The markets open this morning under the banner of gold, which equaled the all-time high of September 2011, at 1.920,9 dollars. In one week the precious metal gained more than 5%, marking the biggest increase in more than three months. It is a symptom of the uncertainty that accompanies the growth of geopolitical tensions: over the weekend federal agents forced the doors to enter the Chinese consulate in Houston. The agencies report that the Chinese retaliation has already started with the evacuation of the US diplomatic headquarters in Chengdu. But the gold rush also reflects the weakness of rates on the eve of the Federal Reserve board which on Wednesday will only be able to reaffirm the policy of almost zero rates.
WEAK DOLLAR, THE EURO RISES TO 1,1693
The dollar is weakening again today against almost all the reference currencies; the euro traded this morning at 1,1693 against the dollar, at a 22-month high.
In this contrasted context, a week full of macro data and above all corporate accounts opens. The Tokyo Stock Exchange reopens down 0,5% after two closing sessions for holidays. Hong Kong's Hang Seng and the Shanghai Composite edged up slightly. Seoul's Kospi advances 1%. BSE Sensex of Mumbai +0,2% at the start of the session.
In Asia, the performance of the hi-tech sector, strongly influenced by politics, holds sway. The Huawei production conference will be held during the week, in the crosshairs of Western intelligence.
TAIWAN CHIPS BOOM THANKS TO INTEL
The horizon of the chips is even more agitated. Taipei's Taiex is at its 2,5-year high this morning and gains 10% thanks to Taiwan Semiconductor Manufacturing's rally (+2021%). The third-party chip maker would have received a large order for next-generation chips from Intel, while another customer, AMD, would have increased an order previously supplied. The Commercial Times writes that TSMC has committed all production capacity until mid-XNUMX.
Brent oil is little moved at 43,3 dollars a barrel
FED MEETING, US, GERMANY AND ITALY GDP OUT
While awaiting the Fed, the Republicans will today present their proposal for the stimulus package for the American economy. Disagreements between the White House and Senate Republicans kept negotiations going over the weekend, but now "the administration and the Republicans are completely on the same page."
US GDP data for the second quarter will also be released during the week. The macro data arriving from Europe is also important: the GDP data for Germany will be released on Thursday, and for Italy on Friday. Unemployment data for Italy and Germany and German inflation will also be released on Thursday. On Friday we will know the level of inflation in the Eurozone and in Italy.
THE ACCOUNTS OF THE BIG USA ARE HERE, LVMH IS IN EUROPE
Above all, it will be the week of the half-yearly accounts for a significant portion of listed companies. Today in Europe is the day of Lvhm, Ryanair and the German software giant Sap.
Google, Facebook, Amazon and Apple accounts will arrive in the US this week, as well as a large group of S&P 500 index stocks.
AT PIAZZA AFFARI IT BEGINS WITH ITALGAS AND MONCLER
In Milan, the season of quarterly reports gains momentum. The accounts of FCA and Poste Italiane stand out on Friday. We start today with Italgas and Moncler. Caltagirone, Molmed, Piaggio and Sogefi are also reporting.
The calendar also provides for the distribution of the Raiway dividend (€0,2329)
In the evening, the Treasury will announce the procedures for the medium-long term Btp auction on the 30th.
CDP IN ASPI AT THE SAME TIME WITH THE IPO
The countdown to the outcome of Intesa Sanpaolo's takeover bid on Ubi has begun in Piazza Affari, which will expire tomorrow.
The entry of Cassa Depositi e Prestiti and the other future shareholders into Autostrade per l'Italia will not take place gradually, as initially envisaged, but will take place at the same time as the IPO with which Aspi will be listed on the Stock Exchange. According to Ansa, this is the scheme envisaged in the Memorandum of understanding in the hands of Atlantia, but for which a date has not yet been set. CDP's entry will take place at IPO prices.
THE BTP GOES HUNTING FOR THE SPANISH BONOS
The Btp restarts from a yield of 0,99% thanks to seven consecutive positive weeks, the last closed with an excellent +1,5%. The Recovery Fund effect could push the yield to the historic low of 0,80% dating back to September 2019 and even further, in the 0,50% range.
The BTP also recovers credibility with Spain, a traveling companion in the peripheral segment: the Italy/Spain spread closed at 65 basis points, the lowest level since the end of March.
