Football, but not only. The earthquake triggered by the announcement of the SuperLeague of the "rich" has practically monopolized the attention of politicians, newspapers and the entertainment industry in Europe, already focused on possible TV and new media developments. In addition, of course, to rewarding Juventus with a rise worthy of bitcoin (in the meantime in a dive).
For the rest, the financial news experienced a day lacking in news, conditioned by the taking of profits on Wall Street on technology and by the retreat of the dollar on all counterparts, including the euro and the yen. Netflix will probably take care of arousing attention tonight, which, on the occasion of the accounts, will give the numbers on new subscribers, the first after the reopening of American cities, today on alert more for the risks of the verdict of the Minneapolis jury on the killing of Floyd than for the pandemic.
OLYMPICS AT RISK, NIKKEI SUFFERS
Even Asia is lagging behind this morning after the closure of Wall Street. Worst of all is Japan: -1,9% for the Nikkei index. In addition to the doubts about the holding of the Olympic Games, tensions between the US and China weigh after Prime Minister Suga's visit to Washington. And, of course, the declining dollar.
Hong Kong's Hang Seng is around parity, while the CSI 300 of the Shanghai and Shenzen lists gains 0,3%. President Xi Jinping has warned countries that think they have a leading global role and believe it is right to impose their rules on others, a not too veiled reference to the hegemonic projects of the United States.
Sydney's S&P ASX 0,5 index lost 200% and Seoul's Kospi gained 0,4%. The BSE Sensex in Mumbai rebounds (+0,7%), down 2% yesterday. All on raw materials, starting with WTI oil, at 63,8 dollars a barrel: +1%. Copper +1,7%, aluminum +1%, iron ore +2%.
BITCOIN COLLAPSES, FATAL ACCIDENT FOR TESLA WITHOUT DRIVER
Futures on US stocks made slight progress this morning after a weak session: the Nasdaq lost one point, the S&P 500 half. Down -0,36%.
Tesla dropped sharply yesterday (-3,4%) after the accident in which two occupants of a car, at that moment without a driver, died.
Elon Musk's company was also affected by the drop in bitcoin, down 1,5% for the fourth day in a row (-15% on Sunday). On the other hand, Dodgecoin, the virtual currency born as a joke, has risen to 39 cents, equal to a capitalization of 50 billion dollars.
Sale Harley Davidson: +9,7% after the accounts. Down Nvidia (-3,5%) after the objections of the British antitrust on the purchase of Arm.
The Europe of football awaits the events: will UEFA cancel the semi-finals of the Champions League with immediate effect or will the search for an almost impossible compromise begin?
THE WAR OF THE BALL EXALTS JUVENTUS (+18,7%)
The balloon war, which exploded after the announcement of the constitution of the Super League, has provoked a double reaction: all politicians are against, from Boris Johnson to Emmanuel Macron and Mario Draghi, in solidarity with the threat of expulsion of the rebels by UEFA and the national leagues. "The government - said Draghi, the most cautious - is closely following the debate around the Superlega football project and firmly supports the positions of the Italian and European football authorities to preserve national competitions, meritocratic values and the social function of sport ”.
On the other hand, the Stock Exchange was enthusiastic, rewarding Andrea Agnelli's Juventus, deputy of the newly formed association which has 12 clubs (six English, three each between Italy and Spain), with an increase of 18,7%, but also Manchester United ( +9% on Wall Street). A reaction justified by the flow of money that accompanies the initiative: JP Morgan, the sponsor bank of the operation, is ready to finance the project with an engagement of four billion to be divided among the clubs, plus a guaranteed collection per season of 264 million pro - you understand. And there is also generous funding for the adaptation of stadiums and various structures for the take-off of the 20-team championship (15 permanent plus 5 from a selection) which should replace the Champions League. It is not yet clear who will have the exclusive TV. Amazon and Facebook declare themselves estranged.
THE IRA OF THE FANS AGAINST. CEFERIN (UEFA): AGNELLI LIAR
But the fight has only just begun. The rebel clubs and players risk disqualification from the championships, and the semi-final of the Champions League between Chelsea and Real Madrid, both "splitters", is already in doubt. But the European antitrust legislation could prohibit the sanctions as happened for the Euroleague basketball, a private tournament in which teams regularly registered in the national championship take part. However, we have to deal with the indignation of the fans, who came out to protest (see Liverpool), very hostile to this transformation of football in the NBA style, which sounds like a coup by the rich. UEFA president Aleksandr Ceferin, godfather of a son of Andrea Agnelli, attacked the Juventus president head on. “Last Saturday – he said – he assured me that there was nothing in sight. I don't know a worse liar."
ECB CUT PURCHASING AHEAD OF DIRECTORATE
However, only football has managed to make headlines in a flat market awaiting indications from the ECB. The Frankfurt institute, which will hold its board meeting on Thursday, reduced its purchases of securities to 17 billion last week (against just over 20). Precisely the size and duration of the purchases will be at the center of the discussion: on the one hand there is the thesis of Christine Lagarde who deems two crutches (one monetary, the other fiscal) necessary to support the still fragile recovery. On the other hand, the rise in inflation, considered temporary by the chief economist Philip lane, pushes the "hawks" to ask for an interruption of the purchases. The result is a stall that pushes the euro-dollar back above 1,203, on the highs of the last month, while the securities of the periphery suffer, in the face of rumors of an alleged "tapering" by the Fed.
THE DUTTING OF THE COUPONS IS HOLDING BACK MILAN (-0,21%)
On Piazza Affari (-0,21%, to 24.691 points) the detachment of the coupon of six blue chips weighed, with an impact of 0,15%. The session is mixed in the rest of Europe. Frankfurt -0,5%: Deutsche Bank falls (-0,45%) after the involvement of a top executive in the Wirecard scandal. Amsterdam -0,68%, London -0,26%.
Madrid practically dances by itself and marks a leap of 1,1%, thanks above all to the banks (Santander +3,17%).
Timid progress for Paris (+0,15%). Sanofi advances by 1,1% after the approval of an anticancer drug. Faurecia retreats 3,8% after the accounts. Credit Suisse has fired the heads of the broker area after recording the loss of 4,7 billion in the Archegos case.
BTP FUTURA: 2,3 BILLION RAISED, 50 THOUSAND CONTRACTS
Positive start for the placement of Btp Futura 2037 which, on the first day of placement by the Treasury, recorded orders for 2,3 billion on over 50 contracts, in line with the November edition, when initial subscriptions were for 2,5 billion and contracts for 40 thousand, but for a bond with a shorter duration (eight years against sixteen for this placement, albeit with a double loyalty bonus). It is the third issue of a security designed for retail in the Covid era, the proceeds of which will be dedicated to financing the measures for the economic recovery from the pandemic and the expenses related to the vaccination campaign. The placement of the security, unless closed early, will end on Friday.
Two-faced session on the bond market. In the afternoon, fears of a tightening of conditions from the Fed caused a rise in yields, especially for peripherals.
The Italian 0,80-year rate exceeded the threshold of 102%, the highest since the end of February, while the spread with the German counterpart is little moved, around XNUMX.
UNICREDIT AND BPER LEAD THE BANKS
Mario Orcel presented himself to his colleagues at Unicredit (+1,19%, plus the coupon of 0,12 euro) with a letter in which he warned that "important and urgent changes will be necessary to keep up with the market". The market is waiting with confidence: Citi has decided to open a positive Catalyst Watch lasting 90 days, waiting for a new plan which should arrive after the summer.
Among the banks, Bper also stands out (+3%, in second place behind Tenaris since the beginning of the year) which sold Utp or problematic files for 20 million in the evening. Banco Bpm is up (+0,38%), another stock with a detachment of 0,06 euro per share. Little moved by Creval (+0,25%), with the newly elected board of directors rejecting Credit Agricole's offer again, because the increase in the takeover bid to 12,2 euros is not yet sufficient.
MEDIASET/VIVENDI: BOLLORÉ WINS IN COURT
Fininvest obtains compensation of 1,7 million against the total 6 billion asked of Vivendi for the tear on Premium from which the war for Mediaset started (-0,9%). As a consequence, analysts, who have so far added to their estimates between 200 and 300 million euros in probable compensation from Vivendi, will have to cross these sums off their estimates. A sharp decline in the share is expected, even if Mediaset has already announced that it will proceed with a robust buyback of treasury shares.
THUD OF CNH, IVECO TOWARDS LISTING
The black jersey of the day belongs to CNH Industrial (-4,5%), after the breakdown of the negotiations for the sale of Iveco to the Chinese of Faw Jiefang. The company has announced that it will proceed with the spin-off of the HGV business. Goldman Sachs lowers the target price to 15,18 euros.
LEONARDO SUPERSTAR, PRYSMIAN SLIDES
Among the best Leonardo (+2,39%). The armed forces of Greece and Israel have announced the signing of a cooperation agreement between their respective air forces: in this context, the Jerusalem Air Force will buy 10 M346 training aircraft from Leonardo. The outlay should be in the order of 300 million euros, around 2% of the order collection forecasts for 2021.
Among the industrials, Prysmian (-3,34%), Stm (-2,34%) and Stellantis (-1%, on the day of the 0,32 euro coupon) fell.
A2A TOWARDS THE MERGER WITH LGH
Good performance by A2a (+1,2%), which communicated that it had sent a preliminary proposal for the merger to the attention of the minority shareholders of Lgh, who hold a total of 49% of the share capital.
OVS IN FLIGHT, FAIRS AND GYMS RUN
The expectation of a recovery in consumption sends OVS flying (+10%). Equita Sim raised the target price on the stock by 10% to 2,2 euros, confirming the buy recommendation. Geox +6%.
Fiera Milano, Italian Exhibition (+6%) and Technogym in evidence due to the forthcoming reopening of trade fairs and gyms. On the Aim, the Italian Wine Brands rally (+7,80%, at 31,8 euros), on which Equita Sim has started hedging with a buy and target rating of 38 euros per share.
