Asian stock markets open higher at the start of the week of US quarterly reports. Today, the Columbus Day holiday, American finance will work at a reduced pace: the bond market is closed, recovery to a lesser extent for shares. This too favors the forward flight of the dollar, driven by the prospect of tapering which is approaching despite the less brilliant than expected labor market (only 194 new jobs against the 500 expected). The US currency, at a three-year high against the yen, supported the Tokyo Stock Exchange. Almost all raw materials also rose, a mortgage on the rise in inflation.
RUNS ALIBABA, HONG KONG +2,2%
Above all, the recovery of the Chinese tech sector is favoring a positive climate, after a long streak of declines linked to the government's attitude. Alibaba (+9%) and Tencent (+3%) are flying, dragging the Hong Kong index (+2%) upwards.
The Chinese Antitrust has contented itself with imposing a fine of around half a billion dollars on the food giant Meituan (+9% this morning after the narrow escape). The Csi 300 index advanced by 0,3%.
THE SUPER DOLLAR FAVORS TOKYO
Tokyo's Nikkei is up 1,5%, also following the fading of the threat of a punitive revision of the capital gains tax: the new premier Fumio Kishida said the government has nothing on the agenda on This theme.
The Taipei and Seoul stock exchanges are closed. Singapore's Ftse Straits Times index is on par after local authorities announced the suspension of the quarantine obligation for vaccinated travelers arriving from eight countries, including Italy.
CRUDE OIL AT HIGHEST SINCE 2014
The Bloomberg Commodity index moved to 103,4, a new high since 2015. Wti oil +2%, at 80,9 dollars a barrel, the highest since 2014. Brent at 83,59 dollars. The benchmark natural gas future is up 3%. Gold does not move, at 1.755 dollars.
IMF: THE USA AGAINST GEORGEVA, BEIJING'S "FRIEND".
An unprecedented tug of war characterizes this year's autumn meeting of the World Bank and the International Monetary Fund. The meeting is charged with tension this year due to the accusations against the IMF secretary general, Kristalina Georgieva, who according to an independent investigation manipulated the data in favor of China when she presided over the World Bank. The United States and Japan are demanding the immediate removal of Georgieva, but the Europeans, including Italy, do not agree. A first summit between the partners to define the issue ended in nothing. A new meeting will be held this week.
OECD, HISTORIC AGREEMENT ON TAXES
The problems associated with the surge in energy, in particular natural gas, and the effects on environmental measures will also take center stage in the meeting. The Russian ambassador to the EU reiterated Moscow's offer: the opening of the North Stream gas pipeline could alleviate Europe's supply problems.
The situation of the Chinese real estate market is also in the spotlight, awaiting developments on Evergrande: a third bond in dollars is due to expire this morning. The first two, for now, have not been honored.
On Friday, the OECD announced the achievement of a global agreement to establish a minimum tax of 15% for large companies.
TODAY THE NAME OF THE NOBEL OF ECONOMICS
During the day, the name of the Nobel Prize for Economics will arrive from Stockholm. The most important data of the week for the financial markets will be that on US inflation, released on Wednesday. A monthly increase of 0,3% is expected. Together with the numbers (much lower than forecasts) on new jobs, they will be the element most followed by the Fed in view of the November meeting which should kick off the tapering, the reduction in the purchases of securities on the market. In the meantime, the number of analysts contesting the opinion of the central banks is growing, as they continue to deem the increase in prices "temporary".
The 5-year Treasury Bond, a traditional point of reference for rate decisions, closed the week at 2,7%, above the 2% level indicated by the Fed.
USA: JP MORGAN ACCOUNTS COMING SOON
Also on Wednesday, the Wall Street quarterly campaign will begin. The first Bigs to present the results recorded between July and September will be BlackRock and JP Morgan together with Delta Airlines. Bank of America, Wells Fargo, Morgan Stanley and Goldman Sachs will follow this week.
The average revenues of the list, according to forecasts, should have risen by 17,4%. But the most awaited data concerns profits, which, under the pressure of rising costs, could result in a decrease to 12,1% (from 13,1%).
THE G20 OF FINANCE IN ROME, THE NOTE FOR BRUSSELS ARRIVES
The meeting of the finance ministers and central bank governors of the G20 is scheduled for Wednesday under the guidance of the Italian presidency, with the minister of the economy Daniele Franco and the governor of the Bank of Italy, Ignazio Visco.
In Italy, Istat today publishes the data on industrial production in August and disseminates the monthly Note on the performance of the economy. Meanwhile, the government is working on the budget planning document to be sent to Brussels by the end of the week.
TODAY SUMMIT AT MISE ON STELLANTIS
The working table on Stellantis is held today at the Mise with the Minister of Economic Development, Giancarlo Giorgetti. Work on Maserati will be moved from Grugliasco to Mirafiori, by now the only active car production plant in Turin.
