According to Finance Brand, the victory of the Azzurri will lead to Saturday an increase in GDP of at least 4 billion euros thanks to the greater propensity to consume (food and drink, travel, culture) of a country finally swept by a wave of optimism. It is more difficult to calculate the Wembley effect on Piazza Affari or on the country's image. Certainly, however, around Europe they do not mind the defeat of Brexit.
It is a must to talk about sport today, but it will also be the case in the next few days when the wait for the Olympics gets underway. This morning Tokyo, which also inaugurated a state of health emergency in view of the Games, is allowing itself a solid leap forward.
LIQUIDITY INJECTION FOR CHINA, TECH RECOVERS
- The Nikkei climbs 2% while the yen, the traditional safe haven currency of Asia, retreats.
- Supporting the Japanese Stock Exchange and the other Asian stock exchanges are Friday's good closure of the US markets but also the measures to support credit launched by China.
- After the announcement of liquidity support measures on Friday morning, the CSI 300 index of the Shanghai and Shenzen stock exchanges are up by 1,3%.
- The ChiNext index, which contains the majority of high-growth Chinese companies, gains almost 4%.
- Hong Kong's Hang Seng +0,4%. Kospi from Seoul +0,9% and BSE Sensex from Mumbai +0,5% also performed well.
US TREASURY MAXI AUCTION TONIGHT
Wall Street futures are down slightly after Friday's record highs. The 1,35-year Treasury Note at XNUMX%.
There's a $19 billion auction of new 38-year government bonds tonight at XNUMX p.m.
GOLD AND OIL LITTLE MOVED
Among other macro data:
WTI oil moved little at $74,5 a barrel: -0,8% last week.
Gold at 1.803 dollars an ounce, -0,3%.
BRANSON IN ORBIT, WALL STREET VOTE TODAY
Richard Branson goes into orbit, Jeff Bezos will follow shortly. But the markets are already focused on another launch pad: tomorrow the US quarterly campaign begins, this time by Pepsico which will precede the accounts of two financial giants: JP Morgan and Goldman Sachs. Bank of America, Citigroup and Morgan Stanley's parade of bank earnings, expected to be healthy, will continue throughout the rest of the week. Earnings are expected to grow 64%.
Returning to Branson, the billionaire's adventure, catapulted up to 80 kilometers above the earth (the edge of space according to NASA) lasted just under a quarter of an hour. After the outcome of the test, Branson himself announced the launch of a commercial line from 2022 with the aim of 400 flights per year.
FOR POWELL AT THE CONGRESS THE EXAMINATION OF INFLATION
On the macro front, spotlights on the trend of US inflation: the forecast is that the data, expected for tomorrow, signals an increase in prices in the order of 4,9%, in line with the May increase. The attention of investors will be the hearings of the chairman of the Fed, Jerome Powell in Congress which will be held on Wednesday and Thursday afternoons. The markets await more precise answers in particular on the start of tapering, the reduction in purchases by the US central bank.
With regard to inflation, the data from Great Britain will be communicated on Wednesday. Friday will be the turn of the European Union.
CHINESE GDP DATA THURSDAY
No less important during the week are the data on Chinese GDP, to assess the extent of the slowdown in the Dragon. Forecasts say that, compared to a year ago, growth in the quarter was 8%, slowing down compared to +18,3% in the first three months. But, excluding the effects of the lockdown, growth in the second quarter compared to the first is only 0,6%.
AFTER TAX AGREEMENT, REFERRAL FOR WEB TAX
Over the weekend, Venice was the scene of a historic event: the finance ministers and central bank governors of the G20 reached an agreement to carry forward the proposal for a minimum global taxation of 15% that multinationals will have to pay in the State in which they sell the products or services. Now the goal is to get the plan approved by the heads of state and government who will meet in the G20 in October. According to an initial calculation, 78 multinationals will suffer a significant increase in taxes, two-thirds American. Apple, Microsoft, Facebook, Google and Intel will pay taxes of 28 billion dollars.
The EU should postpone the application of the Web Tax until next autumn. But the US, after the tax agreement, is pressing for its abolition.
THE CARBON TAX BIS HAS BEEN LAUNCHED
During the week, the European Commission will propose a renewal of the carbon tax legislation, to encourage low-emission fuels and impose new taxes against highly polluting fuels used by the aviation and shipping industries.
TODAY THE EUROGROUP, GUEST JANET YELLEN
On the calendar today is the official lunch between the three most powerful women in finance: Ursula von der Leyen, Janet Yellen and Christine Lagarde. The US Secretary of State to the Treasury will first speak at the Eurogroup meeting on the subject of transatlantic relations, economic recovery, climate change and global minimum taxation.
VISCO: ITALY RECOVERS HALF OF THE LOST GROUND
According to the governor of the Bank of Italy Ignazio Visco, the Italian economy in 2021 will see the recovery of "over half of the 9% of GDP lost last year"
In the end of the week, the Stock Exchanges made up for the black Thursday air gap. The American indices closed in positive territory.
In Europe, on the other hand, the weekly performance is slightly negative, the Ftse Mib is down by 0,8% compared to last Friday's levels.
It could be a brilliant new week for Tesla: Elon Musk's space adventure takes off and he will have to bring a space station into orbit which will be the basis for a new landing on the line, this time with the aim of creating a stable settlement.
The Piazza Affari agenda reports the presentation of new Banca Mediolanum products.
The capital increase of Ovs gets underway
The accounts of Sesa are coming.
