Stock markets hold back pending tomorrow's congressional hearing of Fed chairman Jerome Powell. After the brilliant data on US employment, the hypothesis of a half point cut in rates vanished and the markets did not lose to align blue chip prices downwards, starting with Apple (-2,2%), after the " sell" announced by Rosenblatt securities, which predicts a "significant deterioration in market prospects" in the coming months, in line with the warning launched yesterday by Morgan Stanley: barring an exceptional intervention by the Central Bank or an agreement on tariffs, this is the diagnosis, there is no reason for a rise in stock prices.
The situation in Europe is different. Germany's weak economy makes expansionary measures necessary already at the next meeting of the ECB, to the advantage of the weaker partners. The Italian Treasury took advantage of it, being quick yesterday to launch the 50-year BTP with a 2,80% coupon and maturing on March 2067, XNUMX, anticipating the issues of governments and individuals ready to ride the summer "fashion" of the euro.
KOREA ASKS FOR WAR DAMAGES IN TOKYO
Asia is starting to close in negative territory, under the pressure of the bad signals coming from Apple and other US corporations.
Hong Kong's Hang Seng loses 0,8%. This morning the government of the former British colony announced the withdrawal of the law on extradition to China, after new strong protests. The Csi 300 index of the Shanghai and Shenzhen stock lists also fell (-0,6%).
Overall, the dollar strengthened against its major counterparts in Asia, but not against China's renminbi. The euro moved little, at 1,121 against the US currency.
Gold trades at USD1.397 an ounce, down 0,1%.
Little move Tokyo (-0,1%), hit by a dispute with South Korea that reawakens the wounds, never closed, of history: a court in Seoul has sentenced Japan to compensate the thousands of people who were deported to work forced, during the occupation of the country, between 1910 and 1945. The Korean currency, the won, is at its highest level in the last month at 1.180. The Kospi index was weak (-0,2%) due to fears of reprisals on supplies of Japanese components for chip production.
EVEN ARABIA IS MOVING AWAY FROM BOEING
US markets fell last night. In addition to Apple's slowdown, Boeing's drop weighs (-1,3%) after Saudi Arabia announced the withdrawal of orders on the Max 737 to the benefit of Airbus.
Finally, the forecasts for the quarterly campaign which will start next week are not good. As a result: Dow Jones -0,43%, S&P -0,48%, Nasdaq -0,78%.
The slowdown in the economy is also weighing on demand for oil, which is down despite the hot situation on the Iranian front. Brent fell to 63,87 dollars a barrel.
Positive oil prices yesterday in Piazza Affari: Eni +0,8%, Saipem +1,7%, Tenaris +2%.
DEUTSCHE BANK CLOSES IN RED, BASF KAPUTT
In Europe yesterday the reception of the markets to the Deutsche Bank restructuring plan, in free fall after a successful start. the stock slipped to -5% at the close, from +3% at the start of the session. This was the market response to the Bank's 8,3 billion euro restructuring plan, which involves cutting a fifth of the workforce to 74.000, closing down share trading activities and creating a bad bank in which assets of 74 billion euros will be contributed. A negative signal for European equities, which however, according to Morgan Stanley, is the one destined to decline less in the coming months, pending the relay to the ECB.
Piazza Affari closes almost balanced (-0,04%), at 21.976 points.
Closing in fractional loss for Madrid (-0,46%), without emotions Paris (-0,08%) and London (-0,07%). Frankfurt -0,2%. Industrial production in Germany, on the other hand, grew by 0,3% monthly in May. On a year-over-year basis, the figure was down 3,7%. The chemical giant Basf retreats by 5% after the profit warning due to adverse demand conditions.
ATHENS DOWN BUT BONDS FLY. EMS: WE WILL NOT DISCOUNT
Athens -2,15% later the victory of the right in the elections. To cool the enthusiasm of the Stock Exchange for the new government decided to renegotiate the agreements with Brussels (Greece has committed itself to a budget surplus of 3,5% until 2022) thought Klaus Regling, head of the European Stability Mechanism : "We work with all governments - he said - we respect all the programs, as long as we do not forget the commitments made".
But the Hellenic bond rally continues. The 14-year bond fell to an all-time low, with yields dropping nearly 2,014 basis points, to XNUMX%.
THE TREASURY BETS ON 50 YEARS, 5,5 BILLION BTP AT AUCTION
Volumes and modest changes yesterday on the bond market. The 1,79-year rate settled at 1,75%, from 217% on Friday. The spread widens to 211 points (from XNUMX).
In the evening, the Treasury announced that tomorrow it will reopen the offer of the 50-year BTP issue, coupon 2,80% and maturing on March 2067, XNUMX, through a syndicated placement.
On Thursday 11 the Ministry of the Economy will auction between 4,5 and 5,5 billion euros. In detail, 2,5-3 billion euros of the 3-year Btp in July 2022 and 2-2,5 billion euros of the 7-year Btp in July 2026 will be made available.
UNICREDIT PAYS CASH WITH FINECO, OPENS IN CARIGE
With the stock exchange closed, Unicredit (-1,77%) announced the placement of the remaining 18,3% still held in FinecoBank, yesterday -3,6%, through an accelerated bookbuilding intended, according to a note, "for certain institutional investors" which will be concluded already this morning.
The bank led by Jean-Paul Mustier and Bper Banca (-1%) are allegedly negotiating with the Treasury the takeover of Banca Carige without any outlay and only after a total cleanup of non-performing loans, amounting to around 3,5 billion EUR. The rest of the sector was negative, with the exception of Mps, which continues its run (+3,71%) after the attempted correction at the start; the market continues to appreciate the Bank's risk reduction process. Ubi Banca -1,4%: Generali (+0,3%) would like to become the institution's exclusive insurance partner.
PIRELLI, THE BEST BLUE CHIP. PURCHASES ON JUVENTUS
The main price list is supported by Pirelli (+3,06%), with JP Morgan analysts who raised the target price, and Juventus (+2,45%), animated by the transfer market.
Geox sells with a leap of 7,5% with very substantial volumes, equal to more than 6 times the 30-day average. The stock returned to the levels of mid-May, close to an important technical resistance at 1,45 euro.
MEDIASET HOLDS DOWN, RAI WAY ADVANCES, TIP ENTERS SESA
Strong sales on Mediaset (-2,43%, at 2,81 euros), one step away from the 2,77 euros which represent the threshold for exercising the right of withdrawal by shareholders who do not intend to participate in the project to create a holding company Netherlands which will merge the TV activities in Italy and Spain of the Biscione.
Instead Rai Way advances (+2,4%). Under the direction of F2i, Rai and Mediaset are studying an operation to combine the television towers of Rai Way and EI Towers.
Tip has acquired control of 14,5% of the holding company which owns Sesa, a reference operator in Italy in the sector of value-added IT solutions and services for the business segment listed on the Star with a capitalization of around 450 million.
