Don't worry, it doesn't change. The Fed bankers have taken the field to reassure the markets that the increase in inflation is not even close to Washington's expansionary policy. "It's not the time, because there is still a big hole in the job market", said Richard Clarida, the vice president, revealing that "GDP growth at the end of the year will be closer to 7 than 6%". Same music also from Bostic and Kaplan, bankers mobilized to send the message that hawks and doves sing in chorus this time. The markets, both in Asia and in the USA, are adapting. A little less Europe, where the uncertainties about the take-off of the Recovery Fund and even more the fibrillations of Italian politics weigh.
TAIWAN RECOVERS (+5%). JAPANESE GDP -5,1%
Immediate redemption of the Taiwan price list: +5% after yesterday's -11%. The commitment of the stabilization fund favored the rebound, but even more the news that the US will send the vaccine doses produced on American soil to the island.
Today, in the presence of Carlos Tavares of Stellantis, Foxconn, the iPhone factory, will kick off the agreement to produce its electric car with a revolutionary system. The companies involved in the Taiwan giant's plan are more than 1.200.
The Tokyo Stock Exchange is also flying (+2%) thanks to the solid profits that emerge from the quarterly reports. But GDP is lagging behind: -5,1% in the first three months, worse than estimates. The capex suffers (-1,4%).
Clear prevalence of the plus sign in the rest of the continent: Singapore's Straits Times +1,7%, Hong Kong's Hang Seng +1,2%, Seoul's Kospi +1%, BSE Sensex +1%. Only the CSI 300 of the Shanghai and Shenzen lists decreased slightly.
S&P INDEX FUTURE, BOND UP 1,64%
Wall Street's S&P 500 index future is up 0,2%, following a session of slight falls: Dow Jones -0,10%, S&P 500 -0,25%, Nasdaq -0,38 %.
The birth of anti-Netflix is at the center of attention: ATT (-2,69%) has combined its media package, i.e. Warner (at the time paid 85 billion), Hbo and Cnn with Discovery (-5,04%) .
The 1,64-year Treasury Note moved little, at XNUMX%.
RAW MATERIALS RESTART, THE CHILE STOCK FALLS
WTI oil is up 0,4% to $66,5 a barrel this morning. All raw materials recovered somewhat: the Bloomberg Commodity index is up 0,6%, again close to the highs of the last six years.
Worth noting is the thud of the Chilean currency and the Santiago Stock Exchange, -10% on the eve of a delicate confrontation on the reform of the Constitution. Mining activity at risk.
RAIN OF SALES ON BTP, THE SPREAD JUMPS TO 123
Start of a week of high tension for the Italian public debt. The spread with respect to the Bund shot up to 123 points under the pressure of purchases of German bonds by operators who, when in doubt, gear up for a possible slowdown in purchases by the ECB.
At the end of the day, the pressure was partially reduced: the 0,12-year Bund closed at -1,06%, its top for two years against a yield of the BTP of the same duration of 1,11 (highest since August at XNUMX% ).
The thirty-year rate reached its highest level since mid-July, at 2,14%.
THE ITALIAN CDS IS MORE EXPENSIVE THAN THE GREEK
It should be noted that the Italian Credit Default Swap, which measures the insolvency risk of a country, closed higher than that of Greece. The paradox can in part be explained by the small size of the Hellenic bond market compared to that of BTPs, widely used as a raw material in the carry trade, which consists of borrowing at lower rates to bet on stock exchanges or other risky assets. A practice which, in times of rising inflation, is going out of fashion, while the risk arises that the ECB may start talking about "tapering", i.e. a reduction in purchases which would primarily penalize Italy, at the next summit.
In reality, at least for now, the data do not justify this fear: over the last week, the European Central Bank completed net purchases under the PEPP program for 18,96 billion euros (against 16,29 billion a week does). We could learn more about the ECB's intentions later in the week: chief economist Philipp Lane speaks on Wednesday, Christine Lagarde on Thursday.
BAGS, MILAN IS THE BEST (+0,14%)
With an increase of 0,39%, to 24.862 points, Piazza Affari was yesterday the best stock market in Europe.
Flat Amsterdam and Madrid, the other European markets close in the red. Frankfurt and London -0,15%, Paris -0,28%.
RYAN AIR WITHDRAWS, DEUTSCHE TELEKOM AT THE TOP
Ryanair -2,37%. The airline recorded, in the year ended 31 March, the largest annual losses of the last 35 years, amounting to 815 million euros. However, the company sees a recovery soon.
The best blue chip is Deutsche Telekom (+2,5%). Adidas also stood out (+2%). Airbus is down (-2%).
AT DIASORIN'S REVENGEABLE BUSINESS PLACE, BUY FOR AKROS
There are many positive ideas on the Italian list. The leap of Diasorin stands out (+2,07%). Banca Akros has raised its rating from accumulated to buy, with a target price of 197 euros. “Based on the strong upside potential at current prices, we are increasing the recommendation from accumulate to buy,” the analysts explain. Banca Akros confirmed its 2021 estimates, which are "substantially in line with the guidance". Equita sim, on the other hand, reiterated the hold recommendation, however reducing the target price from 170 to 151 euros with 2021 guidance slightly lower than expected.
The turbulence on Italian debt securities has not put utilities in difficulty. Hera did well (+2,35%) on a par with other companies such as Italgas (+2,06%) and A2a (+1,36%).
MEDIOBANCA: FININVEST, SALE DEL VECCHIO OUT
Through the Borsa Italiana platform, Fininvest sold its entire stake held in Mediobanca (+0,56%), equal to 17.713.785 shares, corresponding to around 2% of the institute's share capital, for a countervalue of around 174 million euros. An operation "of rationalization and rebalancing of its financial investment portfolio," wrote Fininvest in a note. In fact, the sale yielded just over the 167 million that Fininvest will need to buy the 5% of Mediaset shares that its French rival Vivendi has undertaken to sell it in the recent peace agreement signed after years of stamped papers. The package was probably bought by Leonardo del Vecchio, who thus rises above 15% in Piazzetta Cuccia.
GENERALI, HERE COMES THE QUARTERLY
Generali +0,50% pending this morning's release of the quarterly accounts. It hasn't had any impact, so far, the new sortie of Caltagirone, in open contrast to the management of Philippe Donnet.
CLAIMS DOWN, UNIPOL RUNS
The excellent numbers of motor claims due to the pandemic were instead reflected in Unipol's three months (+2,59%): Mediobanca raises the target price to €5,50.
Among other financials, purchases on Banco Bpm (+1,98%) and Unicredit (+1%). The CEO of Mediocredito Centrale talks about the possibility of buying the Southern Italy branches of Monte dei Paschi.
STELLANTIS: TODAY THE AGREEMENT WITH FOXCONN
Stellantis did well (+1,63%). The group has made it known that it is about to ask for a strategic partnership with Foxconn: the details of the agreement, one of many that will mark the debut of the Taiwan group, Apple's partner in the electric car field, will be disclosed today during a conference call with Carlos Tavares.
Leonard +0,2%. Glass Lewis has recommended that Leonardo's shareholders vote for a liability action brought by investor Bluebell against the group's chief executive.
AGREEMENTS FOR SAIPEM IN ARABIA AND COLOMBIA
Eni (+0,33%) has chosen Goldman Sachs and Mediobanca as advisors for the spinoff of renewable and retail activities, explain two sources. Saipem recovers (+1,80%). The stock was driven by the news of the extension of two contracts for onshore drilling activities in Saudi Arabia and another in Colombia for a duration of 4 years.
The brightest red stocks are Atlantia (-2,02%); Finecobank (-1,59%); Leonardo (-0,92%); Exor (-0,73%) and Enel (-0,57%).
MAZZATA ON CAIRO, RCS -6,16%
Mazzata on Cairo Communication (-3,14%) and Rcs Mediagroup (-6,16%), which paid the outcome of the arbitration award on the sale to Blacsktone of the real estate complex in Via Solferino in Milan, which did not recognize the group no compensation for the operation.
In publishing, the publishing company Il Fatto also lost (-4,35%).
MID CAP: JUVENTUS STARTS AGAIN, ERG, FILA AND ESPRINET RUN
Outside the main basket, Gabetti +18,4% after the accounts for the first quarter of 2021.
Juventus (+3,01%) is back in the race for participation in the Champions League.
Fila rallied (+6,64%), following the results of the first three months of the year.
Erg +2,58%, to 23,9 euro, promoted by Banca Akros as a buy from accumulated, with a target price of 29 euro per share. Esprinet also rose (+4,12%), after results for the first quarter that exceeded expectations.
