GameStop, already a protagonist a few weeks ago of the traders' revolt against the big players in the market, is once again being talked about. The stock rallied 26,9% (up about 40% since Monday). A non-random hike: today, or at the latest tomorrow, the United States House will approve the 1.900 trillion dollar stimulus package for the coronavirus and send it to President Joe Biden for signature: immediately after, at most one week, in the pocket many Americans will receive the 1.400 dollars provided for by the fiscal stimuli, or rather the petrol that will be used to fuel the purchases of the Robin Hoods from overseas who moved more capital than the hedge funds in February. In the meantime, the markets have regained a certain equilibrium: T bonds are recovering (1,523 the 1,613-year yield from 3,7) the Nasdaq is flying again (+0,1%), the Dow is almost stationary (+1,42%), S&P +11%. Tesla raises its head (+XNUMX%), because, say the malicious, the professionals have hastened to close the speculative bets of recent days by imitating the amateurs.
In short, it is back to "playing on the stock exchange". And we begin to see an underlying optimism. Recite theEconomic outlook of the OECD: “The prospects for the world economy have improved markedly in recent months thanks to vaccination campaigns, the announcements of new fiscal stimulus plans and also because economies are better able to cope with the restrictions to counter the Covid-19 ”. Unfortunately, for now Europe is missing from the appeal. The ECB, which will meet tomorrow, has the burden of making up for lost time.
Tokyo's Nikkei is down slightly this morning and Hong Kong's Hang Seng is up 0,2%. The CSI 300 index of the Shanghai and Shenzen lists rises convincingly, restored to balance last night by the return to the field of parastatal finance linked to the Beijing authorities.
Today Coupang, the e-commerce giant controlled by Softbank, will announce the price of the upcoming IPO. A valuation of around 50 billion dollars is expected.
Seoul's Kospi lost 0,7%, Sydney's S&P ASX 200 0,8%. India's stocks opened up 0,3%. Derivatives on the New York indices have not moved at the moment. Wall Street futures are down slightly, more than that of the Nasdaq (-0,5%).
The 1,53-year Treasury Note, the specially watched in recent weeks, is comfortable at XNUMX%, seven points clear of what is considered a problem area.
Yesterday, during the first of this week's thrill auctions, everything went smoothly, the Treasury had no problem placing $58 billion of three-year Treasuries. Today is a new very delicate appointment with the auction of 38 billion dollars of ten-year bonds.
Gold interrupts the landslide of the last few days: 1.713 dollars after yesterday's +2%.
Bitcoin is back in tension, having risen for three consecutive days, returning yesterday in view of the highs in history. But this morning it falls back to $53.700.
Euro dollar up 0,3%, to 1,187, from 1,90 on the eve of the ECB meeting.
Brent oil settles again downwards, this morning at 66,8 dollars a barrel.
INDUSTRY PUSHES MILAN AND FRANKFURT
Milan and Frankfurt do not stop. Indeed, the two main manufacturing economies of the Eurozone have given an encore, scoring new absolute highs (the Dax) or the top for 13 months (Piazza Affari). The extension was justified by the upward revision of the estimates of Italian industrial production (+1% in January against 0,1% in December) and those of the OECD, which, after the approval of the US stimuli, raised the growth forecast for 1,4 goes up to +2021% by 5,6%. To curb the Bull was yet another hitch in the European vaccination campaign, this time by Johnson & Johnson and, above all, the wait for the ECB directorate on Thursday. The rotation between sectors is also being felt in the Old Continent: the value index (banks, energy, auto) in 2021 rises by 9%, the growth index (tech and health) by 0,9%.
Piazza Affari rises by 0,57% and approaches 24 thousand points (23.816).
Fractional progress for the other lists: Frankfurt +0,44; Paris +0,37%, Madrid +0,6%. Amsterdam is more toned (+1,42%).
London +0,15%, weighted by mining: Rio Tinto, Bhp Billiton and Anglo American lose between 1,4% and 1,9%, under pressure from the dollar and the anti-pollution measures taken for the Chinese industrial hub of Dalian.
The Stoxx 600 index rises by 0,5%: energy and utilities rise by 1,6%.
SPREAD TO 102, THE ECB STOPS BEFORE THE MANAGEMENT
Italian bonds gained ground especially on long maturities, after the Treasury gave up proposing a 30-year bond in tomorrow's auctions. The stock traded at 1,64% (against 1,7% on the previous day).
The ten-year rate closes at 0,7%, from 0,75% at the last close. The spread between Btp and Bund rates stood at 102 basis points from 104 at the end of yesterday's session. The market seems disoriented in the face of the inaction of the ECB which has so far not intervened decisively to prevent a worsening of the financing conditions.
A NEW 15-YEAR EU BOND HABITAINS PEPP PURCHASES
Net purchases in the PEPP area, reports a report by UniCredit, have remained below the threshold considered "neutral" of 17-18 billion in the last two weeks, just when several ECB officials, including the president Christine Lagarde, drew attention to the risks of a premature tightening of financing conditions as yields rise.
As regards supply, the EU has launched a new 15 billion euro 9-year bond as part of the 'Sure' program to support employment, with orders for around 61 billion.
MANUFACTURE IN RECOVERY, PRYSMIAN AND LEONARDO AT THE TOP
The state of grace of manufacturing stocks continues. If on Monday it was the Agnelli team that dictated the pace, yesterday the baton passed to Prysmian (+3,83%), Stm (+2,86%) and Leonardo (+2,75%), who closed 2020 with Ebita of 938 million euros, down 25%, and revenues stable at 13,4 billion. Even better Amplifon (+4,77%), with a decisive rebound after last week's losses during the meeting with investors in London.
STELLANTIS WANTS TO QUOTE ARAMIS, THE ONLINE CAR DEALER
Stellantis continues to rise (+1,8%). The French Aramis Group, an online seller of used cars controlled with a 70% stake by Stellantis, announced that it is evaluating the possibility of a listing on the Paris Stock Exchange during this year, adding that the automotive group born from the merger between Fiat Chrysler and PSA-Peugeot will keep the majority after the IPO.
UTILITIES BOUNCE, ERG (+6,3%) BAKES CASH WITH HYDROELECTRIC
Utilities were well received, starting with Enel (+1,55%), followed by A2A (+1,2%) and companies active in regulated businesses, such as Snam and Terna, up around 1,6%. Italgas is in the light (+2,09%), after the collaboration agreement with the Australian Jemena.
Very strong Erg (+6,3%) on the wave of the acceleration of the sale process of Italian hydroelectric and natural gas assets (value one billion).
PAUSE FOR THE BANKS, BUT BPER WON'T STOP
Realizations on bankers, after the rally of the last few sessions. Particularly holding back are Unicredit, down by 1,6%, and Intesa San Paolo (-0,9%). Still in great evidence Bper (+2,3%), still supported by speculation linked to banking M&A after the agreement between Banco Bpm (-0,7%) and Cattolica on bancassurance.
The Madrid court has announced the suspension of the hearing scheduled for tomorrow between the Italian banker Andrea Orcel and Santander. The judge in the case was placed in quarantine after coming into contact with a positive Covid-19, the court said.
TEARS CERVED (+19,4%) AFTER THE TAKEOVER OFFER BY ANDREA PIGNATARO
The announcement of the takeover bid gives wings to Cerved (+19,4%, at 9,57 euros), after Ion Capital, Andrea Pignataro's company that was already involved in the purchase of Cedacri, offered 9,50 euros for action. The title had already ripped yesterday (+14,5%) on the negotiations for the sale of the debt collection division.
CHIARA FERRAGNI ASSIGNS E-COMMERCE TO TRIBOO (+9%)
Triboo, a group that provides assistance services for the development and management of digital activities, rose by 9% after Chiara Ferragni entrusted the company with the management of its e-commerce.
Ruffini Partecipazioni has started the sale of 8,2 million Moncler ordinary shares, equal to 3,2% of the capital, through an accelerated bookbuilding procedure. The transaction follows the commitments made in the context of the merger of Sportswear Company, the owner of the Stone Island brand. Ideanomics acquired 20% of Energica Motors (+15,1%) for 13,2 million.
