It may be temporary, but it's scary. It is inflation, which jumped yesterday in the US to 6,2%, to levels not seen since 1990, but which also frightens China and Germany, the main victims of the global economy's supply chain difficulties. The data, abundantly expected, does not impose an immediate change of course on the Fed, which is determined in any case to avoid a tightening. The markets, however, took the turn seriously.
BITCOIN RISES, DOLARO RUNS
Gold shines again, having jumped to a maximum of 1.868 dollars an ounce before falling back to 1.850.
Bitcoin exceeded $69 before returning to $65.
Brent oil returns to touch the highs of 85 dollars a barrel.
The 1,55-year Treasury Note moved to 1,45%, from 1,75% in the morning, still below the yearly peak of XNUMX%.
The Euro-Dollar cross broke through the 1,15 threshold for the first time since July 2020. Today it opens at 1,148.
WALL STREET IN RED, RIVIAN'S IPO OVERWHELMS RECORDS
Wall Street has lost ground after the long run: Dow Jones -0,66%, S&P 500 -0,82%. The Nasdaq is down 1,66%.
The season of records, however, is far from over. Yesterday the IPO of Rivian, the electric car controlled 22% by Jeff Bezos, made a triumphal debut: the title closed up 29%, at 100,70 dollars, after having reached a maximum of 119,46 dollars. The capitalization is around 85 billion dollars. The nearly $12 billion raised by Rivian with the listing will enable the acceleration of the development of new models.
MUSK COLLECTS 5 BILLION STOCK OPTIONS ON TESLA
Tesla's share price also increased (+4,3%); Elon Musk has sold the first tranche of bonds for $5 billion. The operation took place last Monday, when the entrepreneur exercised stock options received as part of his compensation package.
CHINESE BRICK AVOID DEFAULT
Even the Chinese Stock Exchange is offering a welcome surprise this morning: Evergrande (+9% in Hong Kong) paid 148,1 million dollars to pay three coupons for as many offshore bonds, which made it possible to avoid default. The Chinese real estate developer, burdened by 305 billion dollars in debt, honored its commitments before the expiry of the 30-day grace period after which it would have triggered insolvency.
Both Hong Kong and the Csi 300 index of Shanghai and Shenzhen rose (+1,3%). Nikkei +0,6%, Kospi Seoul -0,2%, Sensex Mumbai -0,8%.
ON THE CLIMATE THE GREAT PEACE MAKE. VIRTUAL MEETING ON DAY 15
But the most positive surprise regards the relations between the two superpowers. In a joint statement, USA and China have announced want to work together against climate change. Beijing spokesman for COP26, Xie Zhenhua, said the two countries need "to think big and be responsible". Since January, the two delegations have worked together on the agreement in 30 virtual meetings. The agreement was confirmed by the American special envoy for the climate, John Kerry, who declared: "Presidents Biden and Xi want to work together".
According to Bloomberg, the two big ones will meet next week in a virtual summit: a date has not yet been set but officials are reportedly working for it to take place on Monday the 15th.
ITALY, INDUSTRY SLOWS DOWN. PRICE ALERT IN GERMANY
Italian industry could suffer a sudden slowdown. According to the latest Istat data, in September the seasonally adjusted index of industrial production increased by 0,1% compared to August, a figure lower than the consensus, which was at 0,3%.
The news arriving from Germany also suggests caution. Economic advisers to the German government have cut growth estimates for Europe's largest economy, creating a headache for the three parties in talks to form a new German government. Advisors cut their 2021 growth forecast to 2,7%, down from an estimated 3,1% in March, although they lifted their 2022 outlook to 4,6%. Inflation, then, also bites beyond the Rhine: in Germany the price index marked +0,5% on a monthly basis and +4,5% annually, lengthening compared to September 2021, when the increase had been 4,1 ,XNUMX%. For now, in short, Italy, the most fragile country in the event of an interest rate increase, reserves the best news. Who knows for how long.
YIELDS ON THE RISE, BTP FUTURA RISES TO 2,671 BILLION
Concerns made themselves felt in the bond market in the afternoon. The 0,9-year BTP rate soared beyond 0,93%, up to 0,85% (against XNUMX%).
The spread on the Bund on the ten-year segment was stable, at 118 basis points, from 113 at the opening on the eve.
On the third day of the offer, the Btp Futura November 2033 collected requests for 704 million euros, which bring the total demand in the first three days of issue to 2,671 billion. Last April, the third edition of the BTP Futura had seen requests for 4,68 billion euros at the end of the first three days of the offer, to reach a total of 5,48 billion at the end of the placement.
Today the Treasury will make a total of up to 5,75 billion euros of the new 7-year BTP and the 3-year bond available to investors.
BUSINESS SQUARE +0,44%, MADRID GOOD
Milan rises by 0,44%, to 27.561 points. Frankfurt (+0,17%) and Paris (+0,03%) made slight progress. Madrid (+0,71%) and London (+0,82%) rose. Amsterdam is lagging behind (-0,07%).
Siemens Energy advances in Frankfurt (+3,54%) after proposing a dividend of 0,10 euro.
ADIDAS FALLS, DAIMLER LEAVES RENAULT
Adidas, on the other hand, fell (-3,72%): the company cut its estimates due to the difficulty in guaranteeing supplies and the slowdown in Chinese demand.
A setback also for food delivery companies after the landing in Europe of the American DoorDash, which bought the Finnish Wolt Enterprises (7 billion euros).
Daimler has sold 3,1% of Renault, while specifying that nothing changes in the industrial agreement between the two houses.
Biotech Valneva rises by 25% after the agreement with the EU for the supply of 60 million doses of vaccine against Covid -19.
Also noteworthy is the leap of Alstom (+9,75%): the costs for the integration with Bombardier turned out to be lower than expected.
TELECOM: TODAY THE SHOWDOWN, KKR LURKING
Today the extraordinary board of Telecom Italia is on stage and predictions are wasted. On the eve, the 15-member council is split into three camps reflecting the various souls who nominated it. There are five directors faithful to the line of Vivendi, the company's largest shareholder with 23,7%, in favor of a turnaround after the bad results of the quarterly. The five who refer to the CDP are against a new turnaround. Finally, to tip the balance, there are the five directors appointed from the Assogestioni list.
A turning point already difficult in today's meeting, but the Telecom dossier is on the table of international funds, starting with the Americans of Kkr who have already invested in a minority stake in Fibercop. And rumors say that the CDP may be interested in reallocating part of its 10% to other investors.
MEDIASET: RECORD ACCOUNTS. ADVANCE COUPON FOR MEDIOLANUM
In Piazza Affari, the quarterly reports arriving from blue chips and others dominated. In great evidence Mediaset (+6,85%). The television group has published a quarterly growth above pre-pandemic levels, with advertising revenues confirming the positive trend under way for five consecutive quarters.
Banca Mediolanum is also running (+1,10%). The institute communicated a good quarterly report, announcing that it had approved the distribution of an interim dividend of 0,23 euros per share after seeing a 50% growth in profit in the first 9 months. "Nagel had proposed a merger - said Massimo Doris - but we prefer to go it alone".
INTERPUMP AND STM MARK THE PACE
The rest of the credit sector is in no particular order. Unchanged Bpm, Bper -0,5%. Unicredit goes up (+1,3%) after the exit from the Turkish Yapi Kredi.
On the utilities front, Terna (+1,51%) stood out, closing the nine months with a net profit of 580,4 million (+2% per annum).
Profits were taken by Interpump (-0,89%) after the results of the third quarter. The uncertainties of the Nasdaq weigh on Stm (-1,7%).
LUXURY AT FIRE. FERRAGAMO LANDSLIDE
The luxury sector is still under fire. Moncler sales continue (-1,09%) after the sell by Goldman Sachs. However, the most marked decline is that of Ferragamo (-4,78%, above the lows of the session). The Florentine fashion house has warned about developments on the Chinese market. Deutsche Bank raised its target to 20 euros from 18,8.
Tod's also loses momentum, after five sessions on the rise (-3,1%). Safilo soars for the second day in a row (+8,1%) after better-than-expected results.
SARAS IN DEEP RED, THE ECOBONUS PUSHES INNOVATEC
The rise in oil prices is reduced after the initial rise: Saipem +0,6%, Eni +0,7%. Sharp slowdown by Tenaris (-2,9%) after the post-quarterly increases. Saras is doing much worse (-5,9%) after the results of the first nine months.
The 110% eco-bonus proved to be an excellent deal for Innovatec (+16,51%). The Egm company has achieved a portfolio of definitive contracts relating to sustainable energy redevelopment of around 85 million euros.
