Asia Pacific stocks and bond yields fall. Starting from Japan, where today, amid strong controversy, the Olympic Village is opening its doors. Public opinion calls for a postponement, the government goes straight on. The Tokyo Stock Exchange drops 3,4% at the start of a week full of meetings: tomorrow SoftBank will present a record balance sheet at the meeting, with 45,16 billion dollars in earnings.
Hong Kong is also weak (-1,5%). The alarm is sounding from Apple Daily, the last free voice in the city that could cease publication today.
The decline in the Chinese Csi 300 was more modest (-0,2%). Meanwhile, the work of "cleaning up" shadow finance continues: Beijing is rapidly dismantling the Bitcoin mines and on Friday it will launch real estate funds (on the model of US REITs) to clean up the real estate market.
The MSCI Global index, based on the performance of 45 stock exchanges, opened down 0,2%.
US and European futures were also down: the derivative on the S&P 500 lost 0,7%. London down too.
Over the weekend, the SPAC promoted by Bill Ackman bought 4% of Universal, controlled by Tencent and Vivendi, for 10 billion dollars.
On the bond market, the 1,36-year Treasury Note slipped this morning to 6% yield (-110 basis points), a level not seen for four months. The interest rate curve is flattened: the differential between the two-year and the ten-year rate drops to XNUMX basis points.
RAW MATERIALS ARE HOLDING BACK, GOLD'S REBOUND
The rise in the dollar, to its highest level in four months, is helping to curb the rally in raw materials. Copper is little moved in Shanghai, after -8% last week, the worst since the outbreak of the pandemic.
WTI oil is up slightly, at 72 dollars, very close to the highs for the period. Experts point to a further drop in US crude inventories, already very low at the crucial Cushing junction. After the presidential elections that saw the victory of judge Ebrahim Raisi, the head of the delegation involved in the negotiation in Vienna said on public television on Saturday that an agreement with the other party was very close.
Gold, after a disastrous week (-6%), is up 0,5% to 1.754 dollars an ounce.
Bitcoin -5% to $34.000.
TODAY DRAGONS-MERKEL. TOMORROW URSULA GIVES THE OK TO THE FUNDS
The week will also be marked by interventions by central bankers. Today to oppose Bullard there will be the dove John Williams and, for the ECB, Christine Lagarde herself. On the political front, the meeting in Berlin between Mario Draghi and Chancellor Angela Merkel stands out. The primary objective is to prepare the ground in view of the European Council on Thursday and Friday for an agreement on the common management of migrants, through redistribution agreements in the EU and investments in the countries of origin.
The most important appointment is scheduled for tomorrow: the president of the European Commission, Ursula von der Leyen, will be in Italy to anticipate the approval of the Recovery plans by Brussels. This was stated by Dana Spinant, a spokeswoman for the European Commission.
The Recovery and Resilience Plan presented by Italy provides for investments and a coherent package of reforms, to which resources of 191,5 billion euro are financed through the Recovery and Resilience Facility and 30,6 billion through the Fund complementary. Furthermore, by 2023, a further 26 billion have been allocated to be allocated to the construction of specific works and for the replenishment of the resources of the Development and Cohesion Fund.
THE DECISIONS OF THE CENTRAL BANK OF CHINA ARE COMING SOON
The monetary policy decisions of the Chinese Central Bank are expected today. Fed Governor Jerome Powell will address Congress tomorrow night. A meeting of the ECB is on the agenda for Wednesday, which will publish its Economic Bulletin the following day. The Bank of England's monetary policy meeting will also take place on Thursday.
PMI DATA THIS WEEK
As far as Italy is concerned, tomorrow Istat will release data on turnover and orders from industry in April, on Friday those on consumer and business confidence in June and on extra-EU foreign trade in May. Data on manufacturing and services PMIs for June in the EU and the US will be published on Wednesday. The final figure for US GDP in the first quarter will be known on Thursday.
COUPON FOR POST, STM AND TELECOM
Rain of dividends today on Piazza Affari. They detach the coupon:
EXOR €0,43,
ITALIAN POST 0,324 euros,
SNAM €0,1497,
STMICROELECTRONICS $0,06,
TELECOM ITALIA ORD. 0,01 euros,
TELECOM ITALIA RESP. 0,0275 euros,
TERNA 0,1786 euros.
To these are added some titles not included in the main index:
ACEA 0,80 euros,
ACSM-AGAM 0,08 euros,
CAREL INDUSTRIES 0,12 euros,
DOVALUE 0,2616 euros,
GVS 0,13 euros,
IREN 0,095.
Overall, the Ftse Mib (which represents around 80% of the total of Piazza Affari) distributes an average dividend of 3,30% on an annual basis. The calendar also provides for the entry of Unieuro into the Mid Cap index.
