“I believe inflation will be above 2% both at the end of this year and next. The time will come to review our monetary policy, but we certainly won't do it as long as the pandemic lasts". James ballard, one of the most listened to Fed members, gets his hands on ahead of the data on prices and consumer confidence due out in the afternoon. Same music by Lael Braenard and Raphael Bostic, other central bank governors intervened in chorus to reassure the markets. And these have responded, both in the US and in Asia, with a wave of purchases, especially on technology stocks pending the parliamentary battle on the Biden plan. The Republicans are raising the barricades against measures that are too "generous" especially in the field of work and a downward compromise is looming. Thus the pressure on interest rates decreases, the dollar slows down and bitcoin also recovers again around 38 thousand dollars after the umpteenth intervention by Elon Musk who met the miners on Sunday to study greener systems for creating cryptocurrencies.
FLY SHANGHAI, JAPAN FORBIDDEN TO US TRAVELERS
- Chinese stock markets are confidently advancing on the wave of purchases in finance, travel and the recovery of consumption. The CSI 300 index of the Shanghai and Shenzen stock exchanges rose by 2,2%. The yuan is close to its three-year high against the dollar. Hong Kong +1,3%.
- Tokyo is also on positive ground +0,6% even if the clouds over the Olympics (scheduled for July 23) are multiplying. The lockdown continues in the main prefectures and the United States has banned travel to the land of the rising sun.
- Seoul advances +0,7%. Hiunday has launched massive new projects on hydrogen cars in its plants in the USA.
MICROSOFT RUNS, AMAZON GOES TO CINEMA
- Technology stocks on the US markets were in great shape yesterday. Apple +1,3% and Microsoft +2,29% led the rebound in the Nasdaq +1,41% which largely recovered last week's losses. The AS&P +0,99% and the Dow Jones +0,54% are also up.
- Amazon, anticipates Bloomberg, could close the acquisition of Metro Goldwyn Mayor today and thus strengthen the Prime Video catalog in the clash with Netflix and Walt Disney.
- Marriage of interest between two shale oil giants, Cimarex and Cabot Oil, who concluded a $17 billion merger of equals.
- WTI oil closed yesterday's session up 4%, this morning it traded at 66,3 dollars a barrel: the arrival of Iranian crude does not disturb much, there is the belief that the extra production will be absorbed by a market in full recovery.
- Commodities are back on the rise: the Bloomberg Commodity index gains 0,3%. China reaffirmed its "zero tolerance" towards speculative maneuvers on copper, aluminum and other commodities.
IN ARRIVAL OF THE IFO INDEX AND THE GERMAN GDP
A positive start is expected for the European stock exchanges. Today the price lists closed yesterday for Pentecost are also open, starting from Frankfurt. The attention of the markets this morning is concentrated on the data of the Ifo index, on the confidence of businesses across the Rhine and on the trend of the GDP in the first quarter.
THE ECB SPEEDS UP PURCHASES, THE EURO RISES
Orphaned by the German markets and a large part of Northern Europe, the European lists closed the first session of the week on positive ground, but without too much conviction. Purchases concentrated on stocks linked to the travel sector and the technology sector. The rebound in crude oil and the outstretched intervention on raw materials by China contributed to the bull's hand. From today, however, the march towards the directorate of the ECB of 10 June, according to some the turning point in central bank policy or, before that, al summit of ministers of June 4 finances which Janet Yellen will also participate. In the meantime, the strengthening of the euro against the dollar continues, yesterday at 1,2219.
The central bank also announced that it carried out Pepp purchases last week for 21,67 billion euros (against 18,96 billion a week ago) for a total of 1074,76 billion since the beginning of the programme.
DIVIDENDS HOLD THE HOLD IN MILAN -0,34%, ONE STEP FROM THE TOP
- The dividend effect distorted the results of the Milan Stock Exchange. The FtseMib index -0,4% to 24.880 was held back by the effect of the dividend payment of 18 of its components. Net of coupons, the index rose by 0,60%, in line with the performance of the other open European stock exchanges.
- The negative impact is estimated in the order of 0,9% or about 225 points. The index stood at around 25.100 points, in line with the high of February 2020 (25.113 points).
- Plus sign also for London + 0,5%. almost flat Madrid +0,02%.
IN PARIS +0,35% DISINTEGRATED SOLUTION 30 -70,6%
In Paris +0,35% the collapse of Solution 30 took place -70,6% on its return to the list. The auditor considered that he was unable to certify the 2020 balance sheet active in the installation of optical fiber.
BTPs BELOW 1%, 6 BILLION BOTS AT AUCTION 6
Bonds are stable: the spread with the Bund is around 110 basis points, while the yield on the ten-year BTP closes below 1 at 0,96%.
After announcing the offer of up to 4,75 billion short Btp and Btpei for tomorrow, the Treasury announced the day after the auction for 6 billion euro of 6-month Bt.
MANAGEMENT RUNS, COUPON EFFECT ON GENERALI
Held back by the coupons, some of the most "generous" stocks on the list lose ground: Italgas -4,59% (equal to the amount of the dividend), Generali -4,3% (same situation), Unipol -3,2% (the same) .
BPM/ BPER ON SHIELDS. BERENBERG PROMOTES UNICREDIT
Among the banks, Bper shines +4,29% which has paid a dividend of 0,04 euros per share. Banco Bpm also did well +1,65%, the other protagonist of the first potential M&A in the world of credit. Among the stocks that detached the coupon, Banca Mediolanum also closed with a plus sign +0,43%.
Positive Unicredit +0,23%, promoted by Berenberg. to buy from hold with a target price revised to 12 euros from 8 euros. Asset management solid: Poste Italiane +1,74% and Banca Generali +1,6%
On Amplifon shields +2,6%.
KEPLER PROMOTES STM TO BUY, TARGET 42 EUROS
Well bought Stm +0,86%. The denial of an interest in Scandinavian Nordic Semiconductor, which specializes in connection technologies for the Internet of Things, does not matter. Kepler Chevreux says she is "surprised" by any interest given that the Italian-French joint venture "has all the connectivity technology it needs thanks to the Stm32". The broker confirmed the buy recommendation and the target price at 42 euros.
JUVENTUS CELEBRATES THE CHAMPIONS
In great evidence, outside the main basket, the Juventus share +1,62% which thus celebrates qualification for the next Champions League.
The effects of not participating in the competition have been estimated by PwC at about 75 million less revenue.
IGD STARTS AGAIN +1,8% TOGETHER WITH THE SHOPPING CENTRES
The increase in Igd +1,76% also stands out. The company, one of the main players in the ownership and management of Shopping Centers, announced that in the first week of full operation since the end of October 2020, total admissions were recorded equal to +32% compared to the corresponding week last year and a recovery of 90% of admissions compared to the same period of 2019.
TWO LITTLE ITALIAN PEARLS SHINE AT AIM
Among the small ones there is Friulchem +12,3%. The race for the pharma company listed on the AIM was triggered by the purchase by the French Vibac, one of the main multinationals in the veterinary sector, of a plant near Paris for the packaging of finished products for the veterinary pharmaceutical industry.
Neosperience is also advancing +5% with the launch of Sofia, the first virtual and augmented reality assistant based on the Neosperience Cloud platform and Open Ai's GPT-3 natural language processing technology, on the market.
