The speaker of the US Chamber, Nancy Pelosi, is going to visit the president of Taiwan Tsing. The skyscrapers of Taipei are festively lit up in honor of the guest, while the echo of Beijing's bombers can be heard flying a few kilometers away, bearing witness to Xi's anger at the "provocation" of the democratic leader, also criticized in Washington . For now, however, there has been nothing more. The markets breathe a sigh of relief, but are under no illusions: sooner or later Beijing will make itself felt. And on the chips of Taiwan, the hottest front in the challenge between the two superpowers, new torpedoes are announced: Beijing has blocked exports to the island of sand, necessary for the production of silicon.
Toyota slows down due to chip crisis
Asia Pacific stocks are stabilizing for now, in some cases rebounding. Nikkei of Tokyo +0,4%. Hang Seng of Hong Kong +0,5%. CSI300 of the Shanghai and Shenzhen price lists unchanged. Taiex of Taipei -0,2%. Kospi of Seoul +0,7%. BSE sensex of Mumbai -0,2%.
Reuters reports that Toyota is preparing to announce tomorrow profits (6,4 billion dollars in the quarter) and sales down 10% due to the shortage of chips and new disruptions in the group's production chain.
Yields on T bonds are rising again
The EuroStoxx 50 index future is down 0,3%. Milano it lost 0,35%, but remains firmly above 22 points (22.351).
THEeuro rebounds after yesterday's nearly 1% drop. The cross traded this morning at 1,018.
The rate of German ten year anniversary rose yesterday to +0,73%, while that of Btp 10 years to +2,92%, by one spread recovering to 220 basis points.
Today, however, the trend could change. The Ten-Year Treasury Notes trades at a yield of 2,70%, about 15 basis points more than yesterday, also due to the flurry of statements and positions taken in the last few hours. Mary Daly of the San Francisco Fed, noted dovish, said the time has not yet come to ease pressure on rates. Similar tones and contents were used by the president of the Chicago Fed, Charles Evans, who suggests an increase of half a point for September, and by the head of the Cleveland Fed, Loretta Mester.
Leap to Uber, Elliott to Pinterest
Yesterday on Wall Street the index S & P500 closed down 0,7%, Nasdaq -0,15%. The Dow Jones loses 1,24%. Futures are flat.
Worth noting is the leap of Uber (+19%). The stocks most linked to trade with China are uncertain. Elliott fund became the first shareholder of Pinterest (+ 11%).
Oil in decline, today the OPEC + summit
Little did she move raw material, after two straight days of decline. Bloomberg Commodity Index unchanged at 117,8.
Petroleum WTI at $93,8 a barrel, down 0,5%. Brent for a hundred dollars.
Today the ministers ofOpec + will meet to evaluate a possible increase in crude oil production in September. According to experts, the alliance could decide to keep the offer stable, leaving US President Joe Biden's request to agree on an increase unanswered.
Luxury and Fineco in the limelight of Piazza Affari
Spotlights turned on this morning in Piazza Affari on the luxury sector. XNUMX Diego Della Valle will launch an offering on unowned shares of Tod’s. The price is 40 euros per share. Yesterday the stock closed at 33,4 euros.
All eyes will be on industry stocks such as Moncler, Ferragamo e Brunello Cucinelli.
They change after the accounts i rating of FinecoBank. Barclays raises its target from 14 to 14,50 euros, Overweight judgment unchanged. KBW raises the target from 15 to 16,50 euro, Outperform rating unchanged. Deutsche Bank cuts the target price from 16,90 to 15,9 euros, the judgment remains Buy.
Campari: Bernstein raises the target price to 12,6 euros.
Ps: the EU Commission has approved the Treasury's revised commitments to the Bank in terms of new restructuring targets and the consequent request for an extension of the deadline to bring the bank back into private hands.
