Europe is waiting, the USA, thanks to the money arriving from Biden's stimuli, is going on vacation. On Wall Street, airline and tourism stocks shone yesterday, confirming that in the eyes of the market the worst is over. The Airlines Index jumped 4% to a year high as Delta Airlines, Jet Blue and Southwest Airlines all announced a sharp rebound in bookings. And the euphoria has also infected the world of cruises (Carnival +5%) as well as that of luxury resorts. In short, truly another world compared to the Old Continent, paralyzed by the stop, albeit temporary, of the AstraZeneca vaccine matured in a chaotic atmosphere, made on purpose to spread distrust in a population stressed by conflicting messages. The figures, for now, say that out of over 17 million people vaccinated in Europe and the United Kingdom, there are 15 thrombosis episodes and 22 pulmonary embolism episodes. The judgment of the EMA is expected for Thursday: perhaps, the conditional is a must, it will be decisive.
BRAZIL EXCHANGES VACCINES WITH HUAWEI'S 5G
Vaccines are increasingly the decisive factor for economic and political choices. Exemplary in this regard is the exchange between China and Brazil. The Carioca Minister of Communications, due in China, begged Beijing to send new doses to deal with the disease. In return, China asked and obtained the green light from Huawei for the Brazilian 5G network.
- Asia Pacific stock exchanges optimistic: stocks rise, bond yields fall.
- Tokyo's Nikkei +0,5%, Hong Kong's Hang Seng +0,6%, Shanghai and Shenzen CSI 300 +0,7%, Sydney's S&P ASX 200 +0,8%.
- Australia's 1,68-year government bond traded at 1,78%, from XNUMX% the day before. The government has announced that it has no limits on the use of AstraZeneca.
S&P AND DOW JONES AT THE HIGHEST, ELON MUSK ON TECHNOKING APPOINTMENTS
- The US Treasury Note is down 1,59%, just below the month's highs of 1,62%.
On Monday evening on Wall Street, the Dow Jones and the S&P500 reached new all-time highs: The Nasdaq +1,05% is recovering positions after the plunge linked to the jump in bonds. - The markets are looking to the Fed's decisions with confidence. The update of the economic estimates should reveal record numbers on growth prospects, but the central bank does not seem willing to apply the brake prematurely. JP Morgan writes that the time has not yet come to sell the securities that have risen the most in recent weeks, those linked to the economic cycle, even if the rise in market rates should continue.
- In the aftermath there was the leap of Fintech Acquisition, a SPAC (special vehicle) that is about to merge with eToro, the rival online trading platform of Robinhood dedicated to traders determined to play the incentives received from the government on the stock exchange.
- Elon Musk still manages to get people talking: Tesla's number one +2% got the board to approve a change of statute: from now on Musk will be Tesla's TechnoKing.
- WTI oil is down 1%.
- Gold trades at $1.735 an ounce, up slightly.
EUROPE, HEALTHY BULL EVEN IF (FOR NOW) IT IS NOT VACCINATED
The future of the EuroStoxx 50 index rises by 0,2%, despite the suspension of the administration of the Astrazeneca vaccine. Germany, France and Italy. And to follow a large part of the EU, most recently Portugal. The European Community, in no particular order, has decided to suspend the distribution of the AstraZeneca vaccine, already at the center of fierce controversy over delays in supplies to the Brussels community. The prudential stop came after a day spent in vain by the authorities, both political and health, to reassure public opinion. But in the end caution prevailed: no one, from Holland to Denmark passing through Germany after the Ko inflicted on Sunday by the voters on Angela Merkel, felt like signing a blank bill in favor of the Anglo-Swedish group's vaccine accused (without any scientific evidence, it seems) of having caused the death of five patients by thrombosis. Thus a double fracture has arisen: on the one hand the United Kingdom and the United States, where the vaccination campaign accelerates at the rate of three million doses a day across the ocean. On the other, continental Europe which, badly surprised, risks postponing the final thrust against Covid-19.
PIAZZA AFFARI +0,11% IS THE ONLY ONE TO CLOSE WITH THE PLUS SIGN
- Piazza Affari +0,11% at 24.139 points closed a two-fold session with a modest gain: robust rise in the morning with a leap in the index to around 24.400 points, slowdown after the decisions on AstraZeneca.
- In red, albeit pale, the other markets that retreat from their highs after the news that France and Germany will stop administering AstraZeneca's Covid-19 vaccine pending the assessment by the European Medicines Agency (EMA) scheduled for today : Frankfurt loses 0,22%, Madrid -0,05%, London -0,17%.
THE BOD FIGHTS THE CEO OF DANONE
- In Paris - 0,18% i -0,18%, Danone gains 2,89%, after the board decided to oust the president and CEO Emmanuel Faber under pressure from shareholders.
- Volkswagen plans to cut up to 5 jobs in Germany through early retirement measures. The automaker said it plans to build up to 6 mega plants to build electric vehicle batteries.
Positive bond market in the wake of the ECB's announcements which last Thursday had anticipated the acceleration of purchases on the market both in the context of the Pepp program and of the Qe.
THE BTP HOLDS: SPREAD AT 93, YIELD 0,60%
Monday's data already reflects the decision: purchases on Pepp exceeded 19,3 billion, more than the previous average (17-18 billion).
The spread between Btp and Bund remained stable just below 100 basis points (93 at the close). The 0,6-year yield stops at XNUMX%.
UTILITY, TERNA LEADS THE RACE TOWARDS THE CLEAN ENERGY INDEX
It was utilities day in Piazza Affari. Leading the race is Terna +4,69% together with Falck Renewables +6,6% and Erg +3,5%. Hera +1,54% and Snam +1,18% also shine. Enel goes against the trend -0,9%, after the announcement of theVoluntary takeover bid up to 10% of Chilean Enel Americas. Interest has been sparked by the prospect of entering the S&P Global Clean Energy Index. In fact, the consultation for the choice of new titles to expand the index from the current 30 members to 100 started on Monday. The changes will be effective from Friday.
LEONARDO LAUNCHES THE IPO OF DRS, DB GIVES THE CHARGE OF STELLANTIS
The exploits of two blue chips contribute to supporting the index:
- Leonardo appreciates by 4,17%, after the announcement of the IPO on the minority stake of the US subsidiary Drs destined for listing on Wall Street.
- Stellantis +$2,14 on the day when shareholders, including Exor, collect the dividend linked to the sale of Faurecia. The stock leaps to the top of the automotive sector thanks to the Deutsche Bank report which started the coverage with a Buy, target 20 euros. Jp Morgan also raised its target price to 29 from 18. Ferrari +1%.
WEBUILD FLIES, ASTALDI SINKS
- Outside the main basket, Webuild rises by 3,15%, while Astaldi drops 18,15% after the share swap ratio in the merger between the two companies was announced. The demerger plan envisages 203 ordinary Webuilds for every 1.000 Astaldi. The merger will make it possible to maximize the synergies between the two groups, eliminating the conflict of interest with the minority shareholder Astaldi. If the two market values of the shares are compared, the exchange ratio favors Webuild” and this explains the diametrically opposite performance of the two shares on the Stock Exchange.
ENI AND GENERALI PROMOTED, ANOTHER POSTPONEMENT FOR ATLANTIA
Among the Big to be mentioned again:
TIM -0,6% reached new 11-month highs before retreating.
Generals +0,5%. SocGen strengthens the Buy by bringing the target to 19,50 euros.
Eni +0,3%. HSBC raises its judgment to Buy, target price at 12,3 euros.
Atlantia +0,1%, has no plans to pay a special dividend if the expected sale of Autostrade per l'Italia goes through, giving priority to debt reduction. The negotiations for the sale of Aspi have been extended to 27 March.
BANKS IN RED, NEXI SLIDES
Diasorin advances in the rest of the list on the wave of the purchase of GenMark Diagnostics by Roche: the operation recognizes a 30% premium on Friday's closing prices.
The worst travel in no particular order: Tenaris loses 2,48%, Nexi 2,56%. All bank accounts were negative, starting with Fineco -1,67%.
TIP, SHAREHOLDERS' ASSETS OVER XNUMX BILLION
In the rest of the list:
- The 2020 accounts show that Tamburi investment Partners has reached shareholders' assets of 1,07 billion euro.
- Triboo +2%, has expanded its collaboration with the Alibaba Group in Italy. The subsidiary East Media will support small and medium-sized enterprises towards digitization and internationalization on the Alibaba.com platform.
- After the rising accounts Reply +5,03% and Fiera Milano +3,47%. Biesse -4,20% is bad.
