The last samurai doesn't fold. There Bank of Japan announces measures to remove the last anti-Covid barriers and curb the fall of the yen against the dollar but announces that the next meeting, scheduled for September 22 (three days before the Fed) will still sub-zero interest rate policy confirmed. The news gave the charge to the Nikkei (+1,1%), the most important financial market to have already opened its doors this morning: in fact, the stock exchanges of Hong Kong, Shanghai, Shenzen, Taipei and Seoul are closed for holidays. The rebound in the Japanese index, galvanized by the revival of travel and tourism, was answered by gains in Sydney (+1%) and Mumbai.
Futures in Europe and the USA
The intonation of the oriental markets bodes well for European opening. The future of the index Euro Stoxx 50 gains 0,7%, London is also positive.
Below parity instead the contracts on Nasdaq, following strong gains on Friday. Thanks to the rebound initiated by 3.900 points, the Wall Street reference index closed the week with a rise of 2,5%: the previous week had closed with a decline of more than 3%.
Battle for the listing of ESPN
Reuter anticipates new export bans on chips to China. On the corporate front, instead, the spotlight is on the offensive by activist funds towards Walt Disney so that he proceeds with the listing of the ESPN sports channel.
Eyes on US inflation
The wait for the most important data of the week influences the purchases: the US consumer price index the latest will be released tomorrow, an important figure before the meeting which at the end of September will decree a new increase in rates, probably by 75 points. But it will be important to understand if and how quickly US inflation will fall.
Oil under braking
An important signal comes from Petroleum, in clear slowdown this morning to 91,5 dollars (-1,4%). The uncertainty on the Chinese economy weighs on it exactly one month after the start of the party's centenary Congress. Chinese President Xi Jinping will leave China this week for the first time since the start of the Covid-19 pandemic. On Wednesday, he will meet Russian President Vladimir Putin in Kazakhstan at the Shanghai Cooperation Organization.
Also declining the gas European: -3% at 200 euros per megawatt.
The euro is recovering ground
Recover in the meantime the euro in appreciation against the dollar to 1,008. The markets are betting that European rates will rise to 2% already at the October meeting. Also in this case the data on inflation will be decisive: during the week the numbers on Germany and the rest of the Eurozone come out.
Today they speak the Vice President of the ECB, Luis De Guindos, and the German representative on the board, Isabel Schnabel. The two central bankers could say something about the start of the budget reduction (Quantitative Easing), the focus of a forthcoming summit scheduled in Cyprus.
The statement of right in Swedish elections, where the ultranationalists have become the second party, is a new sign of the difficulties of the EU, grappling with the response to the blockade of Russian gas imports.
Weekly appointments
Among the important appointments in Europe there is also Tuesday the German Zew index. The day after, the data on industrial production in the Eurozone could provide important insights into the impact of the energy crisis. Special attention will also go to theinflation in the UK (Wednesday) expected to accelerate to 10,3%.
In Italy the key appointment falls this morning at 11: it will be held in the Vatican the audience of Pope Francis I, a special guest at the assembly of Confindustria for the occasion transferred beyond the Tiber.
The secular calendar provides for the dissemination by Istat of data on industrial production in July and the Monthly note on the performance of the Italian economy.
Titles highlighted in Piazza Affari
Half-yearly day for a patrol of listed stocks: Cembre, Circle, El.En, Garofalo. Healthcare, Orsero, Saes Getters, Seco, Tamburi and Tiscali
Campari. Deutsche Bank cuts the target price to 10,25 euros.
Monte Paschi Bank. Anima is available to participate in the 2,5 billion capital increase, but at the moment there are no negotiations on the matter, they explain to Reuters sources familiar with the situation. The asset management company could contribute 150-250 million euros, depending on how the terms of its partnership with MPS are reviewed, one of the sources said. Maurizio Leo, economic manager of Fratelli d'Italia, told a Bloomberg that Mps should postpone the capital increase pending the new government.
B for Bank. After the sell-out procedure, Bper has reached 96% of Carige's share capital. The delisting of Banca Ligure's shares is expected to start from the session of 20 September.
Avio recorded a decrease in adjusted EBITDA of 46% in the first half of the year compared to the same period of 2021, reporting an adjusted EBITDA of 5,6 million euro. The group has revised downwards part of the guidance to reflect the changed energy scenario in Italy and in Europe.
