Yet another record on Wall Street (Dow Jones at 35.144,31, +0,24%) greeted the start of the week of accounts for the big names, engaged in a distance challenge with an Olympic flavor. Last night, after the stock exchange was closed, Tesla took the field: 1,1 billion dollars in the quarter, earnings per share adjusted to 1,45 dollars, about half a dollar more than expected, revenues of 12 billion dollars. The most significant aspect is that the weight of car sales on turnover has risen to over 90% of the total, while the proceeds from the trading of CO2 certificates have decreased: the FCA customer, who can count on the support by Stellantis. The stock was up slightly in the after hour.
ARNAULT OVERCOMES THE COVID EFFECT
But while waiting for the various Apples and Amazons to take the field, the markets will be concentrated on the giant of old Europe, the only one able to challenge the hegemony of Silicon Valley: Lvmh, the luxury flagship that yesterday unleashed a more than brilliant quarter, with results that beat the numbers of 2019 by double digits, before Covid. A historic match awaiting the outcome of the Fed meeting which opens in a few hours.
CHINESE TECH TARGET SHOOTING, GOOD TOKYO
Meanwhile, the crisis on the Chinese markets continues under pressure from the authorities. Hong Kong's Hang Seng is down by 1%, just below 26.000 points, a level not seen since the end of 2020. The Csi 300 of the Shanghai and Shenzen lists loses 0,4%, the Taiex of Taipei 0,5%. Chinese high-tech stocks, on which the attention of the Beijing supervisory authorities have been focused for some time, are also suffering this morning: Alibaba loses 7%, Tencent 4%, Meituan 9%.
Receiving the US deputy secretary of state, Wendy Sharman, the Chinese foreign minister said that Washington has "invented an imaginary enemy" by targeting Beijing. A “very dangerous” choice.
The rest of Asia recovered: Tokyo's Nikkei gained 0,5%, Seoul's Kospi 0,5% and Sydney's S&P ASX 200 0,6%.
BITCOIN UNDER BEZOS' LENS
Wall Street futures are down slightly today. Yesterday S&P 500 +0,24%, the Nasdaq was almost flat (+0,03%).
Bitcoin is holding the court, slowing down after six consecutive days of strong increases, -2%, just below $37.000 after exceeding $40. The prices are being pushed by the expectation that Amazon will allow you to make purchases with virtual currencies.
WTI oil is trading at 72,2 dollars a barrel, with little movement. Gold falls, passing below $1.800 an ounce.
DISAPPOINTS THE IFO, SENDS FRANKFURT, MILAN PINK JERSEY
An uphill start to the European financial week. German business morale fell unexpectedly in July amid supply chain concerns and rising coronavirus infections. The slowdown in the Ifo index, the yardstick of confidence among German companies (100,8 points down from 101,8 in June and 102 expected), helped to slow down some of the main stock exchanges during the day. Only at the end of the session, thanks to the bankers, was there a discreet reaction, starting from Milan. Everywhere caution prevails, before the week's binge of accounts: 30 of the 40 blue chips in Paris will announce the data for the quarter starting this morning.
FIVE RAISED RAISES IN A ROW FOR THE PLACE OF BUSINESS
Piazza Affari continues its recovery above the 25 mark: +0,68% to 25.296 points. The positive streak continues: there are five consecutive gains since last Tuesday.
The scenario that is consolidating for Italy is a "strong" rebound in GDP in the second quarter of this year, less so in the third and fourth. Confindustria writes it in the July “Congiuntura flash” report. The recovery, continues the analysis, is in the hands of families, whose spending is estimated to finally recover, thanks to more mobility and use of accumulated savings. According to the Icc index, the recovery in consumption in May-June is more marked for the part relating to services, thanks to the recovery of travel and spending away from home.
LVMH, PROFITS EXPLODE (+84%): SALES BEYOND COVID
Paris flat (+0,05%) awaiting the numbers of Lvmh, outgoing with the stock exchange closed. The numbers suggest today a good reception from the markets: the increase in sales of Louis Vuitton bags and Dior dresses has led to an exceptional growth in revenues for the French luxury giant. Like-for-like sales, excluding the effect of currency fluctuations, increased by 84% in the three months to June and stood at 14,7 billion euros, beating the analyst consensus of 69% growth expected by UBS but in line with HSBC estimates. First-half sales exceeded 11's pre-pandemic levels by 2019 percent. The fashion and leather goods division, which accounts for nearly half of total revenues, more than doubled revenues from the second quarter a year ago, the most affected by the coronavirus emergency.
Little move London, which holds parity. Frankfurt loses 0,32%. Amsterdam -0,60%. In sharp decline Philips (-4,3%) after the accounts, shines Ing (+3,4%).
SPREAD TO 109, END OF MONTH AUCTIONS UNDERWAY
The Italian secondary traded with a modest negative sign in the late afternoon, in line with the German paper initially rewarded by the climate of caution linked to the Ifo, which prevails on the markets.
The yield on the 0,45-year Bund slipped briefly to a new low for five and a half months, reaching around -0,41% before then climbing back to the -XNUMX% area.
The spread stood at 109 points. The 0,63-year yield is at XNUMX%.
Today the Treasury will offer up to 3,75 billion of the new 30-month 'short' Btp. In the evening, with the market closed, the Treasury announced the medium and long-term auction at the end of the month in which a new 5-year BTP should make its debut.
MANAGED AND OIL SPEAK THE LIST
Managed assets and oil have brought the Milan Stock Exchange to the top of the Eurozone lists. Eni +1,7%, Saipem +3,5% and Tenaris +2,8%. Maire Tecnimont also stood out (+2,54%) after an order with Repsol in Portugal.
Attention is growing for banks after the green light from the EU authorities for the distribution of dividends. More than all, Popolare di Sondrio climbs (+5,12%). Intesa SanPaolo is in a good position (+2,30%), the most generous stock in terms of coupons. Unicredit +1,69% three days after the expected quarterly debut of Andrea Orcell, after 100 days at the helm of the institute.
In assets under management, Azimut (+2,02%) and Banca Generali (+1,7%) shine.
EQUITA PROMOTES SOGEFI (+7,6%)
The case of the day concerns Sogefi which achieved a rise of 7,6% to 1,388 euros. The group closed the first half with a net profit of 21,4 million euros, an improvement on the loss of 28,8 million in the same period of 2020. Equita Sim raised its rating to buy, with an increased target price by 13% to 1,8 euros per share, after a better-than-expected second quarter and in the light of 'cheap' multiples. Intesa also reports that revenues were slightly above estimates, while operating trends exceeded expectations leading to overall better numbers.
IN RED INWIT AND DIASORIN. ALSO DE LONGHI DOWN
The worst performances, however, were recorded by Inwit, which closed at -3,40%. Diasorin -1,97%. Nexi records a drop of 1,84%.
Rain of achievements also on De Longhi (-2,04%). Money on Grifal on Aim (+2,28%); the packaging company closed the half year with revenues up 57%.
