The financial markets are starting to end the first half of 2021 on a high note, the year of regained confidence, judging by the results of the various surveys in Europe and the USA. Purchasing, despite the Delta variant, is favored by the latest cosmetic operations of the large investment houses in view of the mid-year rankings, one of the most useful data in the race to win savings, especially those of millionaires/billionaires in robust growth especially in the USA, back in first place ahead of China for the number of super-rich. It's a battle that feeds on new products developed by Blackrock, Blackstone or Vanguard, in which the management of our house, which enjoys excellent health, has more of the function of a large distribution network.
Against this backdrop, markets are content with marginal gains as we await Friday's new jobs data. And the deeds of Elon Musk, who just can't sit still, are back in the news: Starlink, his space company, is ready to invest 30 billion dollars to complete the satellite network that will guarantee Internet coverage in every corner of the earth.
China, on the eve of the party's centenary, is advancing in small steps: Csi 300 +0,1%; Meanwhile, judging by the performance of the PMI indexes, economic growth is slowing down: the manufacturing index is only 50,9, the compound index is 52,9 (against 54,2).
The growth in debt risk is worrying, especially for small and medium-sized companies: the yield on bonds issued by state-owned companies has risen, writes the Financial Times, to 5% (by the president 3,5%). But there is perhaps a clearing up for Suning: Alibaba, a shareholder in the group that owns Inter, could guarantee extraordinary financing.
The Asia Pacific index rose (+0,3%) after a positive month. The best price list is Sydney (+0,6%), ahead of Korea (+0,35%). Flat the Japanese Nikkei.
Yesterday the Nasdaq retouched its historic record for the umpteenth time: +0,19, to 14.528 points. Unnoticeable gains for the Dow Jones and the S&P, both +0,03%.
In great evidence Morgan Stanley (+3,4%): the institute has doubled the dividend.
Moderna +5,2%: the Covid-19 vaccine by is also effective against the latest variants.
While awaiting the numbers on employment (690 hires expected), a new signal of an increase in prices comes from the increase in the prices of new homes: the Case Shiller index rose by 15,7% in one year. This is the largest increase in the last 30 years.
Yields on T bonds are down: the 1,48-year is below 2,09%, the XNUMX-year is below XNUMX%.
Oil is still in tension: Brent exceeds 75 dollars.
EUROPE, CONFIDENCE AT THE TOP SINCE 2000. LAGARDE: 2022 WILL BE RECORD
Positive session for the European lists, driven by a good session of macro data. In June, confidence in the Eurozone and the US beat expectations. In particular, theeconomic sentiment The euro area jumped to a 21-year high as the pace of vaccinations accelerated, leading to further reopenings and improving sentiment across sectors, especially retail and services. Sentiment in Germany hit an all-time high and improved in the six largest EU countries, except for Spain, where it recorded a slight decline. In Germany, inflation also rose in June, exceeding the ECB's target, but less than in May.
However, this was enough for the yield on German government bonds to increase, in the perspective that the ECB, despite recent reassurances, may be forced to change its monetary policy. But they are details: speaking to the Business economic forum, Christine Lagarde noted that “in 2022 there are possibilities for the economy that only in 2019 seemed at least a decade away”. From green bonds, in particular, the European capital market can be born.
ONLY FRANKFURT (+0,88%) BETTER THAN MILAN (+0,52%)
Milan rises by 0,52% to 25.357 points. The other Stock Exchanges rose fractionally: Frankfurt +0,88%. London appreciates by 0,22%; Paris +0,14%; Amsterdam +0,46%; Madrid flat +0,03%.
ESSILORLUXOTTICA CONQUERS GRANDVISION: 7,2 BILLION
The acquisition of GrandVision by EssilorLuxottica closed after two years. The Dutch group passes under the control of the multinational chaired by Leonardo Del Vecchio for 7,2 billion euros, the same amount initially agreed, despite last week the victory in court of the Italian-French group would predict a different outcome. To comply with the Antitrust parameters, 174 points of sale in Italy will have to be sold.
FT: BETTER THAN WALL STREET FOR EUROSTOXX EARNINGS
Il Financial Times sees stocks in the Eurostoxx 600 index outperform blue-chip Standard & Poor's 500. According to Factiva, European stocks will post gains up 50% versus 37% for Wall Street blue-chips.
BUND AT -0,25%, SPREAD AT 112
The markets improve, the spread rises. The Btp/Bund gap closes at 112 basis points. The 0,87-year yield closes at +0,25%, the Bund at -XNUMX%.
DEUTSCHE BANK PROMOTES MANAGEMENT
Asset management has taken care of supporting Piazza Affari, rewarded by the Deutsche Bank exam, which foresees a generalized increase in sector shares in the order of 40%. The stocks preferred by the investment bank are Azimut (+2,22%), Mediolanum (+1,22%) and Banca Generali (+0,42%). The broker's reasoning starts from the advantages of the system in the face of the closures of the bank branches involved in the M&A operations.
COOP STRONGER IN UNIPOL
65% of bank executives worldwide believe that branches will die within five years, according to a report just released by Temenos, a group specializing in software for lenders and listed on the Zurich Stock Exchange. The paper, written by the Economist Intelligence Unit, is based on a recent survey of 305 bank executives from around the world. However, yesterday the sector was particularly lively: Popolare di Sondrio +1,05%, IntesaSanpaolo +0,52%, Bper +0,49%.
In great evidence Unipol (+1,10%). The cooperatives (all from Emilia plus Vercelli) have applied to buy a further 3,35%. The operation will take place through the reverse accelerated book-building formula, with Equita in the control room.
TIM +2,7% AND CDP IN TALKS ABOUT BROADBAND
Among the blue chips, the best is Tim (+2,67%): we are once again talking about the single network project with Cdp Equity, a solution that is not appreciated by Minister Vittorio Colao.
HIGHLIGHTS DIASORIN AND CNH
Diasorin also did well (+1,78%), at its highest since March while the Delta variant is spreading.
The industrialists did well: Ferrari +0,99%, Stellantis +0,64%. Cnh Industrial leads the race (+1,79%). Positive Prysmian (+1,32%) and Interpump (+0,70%).
Equita revised the Sale Italgas target upwards (+0,11%): target at 6,2 euro, rating hold.
CASHBACK SUSPENDED, NEXI BLACK JERSEY
The black jersey went to Nexi (-1,2%) held back by the suspension of the state cashback, which offers a refund of up to 150 euros in 6 months to those who make digital payments plus a 1500 euro bonus to those who have made the most number of purchases.
ELICA (+10%) INVESTS IN ENGINES
The best stock among the mid caps was Elica (+9,97%) at 3,585 euros, after the company signed, through the Fime engines business unit, a preliminary agreement for the purchase of 100% of the companies' capital Electric Motors Company (Emc) and Cps, for approximately 31 million euros. According to Equita, “the operation significantly increases exposure to the motor world through a company with high margins, a light production structure and interesting growth prospects in the energy transition”.
Among the small companies, CIA shines (+11,65%).
AIM, FARMAE LEADERS IN OTC DRUGS
Farmae shines on Aim (+8,54%) after the acquisition of AmicaFarmacia. The transaction gives life to a leading group in the distribution of over-the-counter medicines and health products, with aggregate revenues exceeding 2020 million euros in 93.
