The first ETF on Bitcoin takes off like a rocket, jumping to second place overall by value of trades on the first day of trading. The ProsShares Bitcoin Strategy ETF was up 5% to $41,9. More than 24 million pieces have been traded and the interim value should be close to one billion dollars. In history, only one ETF has had higher debut volumes, BlackRock's CO2. The most shrewd speculators (the high frequency traders) bought it together with many common savers, looking for solutions to deal with inflation. Institutional investors are still missing, frightened by the high volatility: yesterday it went several times from a minimum of 61.800 to 64 dollars, one step away from the record.
EVERGRANDE DOES NOT PAY THE BONDS IN DOLLARS, THE TREASURY RISES
The rush of the virtual currency is the most eloquent signal of the work under the surface of a financial market that remains surprisingly calm despite apparently uncomfortable situations. In China, first of all, from where comes a deafening silence on the fate of Evergrande's international debts. But also in the USA, where the 1,662-year Treasury Note has returned to its highs of the last four months, at XNUMX%, a sign that operators expect a more hawkish Fed than already expected. However, nothing seems able to disturb the calm strength of the US price lists, which celebrated their eighth upward session in a row, spreading optimism also in Asia. And, probably, on European openness.
ALIBABA: JACK MA CAN TRAVEL OUTSIDE CHINA
Hong Kong's Hang Seng climbed 1,3% despite widespread declines in the real estate sector. Reuters reported tonight that Evergrande has decided to shelve plans to sell a portion of its real estate assets.
The rally was led by a 7% increase in AliBaba shares after the announcement that Jack Ma was allowed to travel to Europe, raising hopes of an easing of technology restrictions.
It also holds the CSI 300 of the Shanghai and Shenzen price lists (+0,1%). No surprises from the decision of the Central Bank of China on reference rates: confirmed at 3,85%. prime rate loans at one year.
Tokyo's Nikkei advances (+0,3%). Kospi of Seoul -0,1%. Sydney's S&P ASX200 +0,7%. On parity the BSE Sensex of Mumbai.
WALL STREET RISES THANKS TO TECHNOLOGY, STABLE NETFLIX
The session on Wall Street was positive: the S&P500 gained 0,7% thanks to the push of the leading names in high tech. Dow Jones +0,54%, Nasdaq +0,71%.
Stable after the Netflix stock exchange after the accounts and, above all, after the evaluation of the "Squid Game" effect. The Korean series was viewed by 142 million users in the first month of its release. There were 8,5 million new subscribers to the platform in the last quarter.
Procter & Gamble down (-1%) under cost pressure. Tesla also down (-0,7%) after less brilliant sales in China.
DOLLAR AND OIL DOWN
Wall Street futures are flat. The dollar is in retreat against almost all the world's reference currencies, especially those of the emerging area. Euro dollar up 0,2%, to 1,165. Pound sterling, Norwegian krone and Canadian dollar are also appreciated.
Commodities are relatively quiet, with the Bloomberg Commodity Index declining slightly. WTI oil was down 0,7% to $82,5 a barrel. The benchmark contract for natural gas is down 1,5%.
THE MARKET PUSHES UP THE EURO RATES. LANE (ECB): THEY ARE WRONG
Meanwhile, the market continues to reason on the possibility of a tightening of monetary policy by Frankfurt, despite the reassurances of the bankers closest to Christine Lagarde. The tones of the chief Economist of the ECB, Philip Lane, strategist of the accommodative policy in Frankfurt, were peremptory: “When we look at the market prices of the future interest rate curve, I think it is difficult to reconcile some of the market visions with our forward guidance, very clear and precise. Not everyone feels the same way, though. Finnish central bank governor Olli Rehn and Slovenian central bank governor Bostjan Vasle think there is a risk that inflation will rise further. But what gives us food for thought is the attitude of the national authorities.
THE TREASURY ISSUES GREEN BONDS FOR 5 BILLION
The Italian Treasury continues to provide funding at rates deemed satisfactory. Pending the offer of future BTPs (12 billion from 8 November), the MEF yesterday gave a mandate to a pool of banks to reopen the BTP Green expiring in April 2045 for an amount equal to 5 billion euros. In March, the stock had received offers for 88 billion.
Germany is also taking the field today with the reopening of the 3-year green bond (XNUMX billion).
THE TEN-YEAR YIELD AT THE HIGHEST SINCE MAY
Nonetheless, the pressures on bond market yields are being felt. The Italian 0,94-year rate settled in the 0,95% area, after a peak of 0,87%, the highest since the end of May compared to 0,9% at the start and after closing at XNUMX% the previous session.
The 0,11-year Bund rises to -30%. The German curve steepened compared to yesterday, with 5-year Bund rates reversing course, rising by almost 0,29 basis points to XNUMX%.
The spread on the Bund on the ten-year stretch is 105 basis points, from 104 at the opening and yesterday.
MILAN +0,25%. FINANCIAL STATEMENT NOTE SENT TO BRUSSELS
Piazza Affari is positive and appreciates by 0,25% (26.332 points). The government is preparing a cut in the tax wedge of at least 8 billion as part of the maneuver 2022, according to Reuters.
The closure is in slight progress in Frankfurt (+0,24%); better Amsterdam (+0,72%), leader of the technological list, and Madrid (+0,68%), the most sensitive to banking.
DANONE AND ERICSSON SUFFER, CHINA SLOWS DOWN KERING
Paris is flat. The slowdown by Danone weighs heavily (-3%), more linked to forecasts than to results. Chief Financial Officer Jurgen Esser anticipated that costs will increase by 9% in the second half of 2021 and that the trend will continue next year.
The slowdown in sales of Kering, Gucci's parent company, is even more worrying: only +3,8% in the third quarter against +12% in the middle of the year. The data, communicated after the stock market is closed, is the first tangible sign of the slowdown in Chinese consumption.
Ericsson also fell sharply (-3,7%) after the quarterly accounts slowed down by supply chain difficulties, a risk also for future months.
PIAZZA AFFARI RELYS ON ENEL, PUSHED BY MADRID
The good news from Madrid boosted Enel's share (+2,6%). The Spanish government is preparing to cut the reductions imposed on the profits of utilities that will apply "reasonable" prices to their final consumers. The Spanish newspaper reported it Five days, citing sources familiar with the matter. According to the newspaper, the government will set the price cap at 60 euros per megawatt-hour (MWh), slightly above the production costs for nuclear power in Spain, estimated at around 57 euros per megawatt-hour.
This is how Iberdrola and Endesa, a subsidiary of the Italian group, rebound. A2a (+1,12%) and Hera (+0,67%) also advanced.
ENERGY: GAS PLUS AND SARAS RUN
Meanwhile, the rally of Gas Plus continues (+4,50%), which has come under the scrutiny of analysts in the wake of the rise in energy-related prices. Over the past month, the stock has posted a performance of approximately +30% and has more than doubled compared to its valuation six months ago. Banca Akros raised its target price from 3 to 5,6 euro, confirming the buy rating.
Cooling crude prices dampen energy sector gains. However, Saipem maintains an increase of 1%, Eni goes negative with -0,5%. Saras still brilliant (+4,8%) thanks to the increase in refining margins.
Maire Tecnimont also rose (+1,7%), in view of the results at the beginning of November. Equita confirmed the "hold" rating pending an improvement in Ebitda and debt in the quarter.
Fincantieri +2,4% after signing a memorandum with Eni to promote initiatives aimed at energy transition.
AKROS SIZES INTESA, IN THE BASIS OF UNICREDIT/MPS
Weak bankers. Intesa leaves 1,63% on the ground: Banca Akros has reduced its rating to neutral from accumulated, with the target price unchanged at 2,5 euro. Also in the red are Bper, Unicredit (-0,6%) and Mps (-0,7%). Bpm (+0,6%) goes against the trend. According to Equita, the hypothesis of a break in the negotiations between Unicredit and Mps would have a negative impact on Unicredit in the short term, while it would increase the speculative appeal on the Banco.
Managed assets suffer: Banca Mediolanum -1,82%, Poste Italiane -1,09%.
FERRARI PUSHES EXOR. WEBUILD FOCUSES ON RAILWAYS
Exor did well (+1,39%) with Ferrari (+1,12%), but Stellantis lost 0,67%.
Webuild +1,97% in the wake of the news that the Government has assigned Rete Ferroviaria Italiana an additional 1,3 billion euros for 2021 to speed up the construction of infrastructure works.
ANALISTS AWARD OVS, WIIT FLYING TO TOP
Ovs +2%: CEO Stefano Beraldo said he was looking at various companies for possible acquisitions and aimed at renegotiating the terms of part of the debt with the banks.
New historical highs for Wiit, +2%, at 29,68 euros, after the purchase of the activities currently conducted by JBM Technology Deutschland GmbH with the commercial brand "Release42". The operation has a value of approximately 71 million euro. For Equita, "it is an acquisition perfectly consistent with the strategic objectives".
AIM, STELLAR DEBUT FOR DESTINATION ITALY: +125%
From the Guinness Book of Records, the debut of Destination Italia, the twenty-third listing at Aim in 2021: +125%, with 3,5 million euros raised in the IPO from primary shareholders. It is the first Italian Travel Tech specialized in quality tourism from abroad to Italy. In addition to LastMinute.com and Intesa, the company's partners include Vitaliano Borromeo with the islands of Lake Maggiore and Riccardo Illy with the Polo del Gusto.
