The markets are approaching the key appointments of the week with a touch of apprehension. On the tariff front, there is no solution, at least for now, to prevent the increase in US tariffs scheduled for Monday. Agriculture Secretary Sally Perdue says Trump believes China should move first. Beijing reacts by announcing that it will use more Chinese software from now on. In November, Chinese exports fell for the fourth month in a row. Thus, Asian stock exchanges like those in the USA are also marking time. Europe is no exception, focused on Brexit and waiting for the directorate of the ECB.
INFLATION RECOVERING IN CHINA THANKS TO PIGS
Tokyo's Nikkei is on par, Seoul's Kospi gains 0,3%, Hong Kong's Hang Seng loses 0,1%. The lists of Shanghai and Shenzen are also down (-0,3%).
In China, inflation has reached a seven-year high, making the People's Bank of China less room for maneuver. Consumer prices rose by 4,5% in November from +3,8% in October due to the effects of the African swine fever on the price of pork.
Currency markets are moving little ahead of Jerome Powell's press conference tomorrow night, following the last meeting of the year of the Federal Reserve Select Committee. The boom in new US jobs in November makes it more likely that the current picture will continue.
APPLE BRAKES, ONLY BIOTECH SHINES
Wall Street waiting session: Dow Jones -0,38%, S&P 500 -0,32%, Nasdaq -0,4%. Suffers Apple (-1,4%), the stock symbol of the difficulties in terms of international trade.
The biotech shines: the French Sanofi has acquired the Californian Synthorx to strengthen its immuno-oncology portfolio. The target stock jumped 170% to $67,40.
The euro moved little, just a few hours after the publication of the Zew index. The pound remains close to its highest since April pending the vote. This morning it trades 1,3151 against the dollar.
The adjustment of the oil price continues compared to the highs of the last three months reached last week following the decision by OPEC to increase the cuts by 500 barrels a day. Brent is trading at 64,20 dollars a barrel.
ARAMCO PREPARES FOR A RECORD DEBUT
Saudi Aramco's IPO proceeds surged to $29,4 billion after the Saudi oil company exercised its greenshoe option to sell 15% more shares.
The stock will debut tomorrow on the Riyadh Stock Exchange. There are good reasons to believe it will be a success. First, because the request for shares was four times higher than the offer. Secondly because 4,9 million Saudis, 15% of the kingdom's population, have applied for them. Finally, there is an incentive not to sell. Retail investors who hold the stock for 180 days receive a bonus: one share for every ten held.
GROS PIETRO: BTPs ARE UNDERVALUED
Weak price lists yesterday also in Europe in anticipation of Brexit. Meanwhile Fitch Rating has expressed the perplexities of the operators on the political prospects of the Bel Paese: the risks that the Pd / 5 Star majority will not reach the end of their mandate are very high, notes the agency. The president of Intesa Gian Maria Gros-Pietro replies remotely "Italian government bonds have always been and still remain a good investment, also in consideration of the fact that they remain undervalued compared to those of other less solid European countries from the point of view of public finances ”.
In this context, Piazza Affari was the worst Stock Exchange (-0,95%), slipping below 23 points, at 22.956.
Frankfurt loses 0,44%. Germany's trade balance for October confirmed that global demand is recovering, with exports up +1,1% month on month, from +1,5% in September, and against expectations for a decline of 0,3%. Imports stable, in line with expectations. Deutsche Bank (+2%) was the best blue chip in the Frankfurt Dax index.
LONDON, TODAY THE LAST POLL BEFORE THE VOTE
Flat London three days before the vote. Over the weekend, polls confirmed a strong lead for the Conservatives. But tonight at 23 pm in Italy Yougov will release the latest survey reworked with the MRP model, which last time, in contrast to the polls, predicted May's flop. Pending further news, the pound's rally has stalled for now.
Worth mentioning is the collapse of Tullow Oil (-72%) which announced that it will not distribute dividends due to the problems in Ghana.
Paris -0,59%; Madrid -0,28%.
BTP AT 1,28%, THE BUND RETURNS TO -0,31%
Stocks are slowing down, the bond market picks up again: BTPs appreciate by 1,28% (-6 basis points), as well as the Bund (-2 basis points to -0,31%).
On the Refinitiv platform, the yield on the Italian XNUMX-year bond archives its largest daily drop in over three weeks, while that of the equivalent Greek bond is heading towards the largest decline in about three months.
ONLY STM IN POSITIVE MEDIUM
At Piazza Affari there were few stocks that closed in positive territory.
The best was Stm (+0,4%), which reached its highest level since 2004 after Credit Suisse raised its target to 27,50 euros.
Unicredit holds (-0,1%): Goldman Sachs strengthens its buy by bringing the target to 17,50 euros. UBS also raised its rating to buy.
Fiat-Chrysler -0,9%. Psa Peugeot's shareholder, Dongfeng, is willing to reduce the stake, in order to drop below a quota that makes the go-ahead of the US authorities to the merger very likely.
Investors have cashed in on stocks that have earned a lot so far. Annual queen of the blue chips is Azimut, which lost 3,61% in today's session. Fashion, the protagonist of a rally last week, lost 3,78% with Ferragamo and 0,97% with Moncler. Recordati -3,01%; Prysmian -2,43%; Leonardo -2,21%; Finecobank -2,03%; Ferraris -1,92%.
Atlantia -0,3%. In the latest version, the Robin Tax was increased to 3,5% of the tax base, compared to 3% in the previous version. The provision concerns the operators of motorway concessions: in addition to Autostrade per l'Italia there are also the subsidiaries of Sias (+1,8%).
TIM AGREE WITH DAZN. SHOPPING FOR SAFILO IN CALIFORNIA
Tim -1%. The Robin Tax shouldn't affect telecommunications companies. Furthermore, Telecom Italia has reached an agreement with Dazn for access to the contents of the sports streaming platform. Through TimVision, Tim's customers will be able to purchase both the contents of Dazn and that of Now TV, i.e. Sky, in a single package.
Out of the main basket, the shares of the two Roman football clubs are flying: Lazio +6%, Rome +6%.
Safilo (+0,2%) bought 70% of the Californian Blenders Eyewear: 100% of the company was valued at 90 million dollars. Tomorrow is the presentation of the business plan.
