Wall Street reopens its doors today with a challenging mission: to push the S&P index beyond 3 thousand, an important psychological signal that appears within reach, given the trend in futures (ahead of a large point) and the signs of optimism on the way from the other capitals of the global economy.
The Tokyo Stock Exchange takes off (+2,6%) on the impetus of the reopening of the economy.
HONG KONG ALSO RECOVERS
Hong Kong (+2%) also took the upward path, supported by the attitude of Beijing, which sent messages of peace to the financial community of the former British colony, ensuring full protection of business interests.
Shanghai, meanwhile, advances by half a point. China's foreign minister confined himself to yesterday condemning the United States' decision to place 33 Chinese companies on the black list of subjects subject to restrictions on access to certain technologies and patents. No immediate retaliation, as feared instead: only harsh tones.
The Korea Stock Exchange (+1,4%) and that of Sydney (+1,8%) also rose sharply.
Oil also up: Brent +1,2% to 36 dollars, Wti + 2,6% to 34,10 dollars.
SHOWDOWN IN RENAULT AND NISSAN
Futures on European markets are also on the rise, on the eve of an important day for the fate of one of the key industries, that of the car. The works of the Nissan board are starting in Tokyo, which could mark the end of the merger project with Renault, replaced by a less demanding agreement on the exchange of components. In Paris, meanwhile, Minister Bruno Le Maire presents the plan to relaunch the car with strong support for Renault.
GREEN LIGHT FOR AGREEMENT FOR THE FCA LOAN
But the interventions, which will not be limited to the electric car, also affect PSA, FCA's next partner (+3,94%), which awaits Intesa's go-ahead for the 6,3 billion loan backed by the guarantee in the morning publish. Economy Minister Roberto Gualtieri said he was confident the government and Fiat Chrysler could reach an agreement on the state-guaranteed loan for the automaker. This morning the board of Intesa will give the green light to the loan of 6,3 billion subject to the approval of Sace and the publication of the decree. Ferrari (+1,77%), Pirelli (+1,31%) and Brembo (+1,91%) were also on the rise yesterday.
GERMANY GIVES EUROPE A CHARM
But the wind of the restart (not yet of the recovery) blew yesterday above all from Germany. On a day devoid of Wall Street and the City, the leading economy of the Eurozone took charge of the Eurozone price lists. The Ifo confidence index, calculated on the basis of information from economists, entrepreneurs, analysts and businessmen, rose to 80 points in May, from 69 in April. “There are solid elements – reads an editorial by Financial Times – to predict that Germany will emerge from the crisis earlier and in better shape than its European partners. Furthermore, Germany must not repeat the mistake it made at the time of the financial crisis a decade ago, when it imposed austerity on other countries, with a heavy economic and social cost”.
The euro traded this morning at 1,0916 against the dollar.
BUSINESS MARKET UP 1,6%, LUFTHANSA MAKES FRANKFURT FLY
While awaiting Wednesday's confrontation between the countries of the Eurozone, the Bel Paese's optimism is nevertheless growing, as evidenced by the recovery of Piazza Affari, which closed the session with an increase of 1,61%, at 17.595 points.
The other markets in Euroland are doing better, following Frankfurt (+2,81%). Lufthansa (+6,12%) contributed to give the charge to the Dax. The new German Economic Stabilization Fund (WSF) has approved a 9 billion euro aid package for Lufthansa, which among other things provides for the State to enter the capital with 20%. Even more brilliant Bayer (+7%): Bloomberg reports that the chemical giant is about to close with a settlement most of the claims for damages received from subjects who hold it responsible for having sold a carcinogenic herbicide, Roundup. Volkswagen also rises (+0,90%), affected by a historic ruling that imposes compensate consumers deceived by Dieselgate.
ARNAULT ON THE FIELD AT THE SIDE OF LAGARDÈRE
Madrid follows (+2,4%), on the day in which Spain decided to reopen to international tourism from July 5st and without the obligation of quarantine; Amadeus, the Spanish travel operator, gains XNUMX%.
Paris +2,15%. Airbus rises (+8,5%) ahead of Renault, on the eve of the state support plan. But the big coup came from Bernard Arnault, who acquired 25% of Arnaud Lagardère's personal holding, up 16%.
SPREAD AT 206 POINTS, WAITING FOR THE RECOVERY FUND
Positive ending for the bond market, pending the month-end auctions and tomorrow's comparison between the Franco-German proposal on the Recovery Fund and the less generous plan proposed by the "Frugal Four" (Holland, Austria, Sweden and Denmark ).
The spread between Italian and German ten-year bonds drops to 206 basis points (-0,85%): the BTP rate closes at 1,57%.
Today the new Ctz May 2022 and the Btpei May 2030 are going up for auction, offered up to 5 billion euros. We continue Wednesday with the Bot auction (10 billion available between 6-month and flexible bonds). In the evening, the detail of the medium-long auction on Friday 29.
ATLANTIA ON THE SWING, AUTOGRILL BOOM
Up and down in Piazza Affari Atlantia: -1% from -5% at the beginning of the session, after various forays into positive territory during the day. Uncertainty about the fate of concession by Autostrade and the controversy over the request for a loan guaranteed by the state are causing damage to the group, which has given a mandate to its lawyers to evaluate the initiatives necessary for its protection. The Deputy Minister of Infrastructure, Giancarlo Cancelleri (M5S), on Facebook said that Aspi must be commissioned by the government and the control company Spea replaced by Anas. The position of Luigi di Maio is more optimistic.
The prospect of a recovery in travel instead gave Autogrill wings (+12,24%). It's not the only title favored by the prospect of a return to normality. Fiera Milano shines (+8,84%) after the confirmation of Micam, the most important fair in the footwear sector worldwide, which will be held between 20 and 23 September at Fiera Milano Rho.
LEONARDO BOUNCES, DIASORIN RUNS AGAIN
The day was marked by the recovery of industrial stocks. Leonardo leads the rebound (+5,94%), closely followed by Cnh Industrial (+5,5%), in the wake of the positive indications that emerged from John Deere's quarterly report. FCA +3,94%. Economy Minister Roberto Gualtieri said he was confident the government and Fiat Chrysler could reach an agreement on the state-guaranteed loan for the automaker.
Still in evidence Diasorin (+3%). Recordati sets the pace (-0,14%).
SHINE A2A. ENEL HEADS TO INDIA
Shines among the A2A utilities (+3,5%). Enel +1,5%: the industrial plan will have a 10-year horizon, declared the managing director, Francesco Starace, adding that the group is interested in acquisitions in the digital payments sector. According to Bloomberg, Enel has presented a non-binding offer for the electricity distribution company of Delhi in India: an indication of the enterprise value of 50 billion rupees, or about 600 million euros, is reported.
BANKS, TENDER TO BE POSTED TO SEPTEMBER
As regards the banking sector, Unicredit +0,7%, Intesa Sanpaolo +0,5%, Ubi Banca +0,49%. Unicredit has decided to be heard by the Antitrust as part of the open investigation to verify the impact on competition of Intesa Sanpaolo's announced takeover of Ubi which could be postponed to September.
Bfor +0,27%. Banca Imi confirmed the hold rating and the target price of 23,6 euros on the stock.
Banca Ifis +5,48% after the chairman Sebastien Egon von Furstenberg transferred to his son Ernesto Furstenberg Fassio the bare ownership of 1.130.682 ordinary shares, representing approximately 51% of the share capital of the entire company with voting rights.
Nexi +2,25%: Equita Sim reiterated the hold recommendation.
TODAY EVEN THE OVS LOAN, INTERPUMP GOES SHOPPING
0vs (+4,80%) could be the first company to obtain a 100 million loan from a pool of banks with a Sace guarantee.
Safilo (+6,59%) has announced a new ten-year licensing agreement with Ports for the design, production and distribution of sunglasses and optical frames.
Interpump (+0,9%) has signed a binding agreement for the acquisition of control of Servizi Industriali, a company active in the design, production and marketing of centrifugal separators under the Macfuge brand. In 2019, the company achieved sales of €7,7 million.
Few items in the red: Enav -3,32%, Mortgages on Line -3,24% and Sogefi -1,83%.
