Fifty years ago, on the evening of August XNUMXth, the face of President Richard Nixon appeared on the TV screens of American families tuned to "Bonanza" (a successful TV show in Italy as well). Surprisingly, the president announced that from that moment the US would no longer guarantee the convertibility of the dollar with gold. A season of great monetary instability began which allowed gold to take off.
HALF A CENTURY AGO NIXON UNLEASHED THE GOLD RUSH
Today, half a century later, the yellow metal, the big loser of 2021, is losing positions (-4% in two days, with a sudden round on Monday at $1.670) in the face of less historic but certainly effective announcements: two Fed governors , Raphael Bostic of Atlanta and Tom Barkin (Richmond) have practically anticipated the start of the "tapering" (the reduction of purchases on the central bank market) as early as October or perhaps earlier, according to the program to be announced in Jackson Hole, Wyoming, in the traditional gathering of bankers that opens the financial autumn. Hence the constant rise of the dollar which is putting oil and other raw materials under pressure.
CHINA READY TO GO AGAIN, THE SAMSUNG HEIR IS FREE ON FRIDAY
Asian markets were positive this morning in calm weather. Tokyo's Nikkei, once the Olympic practice has been disposed of, is on parity. The Hong Kong Hang Seng gains 0,2% and the CSI 300 of the Shanghai and Shenzen lists loses 0,5%.
The bulletin of the central bank of Beijing came out overnight. Bloomberg News reports that the only new element concerns inflation, defined as controllable. Both Goldman Sachs and JP Morgan believe that the slowdown in the economic cycle caused by the latest wave of the pandemic will soon be followed by some support measures.
Mumbai's BSE Sensex (+0,5%) and Sydney's S&P ASX 200 rose. The Kospi of Seoul is down moderately. Lee Jae Yong, heir to the Samsung empire, will be released on Friday from the prison where he served part of his sentence for the bribes given to the former president. Tomorrow the group announces the cut in the prices of smartphones.
Wall Street futures are down slightly following a mixed session: the Dow Jones lost 0,3%, the Nasdaq gained 0,2%. S&P nearly flat -0.09%. The yield on Treasuries climbs to 1,31%. The euro/dollar cross is at 1,173.
CLIMATE ALARM: VEGETABLE MEAT FLIES TO WALL STREET
The climate emergency and the pandemic are at the heart of the concerns of the price lists. Bloomberg, raising the alarm of the panel of 243 scientists on climate alarm (now beyond the point of no return), launches the campaign to consume only meat of vegetable origin. Beyond Meat shares rise by 5,20%.
MODERN +17% HAS NEW ANTI-PANDEMIA CALLS
Great show of the Moderna quarterly +17%, an advanced point of reference in the war against Covid-19. The company argued that the world needs to prepare for a long life with the virus, including in terms of periodic vaccine recalls. WTI oil, which dropped yesterday to its lowest level since the end of May, is recovering slightly at around 67 dollars a barrel. Gold at 1.785 dollars an ounce, +0,3%.
PIAZZA AFFARI BREAKS 26 THOUSAND SHARE, AT THE HIGHEST FOR 13 YEARS
According to tradition, the week that opened yesterday should be the busiest week of the year, in terms of volumes. But also the week of surprises, made possible by the holiday atmosphere. Therefore, it is only partially surprising that the most brilliant performance among the markets comes from Milan, which took off almost as a result of a passing of the baton arriving from the blue relay. Piazza Affari +0,59% closes in first place among the European price lists, finally breaking the barrier of 26 points. Closing at an altitude of 26.153 marks the record since 2008.
THE CITY RUNS DELIVERY +10,5%
In second place, almost a vintage fate, is the London Stock Exchange +0,13%. Deliveroo leaps +10,1% after the purchase of a share by the German Delivery. Instead, oil and mining suffer, starting with Rio Tinto and Glencore. Day instead below parity for Frankfurt -0,19% and Paris -0.02%
BARCLAYS BACKS HEIDELBERG CEMENT
In Frankfurt Heidelberg Cement (which owns the former Italcementi), lost 2,83% after Barclays demoted the title to "underweight". Positive Zurich +1,01%, slows down the Spanish Stock Exchange +1,6%.
THE LIGA PLATFORM INSIDIA TELEPHONE
Loses Telefonica -0,40% undermined by the football platform announced by La Liga together with the US CVC fund. Telefonica currently owns the rights and pays La Liga one billion euros per season for broadcasting matches to consumers who pay extra for the sports package.
BTP, YIELD AT 0,55%, SPREAD AT 101
The BTPs closed the session in positive territory, together with the rest of the Eurozone, awaiting crucial numbers on American inflation. The ten-year rate settled in the 0,55% area, compared to 0,57% at the opening and in the previous session. The spread on the Bund on the ten-year stretch is 101 basis points from 102 at the start and close on Friday. In the meantime, the ECB continues to support the market: according to data released yesterday last week, purchases of securities in the Qe and Pepp fields increased, rising overall to 21,6 billion euros from around 9 billion.
UNIPOL FLYING AND MANAGEMENT. SUFFERS MPS
A day of profit-taking for bankers after the exploits of Banca Bpm -0,85% (but on Friday +10,7%) and Banco Bper -0,30% (+7,3% in the previous session. Also in the letter Mps -2%.Carige rebounds +4,5% In assets under management Fineco shines +1,3% to a new all-time high on the wave of funding results and Azimut +1,89%.
Unipol +3,67% took care of the price list: Equita raised the target price to 6,40 euro with a 'buy' opinion after the results of the half year, "with the stock continuing to trade with particularly discounted valuations on the Nav . Furthermore – the analysts added – the distribution of a dividend of 0,28 euro next October is a further element in support of the assessments”. The subsidiary UnipolSai also performed well +3,55%.
TERNA AT THE HIGHEST, NEXI STARTS AGAIN
Nexi recovers -1,97% after a few weak sessions. Pharmaceuticals did well with Recordati +2,12%. In luxury Moncler +1,95% and outside the main price list Ferragamo +6,6% is appreciated. Among the regulated utilities, Terna stands out, +0,73% after reaching new all-time highs of 6,87 euros.
PIRELLI DOWN, PROMOTED TO NEUTRAL BY JP MORGAN
The automotive stocks contrasted: Stellantis +0,5% but below the start-up highs. Instead, he took profits on Pirelli-1,35%, a very strong start after last Friday's rise of more than 7% when the company raised its full-year estimates following a second quarter with higher operating profit to expectations. Jp Morgan improved the rating to 'neutral' from 'underweight' and indicated a target price of 5,60 euros from 4,40 euros. Among the oil stocks, Saipem rose by 1,38%, Tenaris -0,55%.
DEROGATION ON AID, FIERA MILANO RUNS
Out of the main basket, the exhibition sector shines with Fiera Milano up by 8,57% and Italian Exhibition Group by 5,5% after the derogation from state aid to the sector by the European Commission passed. This is 190 million related to losses for the sector in 2020 on top of the 10 million in grants already obtained. Cy4gate runs +3,5% on the wave of interest in cybersecurity.
AIM, HAPPY DEBUT FOR NUSCO, BIOMED ULYSSES IN ORBIT
Nell'Aim takes off after the debut Nusco + 13%. Edilizia Acrobatica announced that it had purchased 5% of the registration during the placement. Even more brilliant Ulisse BioMed +23%: the share of the company, an Italian healthcare biotech company active in the diagnostics, theranostics and therapeutic fields, had risen by 61,05% in the session on Friday, the day of its debut on Aim Italia .
