stood at over 57 billion euro while the spread was reduced to 47 basis points on the yield of the BTP maturing January 2051 (from the initial 50 points). Following the operation is a pool of banks made up of Barclays, Bank of America, Jp Morgan, Sociéte Générale and UniCredit.
LEONARDO OVERWEIGHT FOR MORGAN STANLEY
Industrial stocks shine above all in the recovery after the Easter break. The pink jersey of the day was won by Inwit, up by 2,93%. Money also on Leonardo (+1,65%): Morgan Stanley has revised upwards the judgment to "overweight" with a target price of 8,30 euros.
CNH LEADS INDUSTRIALS. FOR EQUITA IS BUY
In evidence Cnh Industrial (+2,05%), best stock in the main list. According to Equita, which confirms the buy rating and the target price of 15 euros, the share is worth buying, given the ongoing negotiations with the Chinese Faw for the sale of Iveco and a stake in Fpt (the division that produces engines both for the group and on behalf of third parties) which will remain independent. However, the broker points out that "the influence that the policy could have remains unknown in light of the statements hostile to the operation by some members both inside and outside the government".
Stellantis was well received with an increase of 1,2%, supported by the good trend of registrations in the first quarter of the year in France, Italy, the USA and Canada. The house presented the New Compass, the first Jeep SUV launched in Europe by the group.
EXOR DREAMS OF JOINING ARMANI, MONCLER RUNS
Exor +0,7%. The letter to shareholders was published on Thursday. The financial company says it wants to go ahead with the acquisitions. There is two billion euros of firepower to deploy. MF writes that an entry into Armani is in the sights, without interfering in the choices of the founder.
Purchases on Moncler (+2,29%) on the day Dolce & Gabbana deny negotiations with Kering. Campari also rises (+1,82%).
DIASORIN ALLIES WITH LUMOS: AN ANTI-COVID PLATFORM
Well done Diasorin (+1,5%), which announced the start of a strategic collaboration with Lumos Diagnostics, which foresees the launch of the new portable POC immunodiagnostic platform able to connect to the cloud, together with a test for the identification of specific IgG antibodies against SARS-CoV-2 in capillary blood samples and, subsequently, by nasal swab.
ENEL ENTERS THE CLUB OF CLEAN ENERGY
Enel (+1,4%) will enter the S&P Global Clean Energy index together with Erg and Falck Renewables. Terna remains outside (-3,15%). Snam was also in the red (-0,9%).
FLORENTINO PEREZ (REAL MADRID) " TEMPTED " BY ATLANTIA
Atlantia -1,2%. The president of the Spanish infrastructure group Acs, Florentino Pérez, has opened up the possibility of coming forward for the stake in Aspi put up for sale. Speaking with analysts, the Spanish shareholder of Abertis, of which Atlantia has 50% plus one share, declared: “We will sit down with our Italian partners in Abertis, studying the possibility of forming a large European motorway group. We are analyzing Aspi and any movement would be in agreement with the Italian government ”.
Pérez, president of Real Madrid, is about to collect a strong liquidity - 4,9 billion euros - thanks to the sale of the Cobra industrial division to the French Vinci. Yesterday he specified that that money will not be used for extra dividends, but for growth.
IN NIGERIA ENI DISCOVERS NEW WELLS, MAIRE DOES BUSINESS
Eni -0,9%. The six-legged dog announced a new important discovery in Block 15/06 offshore Angola on the exploration prospect called Cuica. The estimated size is 200-250 million barrels of oil equivalent.
Maire Tecnimont (+4,48%) has been awarded a contract to carry out the rehabilitation works of the Port Harcourt Refinery Complex in Nigeria.
CARIVERONA DEFENDS ORCEL'S SALARY
Unicredit -0,07%. The salary package agreed by Andrea Orcel, CEO designated of UniCredit, and the bank does not appear outside the standards of the Italian financial sector and given the "courageous" choices that the banker will be called upon to make, it was not correct to impose constraints. This was stated by a source from the Cariverona Foundation, a shareholder with 1,8%.
Banca Generali did well +1,46%, Fineco -0,79% and Mediobanca -0,76%.
MPS APPROVES FINANCIAL STATEMENT WITH A LOSS OF 1,64 BILLION
Mps moved little (+0,13%) on the day of the assembly for the 2020 budget, which closed with a loss of 1,69 billion at the consolidated level. With a percentage of 97,5%, the shareholders of the bank 64% controlled by the Treasury once again rejected Bluebell's proposals for liability action against the former managers Fabrizio Viola and Alessandro Profumo and against the current Board of Directors.
ILIAD IN UNIEURO. REEVO, RECORD DEBUT AT AIM
Technogym +4,5%: gyms will also reopen in the UK from 12 April.
Iliad announced the purchase of 12% of Unieuro. Xavier Niel's telephone company becomes the principal shareholder of the leading consumer electronics distribution company.
Record debut at Aim by Reevo, a group specializing in Cloud solutions and services, which debuted at +48,45%.
(Article updated at 13pm on Wednesday 39 April 7)
