Prudence dominates the skies of the markets at the beginning of the week. The Wall Street Journal intercepts this feeling by underlining that most of the analysts of the major investment houses (including Morgan Stanley, Citigroup, Bank of America and Deutsche Bank) have published reports which give a probable correction of the lists, especially those in the USA, reduced from 54 absolute records of the S&P index in the current year (itself record since 1995).
TOYOTA (-3%) PROTEST AGAINST US STATE AID
In this context, the attempt to beat one of the longest-lasting records seems to have failed for now: the record set by the Japanese Nikkei, which has held up since 1990, the start date of the economic stagnation. The goal is within reach after last week's 4,3% rise, marked by the overtaking of the number of vaccinated people in Japan compared to the United States, bringing up the rear of the G7. But this morning Tokyo marks a modest fall (-0,2%), weighed down by the decline of Toyota (-3%) after the publication of a harsh note condemning the US bill which provides for further subsidies for electric cars to automotive manufacturers Americans, provided they have a stable union presence in the factories, which happens in Detroit but not in the South, where the made in Japan plants are located. The proposal creating a $4.500 end-buyer bonus is expected to be voted on by Congress tomorrow.
HONG KONG SUFFERS. ALIBABA FINANCE CLAMPDOWN
Chinese lists also slow down: CSI of Shanghai and Shenzhen -0,4%. The worst stock market is that of Hong Kong -1,9%, under pressure after the new restrictions on tech.
Xi JingPing's ax has struck again on Ant group, the financial leverage of the Alibaba group on which Alipay depends, the financial services app used by a billion users, the authorities would have ordered the spin-off of this line of business into a new independent entity. Ant should also place all user data made available to the authorities in a new public-private joint venture. Alibaba is down 4,3%, Tencent down 5%.
USA, THE DEMOCRATICS TO CHARGE THE TAX
With the ceremonies of 11 September archived, the US faces tomorrow the test of the confirmation of the governor of California. In the meantime, the Democrats have reopened the tax dossier by announcing measures that increase the maximum tax rate to 26,5%, from the current 20%. The increase is more modest than the original one desired by the White House (28%), as it is hoped to obtain the support of at least a part of the Republicans for the maxi investment plan of 3.500 billion dollars.
The spotlight on Wall Street is focused on tonight's launch of the latest i Phone, Apple's flagship product, for next Christmas.
BITCOIN DOWN, OIL RISES
Wal Street futures are up slightly. The 1,33-year Treasury Note trades at 1,180%, flat. Euro dollar at 1,183, from 1 on Friday. Bitcoin down 44.680% to $XNUMX.
WTI oil slightly up to 70 dollars a barrel, +0,4%. The situation in the Gulf of Mexico, where a new tropical storm is forming, remains the most observed area. About half of the area's production capacity is still unavailable.
Today, OPEC's monthly report will offer guidance on forecasts for crude oil supply and demand. General elections will be held in Norway, also in this case strongly polarized on environmental choices and the exploitation of the black gold.
INFLATION AND FOUR WITCHES FOR WALL STREET
Another opportunity for a slowdown could come tomorrow with the publication of the data on US inflation: estimates speak of an increase in August of 5,3%, just under the 5,4% in July, the highest for 13 years . But pressure is building for the tapering announcement at the September 25 Fed meeting.
Another delicate passage: the day of the four witches on Friday with the simultaneous expiry of options and futures on stocks and stock indexes.
ITALY, INDUSTRIAL PRODUCTION AND WORK
Inflation will also be at the center of attention in the Eurozone: data from Italy, France and Great Britain will arrive this week, while the chief economist of the ECB, Philip Lane, will speak at an Imfs webinar. Average prices are expected to jump to 3% in August from 2,2% in July.
The labor market in Italy is in the spotlight. The data from the United Kingdom should also be followed, where the risk of a shortage of specialized personnel is materializing to the point of jeopardizing the recovery.
BUSINESS PLACE BETWEEN BTP AUCTIONS AND GENERAL DOSSIERS
The fever on bond yields returned towards the end of the week. Tomorrow, 3, 7 and 30-year Italian government bonds will go to auction.
The attention of Piazza Affari is concentrated on Generali, where, on the eve of tomorrow's committee, the syndicate pact launched by Leonardo Del Vecchio and Francesco Gaetano Caltagirone (but open to other members) was announced in view of the renewal of the Leone council , which will expire in spring 2022 after the approval of the budget.
Del Vecchio and Caltagirone believe that the Trieste-based group should grow more in Europe to close the gap with rivals such as the French Axa, the German Allianz and the Swiss Zurich. This is why they are asking for the head of Philippe Donnet, who can also boast satisfactory results.
