Markets more cautious at the end of the weekend, after the record day. The winds of war over Iran after the shooting down of a US drone took care of the euphoria. Donald Trump, writes the New York Times, yesterday ordered a targeted attack on the territory of the Islamic republic before correcting the course in the evening, speaking of a "tragic mistake of an imbecile". Finally, when asked if there will be war with Iran, he replied: "You'll find out soon." Meanwhile, the Federal Aviation Administration has banned US aircraft from flying in the area around the Strait of Hormuz.
TENSION RISES IN HONG KONG
The price lists, now accustomed to the President's rhetoric, are reacting with prudence but without underestimating the danger.
The CSI 300 index of Shanghai and Shenzhen stocks closed up 0,3%, as we await the resumption of talks on tariffs. Hong Kong's Hang Seng reversed course overnight and is now down 0,3% as a crowd of demonstrators has once again gathered in front of the city's government offices.
Tokyo's Nikkei loses 0,6%, Seoul's Kospi 0,4%, Mumbai's BSE Sensex 0,2%.
GOLD AT THE HIGHEST SINCE 2013
Historic surge for gold prices. This morning the rooster metal broke through the ceiling of 1,400 dollars, jumping to 1.406, the highest since August 2013. In five days, the rise was 4,8%.
Gold stocks in Sydney also soared. Regis Resources rallied 2,5%. It should be noted that Exor, over the last year, made investments in the sector for more than 500 million dollars.
OIL FIRES, SAIPEM AND TENARIS THROUGH THE STARS
The price of oil, which has already moved upwards due to expectations of an increase in demand, also flares up. Yesterday North Sea Brent closed up 4,2% at 64,4 dollars a barrel, this morning it traded at 64,5 dollars.
Energy stocks drove the rise in Piazza Affari: Eni +1,8%, Saipem +3,6% and Tenaris +3,3%.
APPLE ABOVE 200 DOLLARS, RECORD DEBUT FOR SLACK
Wall Street, in the wake of the Fed's message, set a new absolute record yesterday: S&P 500 +0,95% at 2954,18, Dow Jones +0,94%, Nasdaq +0,8%.
Apple (+0,8%) is back above $200 for the first time since early May.
Record debut for Slack, the quick messaging platform that achieved a 50% increase in IPO prices. The valuation exceeds $25 billion. In technology, Oracle stands out: +8,2% after the accounts.
THE T BOND AT THE LOWEST SINCE THE END OF 2016
But it's not just stocks. The deployment of bazookas at the disposal of central banks has compressed bond yields to historic lows: negative-yield paper in circulation in the world has reached the stratospheric figure of 12.300 billion dollars, a new all-time record. The yield on the 2016-year Treasury Note is at its lowest level since the end of 2,0 at 0,30%. The ten-year bund slips to a minimum of -23%, which means that investors are ready (or resigned) to lose, within ten years, 2 percent of purchasing power, i.e. the sum between the German inflation (today around XNUMX%) and the negative yield.
The euro rose to 1,129 against the dollar (+0,6%) while, as expected, the first official contacts to choose the Commission quota ended with nothing. This will be discussed again in an extraordinary summit scheduled for June 30th. On the high seas too the decisions on the infringement procedure for Italy. During the night there was an intense conversation between Prime Minister Conte and Emmanuel Macron and Angela Merkel.
THE EUROPEAN EXCHANGES IN A FOUR-SITTING RALLY
Meanwhile, Jerome Powell's push has also been good for the European stock exchanges. The Eurostoxx index +0,5% closed up for the fourth day in a row.
On the ECB front, number two Luis De Guindos reiterated Mario Draghi's message: there is the possibility of introducing a "combination of measures" if inflation does not rise again.
TOP BUSINESS PLACE, TODAY EXCHANGE FOR BTPs
Piazza Affari was the best list: +0,66% to 21.383 points despite the negative signals from the consumer confidence index, down to -7,2 points in May and, above all, due to the worsening forecasts for the 'Istat, which considers a decline in the Italian GDP in the second quarter to be "highly probable".
Frankfurt (+0,37%) and Paris (+0,31%) are also on positive ground. Down Madrid (-0,3%).
London gained 0,32% on the day the BoE left rates unchanged. The UK economy headed for stagnation in the second quarter, the BoE says, instead of growing by 0,2% quarter on quarter as expected last month.
In terms of government bonds, the performance of BTPs was mixed. The trend of two-year bonds is slightly positive, the ten-year trend is negative. On par, the 30-year bond after long maturities lost ground following the announcement of the Treasury swap, which raised the XNUMX-year yield and widened the spread.
The MEF has in fact communicated that today it will offer up to 2,5 billion euros of the February 2028 BTP with a 2,0% coupon, withdrawing 5 securities including BTPs, BTPEIs, BTPs Italia and CCTEUs with maturities between 2020 and 2025.
After the offer, the 2,147-year rate stood at 2,03% compared to 2,12% at the opening and XNUMX% on the eve.
Closing spread at 247 basis points against 234 at the start.
In the evening it was announced that on the occasion of the auction of next Tuesday 25 June, the Ministry of the Economy will offer between 1,75 and 2,25 billion euros of the Ctz expiring June 2021 and between 0,5 and 1 billion Btpei expiring in May 2028 and September 2041.
FERRARI IN POLE POSITION, GOOD NEW FROM RENAULT-NISSAN
There was no shortage of important ideas among the blue chips in Piazza Affari.
Ferrari, supported by Crédit Suisse which raised its target to 185 euros, recorded a gain of more than a percentage point which projects the price to a new historic record of 142,50 euros. Since the beginning of the year, the gain is 61%.
FCA is also lively: +1,21% to 12,34 euros. Good news is on the way from the Renault front. The French house has announced that it has reached an agreement with its partner Nissan on the governance of the Japanese group. The French company has secured a seat for its representatives on Nissan's board committees, which will be proposed at the shareholders' meeting on June 25. The unblocking of the situation argues in favor of a resumption of negotiations between Renault and FCA. Meanwhile, Nissan and its French partner have signed an agreement with Waym, the Google company for the development of self-driving cars allied with FCA.
LEONARDO GRINDS NEW RECORDS, TIM WAKES UP
New highs for Leonardo: +1,64 to 11,14 euros. Year-to-date performance rises +43%, almost triple the FtseMib index (+15%).
Tim also rises: +1,48% to 0,48 euros. The signs of peace between Elliot and Vivendi's French are multiplying as the negotiation for the transfer of Open Fiber to the former monopolist.
The increase in Stm continues (+2,46% to 15,19 euros) after Morgan Stanley started hedging with a target of 18 euros. Prysmian +2,16% on the wave of the 140 million order won in Germany.
Purchases also in the luxury sector: Moncler +2,7%, Ferragamo +1,4%.
The ideas of industrialists are counterbalanced by the more cautious trend of utilities and financials.
BANKS WEAK, FIREWORKS FOR OVS
The banks in particular are weak. The decline in the spread is offset by the prospect of lower margins in a scenario of declining rates: Intesa falls by 0,86%, Unicredit -0,53%. Minus signs also for Generali (-0,57%) and Unipol (-0,63%).
In the rest of the list, fireworks for Ovs (+13,95%), which in the first quarter of 2019 recorded revenues of 317,5 million euros.
The Feltrinelli publishing house denies the rumors of a possible merger with the Gedi publishing group (yesterday +4% on the wave of rumors, branded by the president of Gedi Marco De Benedetti as a fantasy).
