The blow suffered by technology (a trillion dollars burned in a week) seems completely absorbed. Tesla starts again, the time for trials is ringing in Softbank. A few hours from the directorate of the ECB which should not reserve big surprises, the plus sign dominates the markets.
- Asian price lists, indeed, advance at a slow trot. Tokyo, the best market, rose by 0,8% ahead of Shanghai and Hong Kong, which moved little, as did the relationship between the yuan and the dollar at 6,83.
- Emotions only in Seoul +1,1% for the debut of the latest gaming star: Kakao Games has registered orders for 1.500 times the offer.
- Trump admitted that he kept silent about the seriousness of the infection "so as not to spread panic".
- Futures on American indices, protagonists of a robust recovery, fell slightly this morning. Dow Jones +1,6%, S&P +2,01%. The Nasdaq is up 2,7%.
THE EURO RUNS BEFORE THE ECB
Great test of confidence for the euro on the eve of the ECB board meeting. The exchange rate with the dollar, again above 1,18 (a six-day high) took off after Bloomberg anticipated that the data on inflation and growth due today, Thursday, are better than expected. The markets, comforted by the recovery of Wall Street, nonetheless expect a new injection of funds in the face of the economic situation which remains weak. Since there hasn't been a worsening, the urgency to increase stimuli is in any case lost. We'll talk about it again in December 2020, when the new forecasts will be published. Most of the economists surveyed by Bloomberg expect the PEEP pandemic fund to be boosted by around 350 billion euros. Meanwhile, the pound, at its lowest since March, extends the series of declines.
LONDON +1,4% THE ASTRA ZENECA VACCINE STARTS AGAIN
Piazza Affari closed up 2,02% at 19.771 points, in line with Frankfurt +2,04% and better than Madrid +0,95%.
London +1,4%. During the session, Astra Zeneca canceled the decrease accumulated after the temporary stop in the development of the anti Covid 19 vaccine. Work will resume as early as next week.
Paris +1,4%. Fly Orange +4,5% ahead of a telecommunications patrol, Deutsche Telekom +3%. In the price lists of the Old Continent the leap of the leader of consumer products stands out: Unilever + 3,8%.
ARNAULT ESCAPE FROM TIFFANY. LUXURY IS WORTH 25% LESS
In practice unchanged LVMH at 404,5 euros. But the flagship of world luxury threw down the gauntlet at Tiffany launching a judicial as well as financial and political confrontation of almost unprecedented dimensions. Bernard Arnault, once he took note of the sharp fall in luxury consumption (from 25 to 45 percent according to estimates), announced his intention to give up the deal of the century, i.e. the purchase of Tiffany for 16.6 billion dollars , an operation that had to be completed by 24 November. After the announcement, the board of Tiffany (-6,44%) immediately sued Lvmh which referred to reasons of state. The French Foreign Ministry has asked LVMH not to close the operation before January, in the face of the US threat to impose tariffs on French goods in retaliation for the taxes that Emmanuel Macron intends to impose on the Web giants.
FOREIGNERS 77% OF THE BTP 20
Foreign investors, representing 40 countries, absorbed 77 percent of the 149-year BTP placed on Tuesday. The spread between Italian and German ten-year bonds fell to 3,1 basis points (-1,03%) and the BTP rate fell to XNUMX%.
On the primary, the auction of annual BOTs went well, with yield rates dropping to their lowest since February. The differential now stands at 155,4 with a rate of 1,059%. The Treasury has assigned one-year Treasuries (maturity 14 September 2021) for the pre-established maximum amount of 7 billion euros, with the yield falling to -0,225% from -0,192% of the August placement. Demand was growing, reaching 12,908 billion euros with a coverage ratio of 1,84 compared to the previous 1,74.
Thirty-eight out of 40 blue chips finished the session in positive territory. The exceptions are Leonardo -1,46% and Ferrari -0.03% on which Bernstein has started hedging with underperform.
TECHNOLOGY IN FLIGHT: STM +7%. DIASORIN +5,5%
In Piazza Affari recovers most of the losses Stm, +7,04%, the microchip company overwhelmed on the eve of sales of US technology.
Several excellent performances are worth noting:
– The front of the towers moves again. Leap by Inwit, +5,75%, on the wave of rumors relating to a merger between Rai Way (+4,89%, ) and Ei Towers.
– Diasorin stands out, +5,54%. On the diagnostic front, there is an all-Italian success with a new rapid test capable of telling in just 3 minutes whether or not you are positive for the SarsCov2 coronavirus from saliva. It's called Daily Tampon, and it was made by a company from the Brianza area
Merate (Lecco) in collaboration with the University of Sannio. The test has received approval from the Ministry of Health and can therefore start production.
SPOTLIGHTS ON HYDROGEN, SNAM RUNS
Well bought Snam +3,46%. France (7 billion euros) and Germany (9 billion) have decided to provide new resources to the agreement for the development of investments in hydrogen using funds from the Recovery Fund. The alliance could extend to the Italian company, one of the leaders in the sector.
UNICREDIT RESET COAL, BANCA GENERALI RESET COVID
Unicredit +3%, has set the goal of zeroing its exposure to coal at 2028 and asked its customers in the sector to do the same to continue operating with the bank, obtaining sixteenth place after 15 all-French financial institutions in the list of company with the best carbon policies according to the NGO Reclaim Finance.
Of note in managed savings Banca Generali +1,61% Net inflows in August were positive for 331 million euro with a total value from the beginning of next year of 3,7 billion and therefore higher than that achieved in the corresponding period last year despite the extraordinary context linked to COVID-19.
MEDIASET STILL ON DESPITE ACCOUNTS
Mediaset +2,07%, closed the session on a high note after half-year accounts in the red for a loss of 18,9 million euros and revenues down by 21%. Meanwhile, Agcom has begun examining the sentence of the EU Court on the appeal of the French against the freezing of part of their share.
