For stock markets, Christmas has come early this year. The gifts were brought by Steve Mnuchin, US Treasury Minister, who announced yesterday that the tariff agreement will be signed in January. The markets thank you and run towards new records. The euphoria is at its peak, the impeachment does not scare the operators: to condemn Trump a qualified majority of 2/3 of the 98 Senators is needed, the achievement of which is very unlikely given that the Republicans have the majority with 53 seats against 45 ( and no one voted for impeachment).
ALL ON ASIAN PRICE LISTS
Euphoria has infected Asia this morning. The Stock Exchanges of China, South Korea and India are up this morning, in the wake of Wall Street, which reached new all-time highs tonight.
Hong's Hang Seng gains 0,4%, Shanghai and Shenzen's CSI 300 0,3% and Mumbai's BSE Sensex 0,2%. On parity, the Japanese Stock Exchange, after reaching a 14-month high during the session; the stock markets of Australia and Malaysia are down slightly.
S&P 500 +0,45%. FLY CISCO
The S&P 500 closed up 0,45% on Wall Street last night at a new record high at 3.205,37. Dow Jones +0,49%. Nasdaq +0,67%, also at Guinness World Record levels, at 8.887,22.
The best blue chip was Cisco (+2,7%): followed by 3M (+1,9%) and Intel (+1,4%).
The currency market in Asia was little moved, while in Europe the pound is aimed at recording the worst week in the last two years. The euro pound trades at 0,853, down 0,2%. At these price levels, the week would end with a 2,3% gain for the euro against the pound. Since the beginning of the year, on the other hand, the euro pound has dropped by almost 5%.
Brent-type oil rose for the seventh consecutive day, this morning at 66,7 dollars a barrel.
THE JAPANESE TEN-YEAR RETURNS TO ZERO
The descent of the bonds continued tonight as well. Japan's 0,5-year bond has reached around zero yield, the highest since the end of March. Consumer prices, adjusted for volatile components, increased by 0,4% year on year in November, from +XNUMX% in October.
Same behavior for the German Bund: The German ten-year yield reached -0,24% yesterday, on the highs of the last five months. In the Eurozone, the five-year inflation indicator has reached its maximum for the period.
THE BTP RISES TO 1,40% AHEAD OF THE AUCTIONS
The rate of the ten-year BTP of reference in Italy rose up to 1,40% to the highest level since August in anticipation of the auctions at the end of the month. The spread went up to 153 points.
On Monday 23rd the Treasury will be grappling with the auction of the six-monthly Bot and the Ctz while on Monday 30th it will be the turn of the medium-long term placement, all with settlement in 2020.
The race of Greek bonds slows down, having risen above the level of the Italian paper on Wednesday. Operators are betting on the promotion of investment grade securities by rating agencies.
SWEDEN CANCEL NEGATIVE RATES
The Swedish central bank raised its key repo rate to zero from -0,25%. An expected but important decision, because the cost of money in Sweden is no longer negative after five years. In the same hours, the Central Bank of Norway confirmed rates at 1,5%.
The Bank of England confirmed the cost of borrowing at 0,75%. The institute has also trimmed the estimates on the growth of the British economy in the last three months.
BUSINESS PLACE +0,34%. FRANKFURT IN RED
The ferment on the interest rate front, which anticipates a possible change of course for the cost of money (central banks are increasingly skeptical of the effectiveness of sub-zero yields), has not impressed the Eurozone stock markets too much, partly recovery in the final thanks to the news on tariffs arriving from the USA.
Piazza Affari rose by 0,34%, to 23.708 points.
Frankfurt (-0,07%) is the worst performer for the second day in a row, followed by completely flat Madrid; better Paris (+0,21%).
Top of the class is London again (+0,51%). Boris Johnson has forbidden his government ministers from participating in the Davos Forum, the symbolic showcase of globalisation.
Yesterday in the British Parliament there was the presentation of the government programme: today the vote is starting on the provisions which, according to Johnson's intentions, should quickly lead to a divorce from the European Union.
THE ENTRY OF INTESA GIVES NEXI A CHARM
Queen of Piazza Affari was Nexi (+4,22%), after Intesa (+0,59%) signed a strategic agreement for the company's payment systems. The bank enters the capital of the payment company with 9,9%.
UBI (+2,52%) and Unicredit (+1,5%) also performed well among the banks. Since the beginning of 2019, the stock has gained 35% and is preparing to close the best year since 2013.
Bank Bpm +1.04%. The time for entry into the Mid Cap price list is approaching for Unipol Sai (+1,58%).
S&P PROMOTES THE OUTLOOK OF EXOR
FCA unchanged: for Fitch the merger with PSA could lead to an improvement in the group rating. Slightly down Exor (-0,1%): yesterday evening S&P raised the outlook on the rating of the Agnelli family holding company to 'positive' from 'stable', confirming the BBB+ rating.
Juventus -0,2%: 97,5% of the capital increase was subscribed. Pirelli (-1,61%) and Buzzi (-2,13%) lost ground.
INWIT TO VODAFONE TOWERS
Inwit, the tower company 60% controlled by Telecom Italia, has signed a loan agreement of up to 3 billion euros with a pool of banks, intended toacquisition by Inwit of the minority stake in Vodafone Towers and the distribution of the extraordinary dividend, envisaged as part of the deal, explains the note. It will also serve to refinance part of the existing debt and to finance cash needs.
DEUTSCHE BANK'S REPORT CARDS ON UTILITIES
The revision of Deutsche Bank's report cards marked the utility sector: Terna +0,6% (rating raised to Buy), Enel unchanged (target cut to 7,30 euros), Snam +0,6% (target to 5,10, 0,4 euro), Italgas +5,40% (Deutsche Bank cuts the target price to XNUMX euro).
The debut of Doxee (+24,93%) should be noted in Aim: the company operates in the offer of products in the Customer Communications Management and Digital Customer Experience fields.
