It's raining good news on the price lists. On the one hand, good news on the progress of vaccines, on the other, the imminent arrival of new support for the American economy. But the real news comes from old Europe.
At 5,32 this morning, after yet another night of negotiations, the European leaders approved the 750 billion extraordinary plan to save the countries most affected by the economic crisis caused by the Coronavirus. To convince the so-called "Frugal" (Holland, Austria, Denmark, Sweden and Finland), the latest draft proposed by the President of the European Council Charles Michel has reduced the share of transfers from 500 to 390 billion, however increasing loans from 250 to 360 billion. Until the end, the "emergency brake" demanded by Holland was discussed in the event the country that benefits from the Recovery Fund (see Italy) does not respect the timing of the reforms.
The Bel Paese will receive 208,8 billion euros, of which 81,4 in non-repayable grants (only 400 million less than the Commission's proposal) and 127,4 billion in loans to carry out the reforms according to the priorities and recommendations of the EU. The appreciation of the markets for the agreement, which for the first time sees the EU as an active player in a major financial transaction, is demonstrated by the appreciation of the euro to 1,143 against the dollar, close to its peak. Yesterday the BTPs, together with the Spanish securities, were the great protagonists of the bond market.
The climate favorable to Taurus has infected the Asian stock exchanges this morning. Hong Kong's Hang Seng rose (+1,7%), insensitive to the bellicose proclamations arriving from London after the squeeze on the former British colony. Seoul's Kospi advanced 1,5%, Sydney's S&P AXS200 1,4%, Tokyo's Nikkei 0,7%. Shanghai slows down, today level after +3% on the eve. Beijing has announced retaliation against Nokia and Ericsson if the EU follows Washington's line against Huawei.
The S&P500 future climbed 0,3% this morning. The one on the Eurostoxx also rose. Yesterday the upward run of the Nasdaq resumed (+2,51%), ahead of the S&P 500 index (+0,84%). The Dow Jones is flat (+0,03%).
After the Stock Exchange, IBM took off (+5%) thanks to better-than-expected accounts. Tesla's new leap (+9,5%).
Fly Noble Energy (+5,4%) after the purchase by Chevron (-2,5%) for 5 billion dollars.
The gold rush continues, traded this morning at 1.819 dollars an ounce.
PIAZZA AFFARI YESTERDAY ALREADY CELEBRATED
After a thrilling weekend and the uncertainties at the start, the European stock exchanges gradually recovered their good mood yesterday as the agreement on the Recovery Fund took shape. But the white smoke, after several postponements, slipped into the evening, with the Stock Exchange closed.
In Piazza Affari the party has already begun: +0,99% to 20.621 points on the levels reached on March 6, despite the fact that the coupon detachment of Enel (-1,25%), the company with the largest capitalization of the Ftse Mib, weighed by 0,32% on the main index.
THE WIRECARD SCANDAL SHAKS FRANKFURT
All Eurozone Stock Exchanges are positive. Frankfurt +0,93% despite the new collapse of Wirecard (-12,97%). According to rumors from Handelsblatt, Jan Marsalek, former director of the company, is said to be in Moscow has lifted the fleece on the scandal revealing heavy budget shortfalls and serious shortcomings in the financial controls of the German authorities.
PARIS +0,47%. DEL VECCHIO SUITS GRAND VISION IN COURT
Paris +0,47%. Less hits Essilor Luxottica (-0,88%). The district court of Rotterdam will hold a hearing on August 10 in the lawsuit filed by EssilorLuxottica against GrandVision, the Dutch company that the Italian-French eyewear giant intends to take over.
Madrid +0,49% despite the problems in the tourism sector: Iag loses 3,42%, Melia Hotels 2,41%.
AMSTERDAM AWARDS RUTTE
Well Amsterdam (+0,93%), which on the day of Giuseppe Cinte's duel with Mark Rutte contends the pink jersey in Milan.
Negative London (-0,46%). British retail chain Marks & Spencer lost about 2% after Sky News reported the company's plans to announce hundreds of job cuts next week.
RECORD BTP, SPREAD AT 155
The news arriving from Brussels triggered the run of BTPs: the 1,07-year bond trades at 8% (-155 basis points), on the lows of early March. The spread fell to 2 points. The yield on the 0,30-year BTP is back below zero. The Spanish XNUMX-year bond fell to XNUMX%.
UBI TAKES FLIGHT: TODAY THE PROPOSAL OF THE AGREEMENT IS IN THE BOARD OF DIRECTORS
There is talk of banking risk again after the sinking of Intesa Sanpaolo (+1,23%), which on Friday increased the unit price of the offer for Ubi Banca (+14,01%), also recognizing a cash consideration of 0,57 euro for each share. Today the board will examine the new agreement proposal.
Mps took off (+15,02%) on the wave of possible interest from Banco Bpm (+5,51%), at the center of rumors about a possible merger with Unicredit (+0,32%) or with Bper ( -2,09%). Banca Popolare di Sondrio also stands out (+2,71%).
AZIMUTH AWARDED BY EQUITA, FINECO AT THE HIGHEST EVER
In assets under management, Azimut stands out (+3,59%): Equita Sim raised the target price of the share by 3% to 17 euro, confirming the hold recommendation. Mediobanca Securities brought it from 17 to 18 euros, reaffirming the neutral rating. Fineco (+1,7%) updated the historical record.
BRAZILIAN TIM AWARDED, ADVISOR FOR ATLANTIA
Tim also rose (+1,77%): Banca Imi confirmed its buy rating after the company announced that it had presented a binding offer, together with Telefonica Brasil and Claro, for Oì's mobile activities in Brazil.
Atlantia +5%. Bank of America Merrill Lynch, JP Morgan and Mediobanca have been chosen by the infrastructure group to act as advisors for the sale of shares in Autostrade per l'Italia to CDP and other investors. Fitch on Friday revised the 'BB' credit rating watch assigned to the Atlantia Emtn program from Negative to Evolving. The same decision also for the rating watch on the creditworthiness of Autostrade per l'Italia and Adr.
HYDROGEN GIVES THE CHARGE TO LANDI RENZO
Among the mid-cap stocks, Ima stands out (+1,55%) after the sale of the Indian Hassia Packaging. Astaldi performed well (+1,01%) after the court of Rome published the decree approving the composition with creditors on a going concern basis.
Fly Landi Renzo (+7,26%), driven by the increase in interest in hydrogen.
On Aim, money on Elettra (+6,76%), which presented its project for the energy requalification of the real estate assets.
