Gentlemen, we change. The train of the stock exchanges increases the prices, especially for the first class, the one frequented by the richest customers. The publication of the Fed's minutes confirmed that US bankers agree in deeming the end of the pro-exchange stimulus necessary.
There is discussion about the modalities, but the feeling is that next week in Jackson Hole, where the most powerful bankers on the planet will meet, a time-limited timetable will be agreed, to exhaust the "tapering" in the first part of 2022. The next FOMC meeting is September 22nd.
The novelty, although expected, has triggered sales both on Wall Street and, this morning, on Asian lists. Here, moreover, Xi's grip on the "rich", not just the tech lords, weighs heavily. Even in a communist country the word "patrimonial" gives the creeps. And this explains the collapse of Lvmh in Paris, which yesterday lost almost 10 billion in capitalization for the fear that the ladies of Shanghai will have to give up the fourth (or fifth) bag leaving the ateliers of the maison.
ASIA DOWN THIS MORNING, NEW ZEALAND BOUNCES
This morning, the Asia Pacific stocks fell along with oil and commodities. The yen strengthens against the dollar, but the US currency appreciates against almost all its counterparts. Market rates are barely moved. In general, the propensity for risk is declining almost everywhere.
The MSCI Asia Pacific index falls to its lowest level since early December. The Bloomberg APAC index loses 1%. Nikkei -0,7%. Kospi of Seoul -1,5%. The +1,7% of the New Zealand stock market stands out this morning, in the aftermath of the failure to raise rates by the central bank. Hong Kong's Hang Seng -1,7%. CSI 300 of the Shanghai and Shenzhen lists -0,7%. The Chinese media report what is being discussed in the meeting of the Standing Committee of the Congress underway since yesterday. It seems that the government intends to control the business world more and work on the redistribution of wealth. The Xinhua agency, quoted by Bloomberg, affirms that the key concept will be that of "shared prosperity". Hence the fear of a tax on housing and assets.
ONLY LOWE CELEBRATES IN THE USA. THE THIRD DOSE OF VACCINES IS ON THE WAY
Among the consequences of the turnaround announced by the Fed minutes is the strong appreciation of the dollar: the euro-dollar exchange rate fell to its lowest since October 2020. Wall Street went down for the second day in a row: S&P500 -1,1%, Nasdaq - 0,9%, Dow Jones -1,1%. The best stock of the S&P500 is Lowe +9,6%. The home improvement store chain closed the second quarter with $27,6 billion in revenue, up 1% year-over-year. Declining Modern -2%. The White House has authorized the start of the booster for the third dose of the vaccine. The measure concerns a part of the 155 million individuals who have been administered the RNA-type vaccine, the one produced by Moderna and Pfizer.
OIL AND BITCOIN DOWN
WTI oil loses 1,3% to 64,5 dollars a barrel, a price not seen for three months. Gold is little moved. Bitcoin reached its third consecutive decline yesterday, losing 0,7% this morning to $44.225.
EUROPE, ENERGY PUSHES INFLATION
The European stock exchanges remained at a standstill while awaiting the indications that arrived in the evening with the minutes of the Fed. The dollar took care of giving a little pep to the Old Continent's lists, rising to a 4-month high in view of news on the timing of the "tapering". For now, the rise in inflation, which rose by 2,2% in July, the highest rate in almost three years and above the European Central Bank's target of 2%, does not cause concern, a phenomenon to be attributed entirely to energy prices. Core inflation grew by only 0,9%, supporting the view of the central bank which considers the acceleration mainly due to factors of a temporary nature.
ONLY MILAN AND MADRID RUN
Milan, after the slide on the eve, has found its way up again: +0,51 to 26.357 points. the best stock exchange is Madrid +1,17%. Frankfurt +0,37% close to parity, London substantially weak, which recorded a decrease of 0,24%. But this morning Piazza Affari, like most of the European lists, lost more than 2 percent
CHINA SCARES LUXURY: LVMH -4%
Paris moves below parity, showing a decrease of 0,66%. The fear of a slowdown in luxury consumption in China weighs on the prices of the brands: from -2% to -4% for Hermès and Lvmh.
BUT BEIJING EXALTS CARLSBERG BEER +2,9%
The Carlsberg star shines in Copenhagen +2,26%. The group raised its guidance for full-year earnings, after reporting second-quarter sales beyond expectations: volumes in China and Russia increased "well beyond" the levels seen in 2019. Geneva-based Alcon leads in Zurich +8% : The eyecare products company released better-than-expected second-quarter data.
NORWAY, 100 BILLION DOLLARS FROM THE STOCK EXCHANGE RALLY
Norway's $1.400 trillion sovereign wealth fund, the world's largest, reported a 9,4% return on investment in the first half of the year on the back of strong growth in global equities, especially in the energy, finance and tech. The fund earned NOK 990 billion ($111 billion) in the first six months of the year.
BUND, FOR A (MOST) INTEREST, WAIT FOR 2051
The secondary closes in green: the spread between ten-year BTPs and Bunds is 103 basis points (-0,92%), with a BTP rate of 0,55% (against -0,48% for the German bond). Germany has placed 827 million euros in 2051-year bonds. Subscribers will receive only 100,99 euros per 100 invested upon expiry on August XNUMXth XNUMX.
INTERPUMP AT THE TOP, ENEL ELECTRICITY
Enel advances in Piazza Affari +1% which is not damaged by the Jefferies report which started coverage of the stock with the underperform judgment estimating the company's less optimistic forecasts in the renewable energy sector. Among the utilities, A2a shines +2,1%. In the spotlight Interpump +2,55% which updated the all-time high.
LEONARDO STILL LEADER IN HELICOPTERS
Leonardo also made a big splash +1,65%: Intesa Sanpaolo reaffirmed the add rating and the target price of 8,2 euros, after the company yesterday announced the signing of a contract for four AW119Kx helicopters sold in the state of New York It is the confirmation, we read, "of the company's leadership position in the civil helicopter segment".
IN RED THE LUXURY MADE IN ITALY, INCLUDING FERRARI
Luxury stocks were in the red in line with the avalanche of sales in Paris on Lvmh, following the slowdown in Chinese growth seen in recent days. On the Ftse Mib the black jersey goes to Moncler -2,63%. The session is also negative for many stocks of the Agnelli group: from the parent company Exor, -0,97% to Ferrari -0,98% and Cnh -0,56%. However, the opposite sign for Stellantis +0,76%.
241 ITALIAN BANKERS EARN A MILLION A YEAR
According to Beremberg, the consensus estimates do not correctly "capture" the positive potential deriving from the future distribution of capital expected by European banks in the coming years. However, yesterday the sector restarted on the wave of the advance of Fineco and Unipol, both + 2%. In well managed Azimuth +1%.
The Italian banking system recorded the highest growth in the EU in the number of bankers who received compensation exceeding one million euros in 2019. This is what the annual report of the European Banking Authority (EBA) reveals, which also includes bonuses, long-term awards
term and pension contributions. According to data collected by the EBA, bank managers in Italy with millionaire salaries have grown by 17% from 206 in 2018 to 241 in 2019.
ROCCA ACQUILT IN ARGENTINA, TENARIS +0,35%
Eni loses 0,1%, but Saipem and Tenaris appreciate by 0,35%. An Argentine court has acquitted the CEO and chairman of Tenaris, Paolo Rocca, of all charges brought against him in a corruption case.
