After Black Monday, volatility remains the stock market compass

Futures up after Monday's slowdown, the attempt to rebound from US indices extends to European markets. But the picture remains mixed. Booming debut of Zegna on Wall Street. The increase of Juventus ends in the red

V for Volatility. It is the most reliable key to understanding the zigzagging trajectory of the price lists in this end of the year dominated by coverings on futures which, as happened tonight, can cause sudden changes of course. The ideal situation for stock exchange surfers, skilled in riding the waves and taking advantage of the opportunities (buying the dip, in the jargon of the market), an occasion for bad impressions for all the others. In this framework, fears and hopes linked to Omicron and the parliamentary difficulties of President Biden in the USA are inserted. Democratic Senator Manchin, who rebelled against the party, would have reiterated his willingness to lend his support to a lightened version of the infrastructure investment plan proposed by the White House. Today we will see. And the same goes for the Turkish lira, back in the depths before recovering in the wake of the Sultan's latest decisions. A contrasted picture that deserves caution.

The S&P DA – 1,1 to +0,9%. TOKYO TRAVELS TOWARDS 2%

After a day of passion on US and European stock exchanges, futures on American indices reversed course. This morning the S&P marks +0,9%, the Nasdaq +0,8%. A technical movement that, perhaps, could also involve European markets.
Asian stock markets are recovering after a difficult start. The Bloomberg Apac index is up 0,8 this morning, Tokyo's Nikkei up 1,9%, Hong Kong's Hang Seng up 0,5%. CSI 300 of the Shanghai and Shenzen price lists +0,2%. Kospi of Seoul +0,7%. BSE Sensex +1,4%.
China's Real Estate Developers Index gains 4%. In the Hong Kong list, Evergrande rebounds slightly (+1%), after yesterday's drop of 9%.
Hang Seng Tech +0,5% thanks to the 3,5% increase of Lenovo and the +3,5% of Meituan. Alibaba (-1%) and Netease (-2%) are down. Bilibili loses 6%.
A part of the Chinese tech world is penalized by the news of the maxi fine of 1,34 billion yuan (210 million dollars) imposed by the tax authorities on the influencer star better known as Viya.

IBN ACCOUNTS GROWTH FOR NIKE AND MICRON

Closing in the red on Monday for the US markets: Dow Jones -1,23%, S&P -1,14%. NASDAQ -1,24%.
After the stock exchange, Nike and Micron presented the data for the quarter: both in the first and in the second case, the results beat analysts' forecasts.
Very positive debut on the Zegna list: the share rises by 8,2%
Moderna was also a victim of volatility, which announced positive developments for vaccines: up 7% at start-up, it closed down 6%.

OIL STARTS AGAIN, GOLD STOP

WTI oil is up 1% to $69,4, from -3% yesterday.
Gold again below $1.800, with little movement at $1.793.
Euro dollar unchanged at 1,128.
Bitcoin up 3%.

JOACHIM NAGEL AT THE BUNDESBANK, A SPD “HAWK”.

"Perhaps I'm overly optimistic, but this is an area in which it will be easier to find an agreement, compared to other areas," said Mario Draghi yesterday speaking of the renewal of the Stability Pact. A significant statement because it was made in the presence of the new German premier Olav Scholz on the day of the appointment of the new one President of the Bundesbank, Joachim Nagel, a social democratic banker who, moreover, in the past has always sided in favor of Weidmann's criticisms of the ECB. But this is not the time for conflicts between hawks and doves. The economic situation, marked in the morning by the German central bank itself, requires us not to let our guard down: the economy across the Rhine, reports a message from the institute, could decline in the first quarter of 2022. In short, no Christmas rallies, even if in the afternoon, the news arriving on vaccines allows losses to be limited.

ESCAPE FROM RISK, THE BTP CLOSES AT 0,92%

In a context of flight from equities and purchases of safe government bonds such as Bunds, the Italian secondary sector limits the damage and recovers the initial losses. The spread with the German ten-year bond remains at 128 basis points (-0,32%), while the BTP yield closes at +0,92% and that of the Bund at -0,37%.

COST OF DEBT AT HISTORIC LOW, EMISSIONS DOWN 2022

The key event of the day for Italy was the presentation of the guidelines of the Treasury, which aims at 80-90 billion euros of net issues next year against 113 billion this year.

The average cost of funding in 2021 fell to 0,1%, the lowest level in the history of the Republic.

Looking to 2022, the Treasury is aiming for an "important presence" on the dollar curve and considers the green bond segment "strategic". There will be at least one Btp Futura and a return to Btp Italia is likely.

IN RED BUSINESS SQUARE, FRANKFURT IS WORSE

All stock lists in red. Piazza Affari yields 1,63% and drops to 26.177 points, after a foray below the 26 mark during trading.

In the rest of Europe: Frankfurt -1,92%; Paris -0,82%; Amsterdam -1,12%; Madrid -0,83%; London -1%.

THUD OF THE ANTI-OBESITY PILL

Of note, Danish drugmaker Nivi Nordisk fell .11,1% after announcing it will be unable to meet demand for its new anti-obesity drug due to supply problems in the United States.

BOLLORÉ DEALS WITH MSC THE SALE OF AFRICAN PORTS

The Bolloré group has granted the exclusivity to the Swiss MSC (controlled by the Neapolitan shipowner D'Aponte) to negotiate the sale of its African ports. Offered price: 5,7 billion euros.

Bnp Paribas +0,45% concluded the sale of Bank of West to Banque de Montreal for 16,3 billion dollars.

THE INDEX HAS BEEN UP 40% SINCE JANUARY

However, the Italian market is starting to close a positive year. The Ftse Mib, which rose by +17,30%, boasts a market value of 631 billion euros.

The Ftse Star list, which brings together the excellence of Italian mid caps, capitalizes around 68 billion and has grown by +37% since the beginning of the year.

At current prices, the updated market multiples of the Ftse Mib and Ftse Star are respectively: average P/E of 17,60x, Dividend Yield 4,0%; Average P/E of 18,0x, Dividend Yield 1,50%.

DIASORIN BOUNCES, PRYSMIAN SALTS

Very few blue chips finished in positive territory. Among these, Diasorin rebounds +1,3% after Friday's sharp decline. Jefferies has raised its target price to 134 euros from 125. According to Intesa Sanpaolo analysts, "the stock has already included the disappointing 2022-25 financial targets".

Prysmian advances +0,5% which has been awarded the projects for the cabling of two new offshore wind farms in the USA for a total of approximately 900 million dollars.

Plus sign also for Terna +0,3%.

FIERA MILANO GET THE DISCOUNT ON THE RENT

To follow today Fiera Milano which concluded yesterday with the Fiera Foundation an agreement relating to the reduction of the rents of the Rho and Milan sites and the 'MiCo' congress centre. The agreement, stipulated in the face of the difficulties encountered by the entire exhibition sector due to the pandemic, will lead to a reduction in rents of 5,5 million euros.

INDUSTRIAL INDUSTRIES DOWN, CARS SUFFER

The positive notes end there. Industrial stocks are down: both Pirelli and Leonardo down -1,6%. The car sector is doing worse; Cnh -3,93%; Stellantis -3,64%; Exor -3,89%; Ferraris -3,21%.

JUVENTUS INCREASE -6% CLOSES IN RED

But in the Agnelli team the black jersey falls to Juventus -6% on the day in which the offer on the Stock Exchange of the unexercised rights linked to the capital increase was closed in advance.

Oil, heavy throughout Europe (-2,5% the sector stoxx): Tenaris loses 2%, Eni -2,6%. Saipem also down with a drop of 1%.

CARIGE AND FERRAGAMO BACK THE TREND

Sales also on the banking sector. Mps leaves 2,5% on the ground after the industrial plan which provides for a capital injection of 2,5 billion. In contrast Banca Carige +6,3% which yesterday completed the sale of 17,7 billion npl to Amco.

Luxury is paying for the effect of the new closures around Europe. Tod's -0.4% recovered most of the decline during the session. In red Moncler -0,9%.

While awaiting the arrival of CEO Marco Gobbetti, the rumors about a possible sale of Salvatore Ferragamo resume +2%.

ELECTRIC ALERION, IN THE FALL ITWAY

In the rest of the list:

Autogrill sold -1,5%- affected by possible restrictions on air and motorway travel. Falling Itway -9%.
On the other hand, Alerion +3,86% is on the rise in renewable energy.