Not even the great vaccine mess seems able to stop the Bull, launched towards a new burst of records. The precautionary suspension of the Johnson & Johnson vaccine in the United States causes only a modest drop in the stock market (-1,3%), but does not affect the mood of the economy. It is worse in Europe, where the continuous hitches in the vaccination campaigns are putting the recovery times at risk. But the moods are tinged with pink in any case and everywhere.
THE LISTING OF COINBASE IS LAUNCH: 100 BILLION TARGET
US inflation rises (+0,6% in March, +2,6% over 12 months) but the figure does not worry the Fed to the point of affecting rates. And so, after the success of the US Treasury auctions, Wall Street is preparing to celebrate tonight the quarterly reports of JP Morgan and Goldman Sachs, the first signs of recovery. But, above all, today preceded by the umpteenth record of Bitcoin, debuts on Nasdaq Coinbase, the trading platform for virtual currencies. The goal is a valuation of one hundred billion dollars. To begin with…
Optimism also reigns on Asian stock exchanges: this morning Hong Kong's Hang Seng gains 1,2%, the CSI 300 index of Shanghai and Shenzen stock exchanges up 0,2%, Mumbai's BSE Sensex up 1 % and Sydney's S&P ASX 200 0,4%.
BATTLE OVER TOSHIBA IN TOKYO
The only exception is Tokyo (-0,2%), where the difficulties of the fight against Covid-19 take on a particular flavor, because the country is committed to guaranteeing the start of the Olympic Games in the summer.
Meanwhile, a new battle is unleashed over Toshiba's fate: the old guard has forced the president to resign and is ready to build the barricades against the intervention of the private CVC.
USA BOND: 30 YEAR OLD YEARS RETURN LESS THAN THE COST OF LIFE
The most important news coming from New York concerns the performance of the bonds yesterday at the auction. The 30-year Treasury Note (offer of 24 billion) was placed on reopening at 2,32%, less than the inflation rate (2,6%). It has only happened four times in history. The 1,62-Year Treasury Note is yielding 1,776% this morning, well below the high of 30% hit on March XNUMXth.
New record last night for the S&P 500 index: +0,33%, to 4.141 points. The Dow stops (-0,2%). Nasdaq +1,05%, to 13.996 points (another record).
Bitcoin hits a new record this morning above $63 (+5,6%). While waiting for Coinbase, blockchain and foundry stocks are flying: Riot Blockchain +15%.
WTI oil traded at USD60,5 a barrel this morning, up 0,7%. The euro strengthens, reaching the highs of the last month against the dollar (cross at 1,196).
THE ZEW GOES DOWN, J&J STOP. BUT EU EXCHANGES RISE
Divided between hope in recovery and the cold shower of the various stop and go on vaccines, the European stock exchanges nevertheless experienced another positive day. Despite the worst-than-estimated Zew and J&J's decision to delay the launch of the vaccine in Europe, the stock has in fact confirmed the underlying positive trend, regardless of the protests related to the various lockdowns. Not even the leap in US inflation has caused particular tensions: the increase was not judged strong enough to justify a reduction in stimulus by the Fed. Meanwhile Paolo Gentiloni, EU commissioner for economic affairs, anticipated that Brussels could raise May the economic forecasts, because "the recovery is destined to accelerate in the second half".
BUSINESS PLACE +0,6%, 40 BILLION IN AID COMING SOON
Piazza Affari closed the session up 0,59%, at 24.600 points. The new stimulus package the government is working on will be 40 billion euros, according to a source. The new shift will likely push the deficit/GDP above 10% this year.
Frankfurt appreciates by 0,2%. The March wholesale price index in Germany grew by 4,4%, the fastest pace for four years (the previous figure was +2,3%).
LVMH, RECORD SALES. LUXURY ARCHIVES THE CRISIS
In Paris (+0,36%), Lvmh (+0,71%) exceeded market expectations thanks to the sales of Dior and Louis Vuitton: the luxury giant archives the first quarter with growth of 30% (32% if Tiffany, who has just joined the group, also considers herself) on 2020, the year of the pandemic. But revenues are also 8% higher than those of 2019.
Amsterdam +0,18%, Madrid -0,08%, London +0,03%.
BTP: RISING YIELDS AT AUCTION
Eurozone government bonds down slightly: Bund at -0,29%, spread rises to 106 points, 0,76-year yield at XNUMX. Good demand and rising yields for the BTPs assigned in auction by the Treasury. The yield of the third tranche of the 3-year bond rose to -0,17% and that of the 10-year BTP closed at -0,12%, while the second tranche of the 15-year BTP was assigned at 1,26% .
AMPLIFON (+6,88%) IS HEARD IN PIAZZA AFFARI
The undisputed champion of the day in Piazza Affari was Amplifon: +6,88% on the wave of the S&P promotion, which raised the outlook to stable from negative. Interpump (+2,8%) and Prysmian (+1,25%) follow at a safe distance.
EXOR ADVANCES: THE SALE OF IVECO TO THE CHINESE CLOSER
Exor (+2,16%) led the charge of the Agnelli galaxy. Special observation Cnh Industrial (+0,84%). The negotiations with Fang's Chinese for the sale of Iveco are now at an advanced stage: the agreement can be reached on 3,5 billion, excluding military vehicles and the 7% controlled by the American Nikola. Analysts are questioning the possibility of an extraordinary coupon in the event of a sale, even if it is not excluded that the Government may exercise the golden share. For Equita, the extra dividend could be 1,5 billion. Deutsche Bank has raised its target to 21 euros from 18, with a buy opinion.
Stellantis is also advancing (+1,39%).
TOD'S +5,9%: THE FERRAGNI EFFECT DOESN'T STOP
Resumes the Ferragni effect on Tod's (+5,88%). The stock of the Della Valle family reaches its highest level in 14 months: the capitalization has risen by 200 million in three sessions.
TURIN GIVES IREN A CHARM, NEW SAUDI BUSINESS FOR MAIRE
Iren was also in the spotlight (+2,13%), after entering the capital of the Metropolitan City of Turin with a 2,5% stake. Equita reaffirmed the buy rating, target of 2,9 euro.
Focus on oil stocks: Eni gains 0,63%, Saipem on parity (+0,04%) and Tenaris - 0,13%. The news moving crude oil today is the attack by Iran-backed Yemeni Houthis on oil facilities in Saudi Arabia.
Maire Tecnimont (+2,94%) was awarded the contract for the construction of two polypropylene units in Saudi Arabia.
GENERALI BETS ON INDONESIA
Among financials, Generali was flat (+0,08%) on the move to purchase assets in Indonesia.
Attention is growing for Andrea Orcel's entry into Unicredit (-0,2%), scheduled for tomorrow. The Crt Foundation has announced that it will vote in favor of the manager's salary (7,5 million).
IN BRAKING DIASORIN AND MANAGED
Diasorin (-1,31%) slows down, recovering from a jump close to 10% after the announcement of an agreement for the acquisition of the American molecular diagnostics company Luminex Corporation for a cash price of 37 dollars per share.
Profit-taking also penalizes managed savings: Azimut -0,99%; Banca Mediolanum -0,86%.
TELECOM: MORE FUNDS FOR 5G, BUT THE ONLY NETWORK AT RISK
Telecom -0,48%. Reuters writes that the government intends to raise the funds allocated, under the Recovery Plan, to around 6,7 billion to promote the development of broadband, 5G and satellite networks, compared to the 4,2 billion envisaged in the draft approved in January. The executive is also preparing alternative scenarios to the plan for the single network promoted by the Conte government, which aims to integrate the fixed access networks of Telecom and Open Fiber, controlled by Enel (+0,48%) and Cassa Depositi e Prestiti.
