The breakthrough seemed like a done deal. As on other occasions, New Zealand's central bank seemed ready to anticipate the tightening of interest rates, first among the G10 institutions. But, surprisingly, the Auckland bankers backed off at the last moment: the return of the threat of Covid-19, faced in the country by new very severe restrictions on the movement of people, advised not to touch anything. The local currency fell to the lows of the last nine months against the dollar, and then reversed course.
The episode, albeit modest, serves to signal the climate of the financial markets, now convinced that, after such an abundance of liquidity, the time has come to change register but are uncertain as to how and by what, given the often contradictory signals in I come from the economy. The slowdown in US consumption in July thus translated into a mini-thump in Wall Street's stock markets, soon followed by Europe. On the other hand, the correction in the Asian markets seems to have come to an end.
SHANGHAI BOUNCES, JAPANESE EXPORT +37% IN JULY
The Bloomberg Apac index for the Asia Pacific area, down 0,2% at the start of trading, gradually recovered positions. At mid-session, it marks an increase of 0,4%. Within the index, the CSI 300 of the Shanghai and Shenzen lists gains 0,7%, the Hang Seng of Hong Kong 0,8%, the Kospi of Seoul 0,8%, the BSE Sensex of Mumbai 0,5%.
Tokyo's Nikkei gained 0,8% on yen weakness against the dollar. Japan's exports rose 37% yoy in July, the weakest improvement since March. Tencent rebounds +0,7% after a long series of declines.
IN RED WALL STREET, WAL-MART BUILDING
Wall Street futures are slightly positive this morning. Yesterday's -0,71% drop in the S&P 500 index is the largest one-day decline in four weeks. Worse is the Dow Jones -0,79% and the Nasdaq -0.96%.
The disappointing results of the Home Dept weigh -4,3%. In line with forecasts, the Wal Mart accounts announced after closed exchanges. According to the Wall Street Journal, Amazon in the last 12 months has sold goods to households for 610 million dollars, Wal Mart for only 566 million.
PHARMA TO THE RESCUE: MODERN +7,5%, PFIZER +3%
In evidence the pharma. Moderna +7,5% lengthens followed by Pfizer +3%. UK health authorities have approved its vaccine for 12- to 17-year-olds. The White House has decided to provide for the third dose of the vaccine for some categories eight months after the second.
On the macro front, the Fed's minutes are expected to be published tonight. The 1,27-year Treasury Note trades at 1,25%, from 1.790% at the close. Gold just moved at 66,8 dollars. WTI oil at 0,3 dollars a barrel: +XNUMX%.
EUROZONE, GDP UP BY 13,6% BUT STILL BELOW 2019
The euro zone economy climbed 2% in the second quarter, 13,6% more than last year, down slightly from previous Eurostat estimates. Despite the rebound, the eurozone economy still remains below the levels of the end of 2019 by around 3%, unlike the economies of the US and China, which have once again surpassed their pre-pandemic peaks. A figure that could justify a rally in the Old Continent compared to the other markets, but, as we know, the mood of the Stock Exchanges is dictated by the US price list, which is down either due to macro data or due to the approach of the tapering.
MANAGERS LIKE ITALY AND GERMANY
The Stock Exchanges are slowing down but without drama. major investors participating in the Bank of America Merrill Lynch survey remain overall optimistic about the prospects for equities in Europe, in fact the overweight position compared to bonds remains very high. Germany remains the number one choice, followed by Italy.
IN MILAN -0,85% THE STRONGEST REDUCTION
Moreover, yesterday Piazza Affari was the most negative Stock Exchange: -0,85 to 26.224 points.
BHP +6,24% LEAVES LONDON. MEGA INVESTMENT IN CANADA
The only countertrend is the London market which gains 0,42% on the day of the announcement that the number one stock, Bhp, will leave the City to concentrate trading on the Sydney Stock Exchange. The mining giant rallied 6,4% after record results and an extraordinary dividend. The mining giant has announced the launch of a 5,7 billion dollar project for the extraction of potassium hydroxide in Canada - The decision to continue the investment in Canada has environmental and commercial justifications: in a world where certificates to emit carbon dioxide are increasingly expensive to pay, it is no longer so convenient to focus on oil and gas. In red Frankfurt and Paris slipping to 0,01% and 0,24% respectively.
SANOFI SAVES PARIS, ESSILOR LUXOTTICA ALSO GOES UP
Sanofi contributed +1,41%, the pharma giant which is the fourth largest company by stock market value, to support the Parisian stock market. Positive also EssilorLuxottica + 0,47% Prosus -3,24%. The Dutch tech group, which owns shares in Tencent, marks the worst drop in the Stoxx 600.
THE BUND AGAIN BELOW -0,50%, SPREAD TO 104
Remaining one step behind the Bund throughout the session, the BTP closed slightly down in a climate of generalized aversion to risk. The Bund dropped below -0,50% intraday for the first time since August 5th. The spread goes back to 104.
BANKS UNDER FIRE IN BUSINESS PLACE
Day dedicated to creations in Piazza Affari. The banking sector is under fire: the banking sector is in sharp decline in Piazza Affari: Banca Bpm loses its blow -1,93%, one of the most traded stocks to focus on risk. The Bigs are also down: Unicredit -1,77%), Intesa Sanpaolo -1,36%, Bper -1,77%.
IN REVERSE STELLANTIS
A difficult day also for industrialists: Stellantis-2,72%, Pirelli -2,03%, Stm -1,16%. Ferrari -0,84% and Cnh Industrial -0,69% were also weak. Leonardo -1,45%, announced the signing of a contract for four AW119Kx helicopters with the operator Mercy Flight Central, based in the western part of the State of New York, where it provides ambulance services.
SNAM IN RED WANTS TO SHIPPONG WITH ARAMCO
Snam -0,45%. Intesa Sanpaolo analysts downgraded the rating from add (increase) to hold (maintain), with a target price confirmed at 5,4 euros, after Aramco contacted the company together with US, Chinese and South Korean funds, with a view to selling a minority stake in its pipelines. Pharma also shines in Milan: the best Italian blue chip of the day was Diasorin +2,74%.
MONDADORI BETS ON COMICS, ROMA ON ABRAHAM
In the rest of the list: Mondadori -1,6% despite the promotion of Equita. Peace to analysts the decision to focus on comics.
Little move Tip. The company published its performance as of August 11. In detail, Tip's Total Return in the last 5 years has achieved an increase of +136,9%. In the same period, the stock market performance marked +130,5%, above that of the Ftse Mib (+55,9%).
Roma +0,80%. The club has announced that it has acquired the rights of footballer Kevin Oghenetega Tamaraebi Bakumo-Abraham, born in 1997, from Chelsea Football Club. The agreement provides for the recognition of a fixed consideration of 40 million euros,
