The dollar loses ground, at its lowest for three years against the Chinese currency (+10% since the beginning of the year) but, despite the fear of inflation, the prices of T Bonds are slipping. On the contrary, the gold traded this morning at 1.906 dollars an ounce shines more and more. These are the most evident movements in the complex work that the central banks are engaging in to guarantee the "soft landing" of the markets, as Richard Clarida, the mastermind of the Federal Reserve, defined it tonight. Put simply, it is about convincing the markets that rising prices, taken for granted, will not lead to monetary tightening in the coming months. But the authorities, in the words of San Francisco Fed Chair Mary Daly, "are already talking to each other to determine when they will start talking about a possible reduction in market interventions." A baroque attitude that leaves Wall Street perplexed. Asia reacts better, accustomed to very different sophisms:
YUAN AT HIGH, RAIN OF INVESTMENTS IN CHIPS
- The Asia Pacific index advanced by 0,28%. Same gain for the Tokyo Nikkei. The Korean Kospi +0,16 and the Chinese Csi 300 +0,11% rose slightly, thus consolidating the gains of the day before, the best session in the last 11 months.
- Korean President Moon Jae In anticipated to Joe Biden the intention of the chip giants to invest 30 billion dollars in the US: 17 billion in a Samsung plant, 5,3 in a joint venture between Sk and Ford. Meanwhile, Taiwanese TSMC, the world's leading semiconductor manufacturer, has promised to increase supplies to the auto industry by 60%.
- Bitcoin rises +0,88% to $38.700. For Paul Krugman, the definition already used for Brazil applies to currency. “It is the great promise of the future. And it will remain so forever."
- Weak Wall Street yesterday: Dow Jones -0,24%, S&P -0,21%. Flat the Nasdaq -0,03%.
BEZOS IN THE SIGHT OF THE ANTITRUST, BLACKROCK AGAINST EXXON
- Pending the announcement of the purchase of MGM, Amazon has to deal with the complaint for abuse of its dominant position launched yesterday by the District of Columbia. The clauses that prohibit companies from charging lower prices at competing sites are being targeted.
- In sharp decline Exxon Mobil -2,7% a few hours after the battle that is looming in the meeting against the proposal of the Engine 1 fund to elect four directors hostile to the group's policy. The Blackrock fund has announced it will vote against the summit.
- WTI oil is moving around the highs for the period, around 66 dollars a barrel.
MARKET PLACE +0,01% EXPECTS THE COUPON MONEY FROM TODAY
Piazza Affari, flat at +0,01%, remained at the starting blocks just under 25 thousand points (24.892) awaiting the effects of the Dividend day. This morning, in fact, the almost six billion euros paid by the companies last Monday arrive in current accounts. The reinvestment, even partial, of this liquidity in the list could allow us to finally give a shoulder to the maximum of 25.110 points which has been resisting for 18 months.
FRANKFURT AT THE TOP, CONFIDENCE RISES
The other European stock exchanges closed the day in positive ground on the expectation of a favorable evolution of the pandemic. But it was above all Frankfurt that gave the impetus to the lists +0,2%, with an historical intraday record of 15,568 points (+13% from the beginning of the year) after the publication of the Ifo index, relating to business confidence, which rose in May at the highest since 2019. The markets instead snubbed the expected downward revision of GDP in the first quarter to -3,1%.
THE BRICK GIANT AT THE START, LAMBORGHINI IS NOT FOR SALE
At Deutsche Boerse, the merger between Deutsche Wohnen +15,4% and Venonia -4,7%, an operation that will give life to a giant in the real estate sector with a value of 48 billion euros.
Volkswagen has received a 7,5 billion euro offer for Lamborghini. The reaction of Audi, on which the Italian brand depends, was dry: "The sale of Lamborghini is not in our intentions".
Rising Amsterdam +0,25%, colorless Madrid, negative London -0,34%.
ARNAULT (FOR A FEW HOURS) THE RICHEST IN THE WORLD
Paris -0,28%. Thanks to the modest gain of Lvmh +0,28% yesterday Bernard Arnault became, thanks to a net worth of 186 billion dollars, the richest man in the world. Only for a few hours because at the opening of Wall Street Jeff Bezos, number one of Amazon, went up to 187 billion dollars. In third place Elon Musk with 147,2 billion. It is the first time in six years that a European billionaire is in first place.
BTPs BELOW 1%, 6,5 BILLION 5-10 YEAR BONDS AT AUCTION
Day of heavy purchases on eurozone bonds. The BTPs in particular benefited from it.
The 1-year yield dropped below 0,91% to XNUMX% after two weeks.
The spread drops to 108 from 116 points.
On May 28, the Treasury will offer 6,5 billion BTPs over 5 and 10 years plus up to 2 billion Ccteu.
DE GALHAU (ECB). "THERE IS TIME BEFORE CUTTING PURCHASES"
Yesterday the European Union priced 460 million 15-year bonds. The demand was ten times higher.
"The European Central Bank has plenty of time to prepare for the exit from the PEPP emergency purchase programme," said Francois Villeroy de Galhau, a member of the ECB board, who thus dismissed market speculation about possible discussions on the matter as early as the month next.
UNIPOL BLITZ ON POP. SONDRIO. TOWARDS A MERGER WITH BPER?
After the close of the session, the bombshell arrived. Unipol -2,5% announced a reverse accelerated book-building on 6,62% of Popolare di Sondrio of which it is currently a 2,9% shareholder. The CEO Carlo Cimbri has instructed Equita that it will buy the shares at "a premium on yesterday's closing price of the Sondrio share between approximately 2% and 4%". The achievement of 30 million shares purchased in any case “is a binding condition for the success of the operation; however, Unipol-Sai reserves the right to accept offers for a number of shares lower than that indicated”.
If the operation is successful, Unipol will become the first shareholder in Sondrio with 9,51%, with the aim of integrating the Valtellinese institute with Bper +2,21% of which it controls 20%. the will is clear of the Emilia Romagna Valtellina pole to propose itself as the third Italian subject, after Intesa Sanpaolo [ISP.MI] and Unicredit.
BPM AND UNICREDIT SHINE, TWO DOLLAR BONDS FOR INTESA
Even before the blitz, the banking sector was at the center of the meeting in Piazza Affari. Banca Bpm rises +1,33% also due to the sale of 1,5 billion Npl. Also on the shields Unicredit + 0,94%, which touched the maximum for a year during the session.
Understanding +0,08%. The bank placed two lower tier 2 subordinated bonds yesterday evening for a total of 750 million dollars. The two bonds have already exceeded the offer value.
Purchases on some important industrialists. Amplifon's race continues +2,14%, followed by Moncler +1,25%.
SALT WEBUILD, FLARED OF SARAS
Reductions for Leonardo -1,13%, despite the fact that the company has started a collaboration with Ericsson to explore and develop 5G solutions and new business models for applications ranging from industry to public safety to critical infrastructures.
Sale Webuild +4%. On the contrary, the oil companies were weak: Tenaris lost 1,97%, Eni -1,24%, Saipem - 0,88%. However, Saras appreciated by 1,57%, following the news of the sale of the Texan Deer Park refinery for about 596 million dollars by Shell.
GIGLIO GROUP +6% DISTRIBUTES DIY PADS
In the rest of the list:
- In great evidence Fos +6%, a company active in consultancy and technological planning for large industrial groups.
- Advance Eles +3%. The leader in the production of semiconductor reliability testing and control equipment was awarded by Banca Profilo which confirmed the Buy judgment on the stock, raising the target price to 6,2 euro, from the previous 4,9 euro.
- Brilla Giglio Group +6% in the wake of the exclusive agreement with Imagro for the distribution of rapid swabs for self-diagnosis of Covid-19.
- Cults in the spotlight in Aim +32,35%. The perfume maker closed 2020 with a net profit of 1,45 million euros.
