Mom the taxes. The news that Joe Biden aims to double the tax levy on stock market earnings for the richest has caused a one-point drop in US stock exchanges. An understandable reaction for Wall Street, which, in any case, seems to have already absorbed the news: futures are up this morning. More curious that, in parallel, the bitcoin landslide began, which closed yesterday down by more than 6%. The descent continued during the night: this morning the price is at its lowest level in the last six weeks, just over $50.
China's stocks are ignoring what could happen to US millionaires. The CSI 300 of the Shanghai and Shenzen lists (+0,8% in the final session) is starting to close the week with an increase of 3,2%. Hong Kong's Hang Seng gains 0,8%, but the weekly balance is much less brilliant: -0,1%.
Chinese President Xi Jinping, participating in the virtual summit for Earth Day, said that the environment is an area on which China "intends to collaborate with the US", at a time when relations are complicated. Xi Jinping confirmed China's goal of achieving net-zero emissions by 2060.
Meanwhile, the pandemic is king in India and scares Tokyo, busy saving the Olympics. Mumbai's BSE Sensex opened 0,5% down: at these prices, the week ended 2% in the red. The Nikkei loses 0,8% (-2,2% for the week). In March, consumer prices fell for the eighth consecutive month. The decline recorded is 0,1%, after 0,4% in the month of February. The slowdown is due to the stabilization of hotel prices and the slowdown in the decrease in energy costs.
The three main indices of Wall Street were in the red by just under one point, on the wave of advances on the increase in taxes for millionaires. The capital gains rate – for those with annual incomes over $39,6 million – will increase to 20% from the current XNUMX%.
In the aftermath of the Stock Exchange, Intel published first quarter data and forecasts for the second: the first tore up expectations, but some indications on profitability, implicit in the second, spoiled the party. The title managed to lose 3%.
WTI oil is trading at 61,8 dollars a barrel, +0,7%. Gold unchanged at $1.784.
After the meeting of the ECB, the spotlights today shift to the Italian National Recovery and Resilience Plan, which will reach the first of the two Councils of Ministers that will have to approve it.
NO SURPRISES FROM THE ECB, RATES DON'T CHANGE
No news, good news. As expected, the ECB meeting brought no news on the central bank's monetary policy, even though Christine Lagarde took care to launch reassuring messages on future strategies. However, the institute specified that interest rates in the euro area will remain equal to zero at least until a significant rise in inflation. The Pepp remains fixed at 1.850 billion. Of course, as always it is possible to see the glass as half full or half empty. Fabio Castaldi, senior investment manager of Pictet Asset Management, after noting that the meeting was "interlocutory in view of the much more important one in June", speaks of "a contradictory communication, which reflects a divided board, with opposing positions" which they will be able “to sharpen in the coming months in the context of the expected progress on the vaccination campaign and on the reopenings in Europe”.
On the contrary, Mps Capital Service believes that Lagarde has reiterated "the commitment to avoid any deterioration of the financing conditions, given the still very uncertain outlook in the short term". Therefore “we expect that they will be able to increase their purchases on the PEPP if the upward pressure on rates continues”.
BUSINESS SQUARE +0,86, HERMES FLY TO PARIS
Piazza Affari rises by 0,98%, to 24.398 points. Similar increases in the other stock exchanges of the Old Continent: Frankfurt +0,90%, London +0,62%. Ample recovery in Madrid: +1,6%.
Paris +0,99%. For fashion it was the day of Hermes (+2,05%), which closed a quarter with sales up 44%, above all thanks to the Asian market. Brilliant spirits group Pernod Ricard (+1,3%), which estimates a 10% growth in its profit for the full year.
Vivendi +1,17%. In the first quarter, revenues grew 5% from a year ago, thanks to the continued solid performance of the Universal subsidiary.
CREDIT SUISSE -2,11%, A LOAN AFTER THE ARCHEGOS CRACK
Amsterdam +0,51%. The Dutch semiconductor equipment manufacturer Asml continues, +2,03%, after the positive forecasts released yesterday and which prompted many brokerage firms to raise their target price.
Zurich +0,16%. Credit Suisse fell sharply (-2,11%), after the quarterly loss of 252 million francs and the issue of convertible bonds to remedy the impact on assets of the collapse of the hedge fund Archegos and the investment company Greensill .
THE SPREAD STILL ABOVE 100
The secondary of the BTPs is stable around the waterline, evidently little influenced by the words of the president Lagarde.
The BTP trades at 0,75% yield. The Btp/Bund spread is slightly down, however it remains above 100 basis points.
DELLA VALLE SELLS LVMH AT 10% IN TOD'S
“I have been a friend of Diego Della Valle for 20 years and I have the highest professional esteem for him”. Thus Bernard Arnault, owner of the luxury flagship Lvmh, comments on the strengthening of the stake in Tod's, which rose yesterday to 10% from the previous 3,2% with the purchase of securities at the unit price of 33,10 euros. After the operation, the stake held by the Della Valle family is equal to 63,64%. The growth of the stock in recent weeks was not only linked to the Ferragni effect.
FASHION ON SHIELDS: MONCLER SALES +21%
Even so, the recovery of fashion on price lists is gaining speed, awaiting the response to Moncler's quarterly report, yesterday +2,3%, which announced a 21% increase in sales at constant exchange rates in the first quarter of the year, exceeding analysts' expectations, thanks to strong growth in Asia and solid signs of recovery in North America. Revenues in the January-March quarter amounted to 365,5 million euros. Sales rose 53% in Asia, driven particularly by China and Korea, and grew 34% in the Americas, while remaining weak in Italy and the rest of Europe.
Ferragamo +2,8%. The meeting appointed Leonardo Ferragamo as non-executive chairman, Michele Norsa as executive vice-chairman and Micaela la Divelec Lemmi as managing director. Brunello Cucinelli +0,60% after first quarter results in line with expectations: Kepler Cheuvreux has raised its target price from 36 to 40 euros.
At the bottom of the list is Diasorin (-1,19%).
SHOPPING CENTERS REOPEN: OVS +10%, NEXI +4%
Confirmation of the ECB's unchanged interest rate policy and the approaching reopening of the shopping centers lent a tone of optimism to the Piazza Affari session. Fly Nexi (+4%), leader in electronic payments, in view of the shopping that gives wings to Ovs (+4,3%), for which, underlines Intesa (rating hold and target price at 1,15 euros), sales in shopping malls during the weekend are worth 30% of turnover. The prospect of the recovery of the exhibition activity instead gives comfort to Fiera Milano (+1,96%), even if it risks postponing the Salone del Mobile in Milan, perhaps the most important event.
ENEL (+2,5%) IN THE CLEAN ENERGY INDEX TOGETHER WITH ERG AND FALCK
The interest rate horizon calms down and utilities take advantage of it. The perspective of the people matters even more Recovery Plan investments: 57 billion are destined for the green revolution. Enel leads the race (+2,72%), ahead of Terna (+2,05%), closely followed by A2A and Hera (+1,92 and +1,96% respectively), while Italgas and Snam have earned less : +0,88 and +0,62%.
Among the companies most exposed to renewables, Erg (+5%) and Falck Renewables (+7%) stand out, included together with Enel in the S&P Clean Energy index. Equita underlines that on these securities "liquidity flows are destined to increase and this could be a positive catalyst for the three securities".
GOOD STM, KEEPS JUVENTUS
Well bought Stm (+2,2%), on which Banca Akros confirmed the rating accumulated waiting for the accounts, on the agenda for 29 April.
Juventus rises by 0,6% after the 18% slide in the last two sessions, which effectively canceled the leap recorded last Monday
ORCEL-CASTAGNA MEETING DENIED, ILLIMITY ROOMS
Contrast the banks, with Bper flat and Unicredit down by 1,2%. Banco Bpm does better (+0,9%), among the main candidates to be protagonists of the expected process of consolidation of the sector. A spokesman denied the rumors of a meeting between the CEO Giuseppe Castagna and the CEO of UniCredit Andrea Orcel with a view to a possible merger between the two institutions. Creval (-1,05%) was sold on the eve of the deadline for the closing of the takeover bid, whose deadline for acceptances was moved to 23 April. After the Illimity accounts (+3,7%), Corrado Passera's bank shines.
