At the Wall Street box office fever explodes for Amc, the cinema chain already on the verge of bankruptcy but which, under the pressure of 3 million and 200 thousand (sic!) individual investors, has risen by around 2.000% since January. A phenomenon similar to the one already experienced with GameStopbut with one more feature. The CEO Adam Aron, far from using his sudden fortune to repay part of the debts, has appointed himself "king of the monkeys" (as petty speculators are contemptuously defined) and has launched a campaign to purchase new cinemas. Yesterday, the day in which the stock rose by 95%, Aron founded the shareholders' association: those who register receive popcorn at the cinema at will. Wall Street sheriffs, already under stress from Elon Musk's outings, are struggling to sustain the shock wave of "anarcho-actionism".
Also yesterday Dogecoin flew into orbit, the cryptocurrency favored by the founder of Tesla, which from now on will be traded on Coinbase, the platform listed on the Nasdaq. And in a few days Robinhood, the zero-commission site preferred by "meme traders" (the "do-it-yourself", in stock market jargon) will be listed on Wall Street.
LITTLE INDEXES WAITING FOR US WORK
In this Helzapopping atmosphere, serious financial news pales: the price lists, supported by the recovery of the real economy (confirmed by the Beige Book), are becoming more and more aware of the race in prices every day, starting with raw materials. The president of the Philadelphia Fed, Patrick Harker, has mentioned the possibility of interventions by the central bank already within the year. In this regard, the data on the labor market outgoing between today (employment in private industry) and above all tomorrow is very important.
In Asia Pacific, Tokyo's Nikkei is up 0,5%, Shanghai and Shenzen CSI 300 up 0,2%, Seoul's Kospi up 0,9% and Mumbai's BSE Sensex up 0,7% this morning. XNUMX%.
CHINA ALSO EXPORTS INFLATION
The Stock Exchanges linger on the highs, but are now wondering about a new factor. China, which from the 30s onwards has been a formidable ally of deflation, reducing production costs, is today one of the main agents of inflation. Beijing's purchases of raw materials push prices up. The growth in domestic consumption, favored by greater well-being, also has an impact. For example, the price of milk soars because China, despite being the world's third largest producer, has to import XNUMX% of its needs.
YELLEN TO THE ATTACK ON THE IRS
Wall Street futures are flat, following a session of modest changes in the main indices: Dow Jones +0,07%, S&P and Nasdaq +0,14%.
Janet Yellen, head of the Treasury, will launch an offensive at the weekend G7 to extract support for the new tax rules for multinationals, to be subjected everywhere to a minimum tax of 15%.
ROCKET RAW MATERIALS: CORN +41% SINCE JANUARY
The commodities race continues. The Bloomberg Commodity index has returned to rise like a rocket, even stronger than China's attempts to reduce its upward thrust: this morning the new high of the last six years was reached at 94,9. The benchmark corn future gains 1%, a step that takes the year-to-date increase to 41%.
The 1,59-year Treasury Note was flat at XNUMX%.
The euro-dollar moves imperceptibly, again this morning around 1,220.
WTI oil is on the third consecutive day of gains, at 69,3 dollars a barrel, a price not seen for two and a half years. Brent is trading at $71,59 a barrel.
MARKET PLACE ADVANCES IN SMALL STEPS (+0,23%)
Closed banks, investors at the beach or at the bar. But the Republic Day does not stop Piazza Affari (+0,23%), which consolidates the highest since 2008 at an altitude of 25.379 points. And, while waiting for the aid from the Recovery Fund to actually kick off, he is fearlessly preparing for next week's ECB meeting. Meanwhile, the EU has confirmed that the Stability Pact will remain suspended for the whole of 2022.
INFLATION, IN BERLIN FOR NOW IT'S NOT SCARY
The bogeyman of inflation does not even scare the other markets of the Eurozone, awaiting the next directorate of the ECB. Even Germany, like the central banks, considers the increase in prices "a transitory phenomenon". This is what Finance Minister Olav Scholz said: "We always monitor inflation carefully, but for the moment many elements seem to suggest that the evaluation of the Central Banks is correct".
The European lists closed so close to the historical highs: Frankfurt +0,2%, Paris +0,5%, Amsterdam +0,42%, London +0,41%. In contrast Madrid (-0,15%).
VOLVO FLIES, PROSIEBEN SAYS NO TO MEDIASET
Volvo's leap forward (+3,5%) after the board proposed to distribute the proceeds from the sale of UD Trucks to the shareholders.
Denmark's Bang & Olufsen rose 9,6% on full-year earnings forecasts.
German broadcaster Prosiebensat.1 drops 4,1% after CEO Rainer Beaujean said the group "doesn't need any outside help", in response to the appeal of Mediaset, which is also a major shareholder , for the consolidation of the European media sector.
Bonds were stable: the spread closed at 102 basis points (-0,39%), with the 0,82-year BTP rate at +XNUMX%.
INTERPUMP, PIAZZA AFFARI AWARDS THE FOURTH CAPITALISM
Interpump deserves the cover title on Piazza Affari: +6,31% after the chorus of consensus from analysts for the purchase of the White Drive Motors and Steering business unit from Danfoss, the most challenging operation in the history of one of the world leading manufacturers of professional high pressure piston pumps. The business unit acquired includes three plants, located in the USA, Germany and Poland. In addition, the acquisition of three production lines is planned, of which two in the USA and one in China. The products are complementary to the Italian multinational's portfolio. The expected turnover for this year should be just over 200 million euros.
H-FARM BANKS WALL STREET. DEPOP SALE FOR 1,26 BILLION
The return to the field of the Animal Spirits of Italian capitalism (which have never failed) is confirmed by news arriving from Aim: the Veneto incubator of digital start-ups H Farm has taken off (+12%) after Depop , one of the Apps "hatched" by the Roncadel laboratory in 2011, was purchased by Etsy, the American marketplace listed on the Nasdaq, for 1,625 billion dollars.
The operation on the App to sell fashion products, thanks to the earn-out clause envisaged in the initial agreements, will generate revenues of around 6 million euros for H-Farm, with a return of 15,5 times compared to the initial investment (792 thousand euros). Not only. It is the ideal business card of the potential of digital as it intends to develop with the funds of the Pnrr plan.
BUZZI RIDES THE US CYCLE, OIL UP
An upturn also in Buzzi Unicem (+1,78%; in one month +7%). UBS has raised its target price from 28 to 31 euros, confirming the buy recommendation. "We think equities offer attractive value at a multiple of 5x ev/ebitda (enterprise value/gross operating income), ahead of a potential US infrastructure 'super' cycle." Astaldi (+11,17%) and Webuild (+6,93%) are also on the rise.
Rising oil prices fueled oil rally; Tenaris is up 1,66%, ahead of Saipem (+0,98%) and Eni (+0,78%).
SALES BOOM FOR PIAGGIO, FINCANTIERI GOES SHOPPING
A large part of the industrial sector is on positive ground: Cnh +1,08%; Stellantis +1%; Pirelli +1%; Leonardo +1%. Tonica Piaggio (+1,28%) after sales data (+28% compared to May 2020).
Fincantieri (+5,11%) has finalized the acquisition of the main company branch headed by Inso – Social Infrastructure Systems, and of its subsidiary Sof, formerly part of the Condotte group.
ATLANTIA AND MANAGED ARE HOLDING DOWN. DIASORIN IN RED
Counter-cyclical stocks went against the trend: Diasorin -2,15%, Enel -1,03%. Atlantia retraces (-1,63%). Pause in the upward movement of bank stocks (the ones most affected by the closure of branches). Cattolica (+1,14%, to 7,08 euros per share) remains above the price of the Generali public offer (+0,12% to 6,75 euros). Asset management tends to be negative: Banca Generali drops 0,48%, Azimut 0,64%, Banca Mediolanum 0,25%.
