Wall Street bounces back thanks to "stay at home" titles, i.e. the champions of the remote economy who most benefit from the damage that the contagion inflicts on the recovery. At the top of the ranking is Amazon (+5,7%), rewarded by Bernstein's enthusiastic analysis: the advantage accumulated by Jeff Bezos' company in recent months, we read, is such that it will be felt even later, when we return to normal. Similar valuations explain the rebound of Microsoft, which goes shopping in electronic games, and of the other big names on the Nasdaq, up 1,6%.
Different climate for the "physical" economy: uncertainty reigns over the skies of the markets, scourged by the epidemic that does not stop, by the conflicts between the Big ones confirmed yesterday at the UN assembly and by the absence of a strong response to the risk of recession. This explains the caution of Asian price lists, apparently uninterested in the bipartisan vote in Congress which allows for avoiding the blackout of public services until 11 December.
SIDNEY (+2%) FORESEES CUT IN RATES
The Tokyo Stock Exchange, closed for holidays in the first two days of the week, lost 0,3% in the final session. Hong's Hang Seng on parity. CSI 300 of the Shanghai and Shenzen price lists +0,1%. Kospi of Seoul -0,2%. India's BSE Sensex Index +0,4%.
Sydney stocks, up 2%, got excited over tonight's consumption data: August retail sales were down just 4% from July as economists expected a collapse due to new travel restrictions (-11%). The Australian currency fell and government bond yields fell after a popular economist, Bill Evans of Westapac Banking, said he expected the central bank's announcement of a rate cut on XNUMX October.
EVANS (FED) DOES NOT RUIN A RATE RISE
Another Evans, Charles, a member of the Fed's monetary committee since next January, warned that the new indications do not preclude raising rates before the objective of inflation stably above 2% is reached. Evans made clear that monetary policy may very well be accommodative even with inflation above the 0,5 target level.
The banker's words enlivened a positive session on Wall Street: Dow Jones +0,5%, S&P +1,5%. The Nasdaq is up 1,7%.
THUD OF TESLA THAT PROMISES AN ELECTRIC FOR 25 THOUSAND DOLLARS
Negative reception to Tesla's Battery Day (-5,6%). Yet Elon Musk has gone so far as to support the arrival of a low-cost battery that will make it possible to produce a car for $25.
The euro-dollar falls for the fourth consecutive day to 1,168.
GOLD AND OIL ARE STILL GOING DOWN
Gold is on its third day of large declines, down 0,7% to $1.886 an ounce. Citigroup believes the weakness that began in September is temporary.
Brent oil loses 0,8%, to 41,4 dollars a barrel, from +0,7% yesterday. The American Petroleum Institute estimates that US crude inventories rose by 0,7 million barrels last week.
MILAN +0,54%, LONDON IN CLOSURE
Piazza Affari recovers after the abrupt slowdown on the eve that had compressed prices to their lowest levels for a month and a half. But the threat of the pandemic raging at the borders remains. The situation of France and Spain remains serious: the British premier Boris Johnson has canceled the lifting of the lockdown in the country, telling people to work from home again if possible, and warned that the new measures, which include closing pubs and restaurants early from today, could remain in place for up to six months.
The Italian Stock Exchange (+0,54%) returns to touch 19 (18.895 points) in the final. The Financial Times underlines this morning Italy's better resistance to the pandemic compared to its neighbors.
Contrast the other squares of the Old Continent. Frankfurt rebounds (+0,41%), down an abundant 4% on Monday.
London +0,43%. The City, waiting for Brexit, is looking for new business opportunities. The listing of companies related to cannabis for therapeutic reasons was admitted on Monday. The first freshman is the Verdite fund, domiciled in Guernsey and aimed at an ultra-rich clientele but the list of upcoming arrivals is already large.
The increase in infections weighs on Paris (-0,4%) and Madrid (-0,65%).
MEDIOBANCA SECURITIES: VOTING FAVORS INFRASTRUCTURE
The outcome of the double electoral round has had a positive effect for the government, so a season of stability should emerge at least until 2022, as predicted by Barclays. Mediobanca Securities analysts believe that the government chaired by Giuseppe Conte will keep the green transition, digital transformation and direct investments in infrastructure as priorities, which supports, according to the bank's report, the appreciation for Enel, Snam, Telecom Italia, Nexi and Buzzi Unicem. The strengthening of the Democratic Party can also increase the chances of using the Mes for greater investments in the health sector, with Recordati as a potential beneficiary.
RECORD BONDS, SPREADS AT LOWESTS
The result of the polls also increased the appeal for Italian bonds: the yield of the BTP drops by six points to 0,86% from 0,92%, the lowest level in 12 months and close to the historic low of 0,80 %. The spread with the Bund drops to its lowest since mid-August at 137 basis points.
Contrasted price list of Piazza Affari: out of 40 blue chips, 27 closed on the rise, 13 in red.
SALT JUVENTUS, FCA PREPARES "GRECALE"
Fiat Chrysler (+3,1%) took care of supporting the market. In October, the first pre-production units of the new Maserati SUV, "Grecale", will be produced in the Cassino plant, which will then be built in the Ciociaria plant of the Italian-American group starting in March, immediately after the presentation in early 2021.
Also in evidence Juventus (+2,65%), which chose Alvaro Morata, dribbling the pitfall of Suarez's Italian exam.
Unipol (+1,68%) and Atlantia (+1,53%) also performed well, after the minister Paola De Micheli said that the negotiations with CDP for the split of the Autostrade share "are going ahead".
ENEL AND TIM RISE, MEDIASET IN FIBRILLATION
Brilliant Enel (+1,4%). The group announced that it has started the reorganization of its renewable activities in Central and South America. The subsidiary Enel Americas, as a result of the mergers that should be completed, should bring its generation capacity from 11,3 GigaWatt up to 16,3 GigaWatt.
Tim is also gaining positions (+1%): according to the Antitrust, the voucher plan for ultra-broadband launched by the government to support the demand for connectivity by households and businesses presents some critical issues capable of jeopardizing competition in the markets for all services ' wholesale and retail. Vodafone, Sky Italia and WindTre hope that the Italian plan for the creation of a single subject for the ultra-large bank will give life to a subject "not vertically integrated, capable of guaranteeing neutrality and independence", reads a joint press release issued at the end of a meeting with the heads of Tim and Cdp.
Mediaset is still in fibrillation (+3,28%). The market focused on the hearing in the Milan court on the 3 billion damages lawsuit filed against Vivendi.
MEDIOBANCA LIST PROMOTED, RECORDATI ADVANCES
The banking sector revives. Banco Bpm (+1%) and Mediolanum (+1%) are up. Unicredit -1,5%. Credit Suisse cuts rating to Neutral from Outperform. There was contact between the Treasury, as majority shareholder of Banca Monte dei Paschi, up 5%, and the managing director Jean Pierre Mustier. It seems that the French manager immediately clarified that the operation must be neutral in terms of capital and that legal disputes, amounting to ten billion euros, must be separated from the perimeter.
Mediobanca +1%. The members of the consultation pact which brings together just under 13% of the capital show "unanimous appreciation" for the bank's balance sheet data and also confirm their support for CEO Alberto Nagel in view of the October 28 meeting called to renew the social bodies.
PASSERA ALLIES WITH BANCA SELLA
Recordati advances in the health sector (+1,19%) after signing an exclusive license agreement with ARS Pharmaceuticals, a private US company, for the marketing of the ARS-1 nasal spray. Diasorin also rose (+0,5%).
Leonardo -2,5% waiting for a 300 million dollar order in the helicopter sector: the company was chosen by Austria for the renewal of a fleet of helicopters. Alessandro Profumo today assumed the presidency of the association of European companies in the aerospace, defense and security sector (ASD).
Illimity +1,48% after the agreement between the bank led by Corrado Passera and Banca Sella Holding and Hype to create a joint venture controlled by equal shares.
Esprinet leap (+8,17%): Kepler Cheuvreux has started hedging with a buy rating and a target price of 11 euros.
