With a price of $2.030,72 an ounce, gold finally broke the $2.000 barrier this morning after a long run: +33% since January. The rally is in part the direct consequence of the dollar's weakness against the yen and the euro, which has risen above 1,18 (+5% in 2020) and of constantly falling rates. The 0,51-year US Treasury yield bottomed out at 1% in line with the BTPM below XNUMX% yield.
STATE STREET HAS MORE BARS THAN A BANK
But ETF purchases contribute to accentuating the trend: State Street, writes the Financial Times, today owns more gold than many central banks. The San Francisco Fed chairman said tonight that "the economy will need more stimulus than expected." And the air of agreement in extremis in Congress on support for families predicts a new watering of cash on the way. In this context, the stock markets are advancing in jerks, held back by the trend of infections and by the skirmishes between Beijing and Washington on Tik Tok. But the quarterly campaign goes on without trauma. Excluding Beirut.
SAMSUNG PUSHES SEUL, APPLE TOWARDS 2 TRILLION
The Asian stock markets are weak: Tokyo falls by 0,8%, Shanghai is slightly worse, still close to the maximum, and Sydney. The best place is Seoul at the top for two years. Tonight in the US the show for Samsung's nuvi mobile is staged.
Apple also advances +0,7%, to the fifth increase in a row. Only 120 billion dollars separate the Apple from the milestone of 2 trillion capitalization.
Positive closing for the US markets. For once, Taurus doesn't just reward tech stocks. Dow Jones +0,62%, S&P500 +0,36%, Nasdaq +0,35%.
STREAMING SAVE WALT DISNEY
Almost completely eliminates the profits of the quarter Walt Disney, victim of the pandemic. But the stock rises by 4% thanks to the boom in streaming.
Luxury suffers: Ralph Lauren drops 4,4% after the accounts.
ARGENTINA AVOID THE DEFAULT
The Argentine government has reached an agreement with creditors to restructure almost 65 billion dollars of its external debt, thus avoiding a new bankruptcy.
Futures on Wall Street and those on the Eurostoxx anticipate a slight upward start.
Brent moved little at 44,4 dollars a barrel, +0,6% yesterday.
RECORD MILAN: TOP BAG, SPREAD BELOW 150
Milan is the best place in the Old Continent: the index increases by 1,2% to 19.613 points on the wave of quarterly results. The increasingly robust streak of government bond earnings also benefits the Italian market: Quantitative Easing (PEPP) and the Recovery Fund have positively distorted the prospect of our public debt and are encouraging the purchases of many institutional investors desperate for "returns positive".
BTPs BELOW THE 1% THRESHOLD
The yield on the ten-year BTP falls below the 0,95% threshold for the first time since the end of February, with the spread below 150 basis points. On the shorter part of the curve, the yield on the 2-year BTP falls to -0,07%.
For the XNUMX-year mark, we have reached the eighth consecutive week of increases.
July was the third consecutive positive month with a gain of more than +2%.
STECCANO FRANKFURT AND ZURICH
Instead, Stecca Frankfurt - 0,41%, the liveliest market on Tuesday. Bayer's drop weighs -2,9% on the wave of the costs of the lawsuits regarding the Roundup herbicide, produced by the German giant, contributed to a loss of 9,5 billion euros. Chip maker Infineon jumped 4,2% after CEO Reinhard Ploss signaled "concrete signs of recovery in the automotive sector".
Madrid Salt +0,69%. In the red Zurich -0,68%.
SOS HOTEL: ACCOR LOSES 1,5 BILLION IN SIX MONTHS
In Paris (+0,28%), Peugeot (+3,4%) and Renault (+6,7%) participate in the recovery of the sector shares. But the result of the hotel giant Accor weighs on the index, paying for the tourism crisis with a loss of 1,5 billion in the six-month period.
THE CITY LIKES THE "GREEN" BP
Flat London despite the formidable exploits of BP (+6,5%), driven by energy transition programs with the progressive reduction of carbon emissions, partially financed by an asset sales program between now and 2025. The City is held back by disappointing accounts of Diageo (-5,3%). The world's largest spirits producer reported a sharper-than-expected drop in sales in all markets except North America.
ATLANTIA STOP EXCLUSIVE WITH CDP. THE RACE AT THE START
More twists and turns on the motorways: Atlantia's board of directors has decided to stop the negotiations with the CDP and said it is ready to sell Aspi to the highest bidder. In fact, the board approved "a competitive process managed by independent advisors" in which CDP will also be able to participate. Also envisaged was "the partial and proportional demerger of up to 88% of ASPI through the creation of a vehicle to be listed on the Stock Exchange"-
Atlantia's turning point came at the end of a day illuminated by a series of more than brilliant performances by various blue chips;
INTESA: TOP PROFITS, MERGER WITH UBI BY APRIL
The Intesa day took place, celebrated with a 5% increase. The bank led by Carlo Messina has achieved the best result since 2008 expects a profit of at least 3 billion this year and 5 billion with UBI from 2022. As for the takeover bid, Carlo Messina declared that "the merger by incorporation of Ubi will take place by April 2021". Gaetano Micciché will go to the head of the institute in these months.
In the rest of the sector, Unicredit recovers (+3%) on the eve of the half-yearly accounts. Mediobanca rises again +1.7%. Mps recovers (+4,7%, against -5,7% on Monday), at the center of speculation on the credit risk. Bpm (+4,49%) and Pop.Sondrio (+4,58%) also run.
THE GOVERNMENT AT TIM: FIRST THE UNICA NETWORK, THEN KKR
Very strong Telecom: +6% ordinary, +4,4% savings. The BoD approved the half-yearly, examined the offer presented by Kkr for 38% of FiberCop but decided to stall. The signing of the agreement has been postponed to August 31 but the operation has not been stopped. In a letter sent to the company today, the government asked "to evaluate the most appropriate methods for placing the operation in this broader strategic context, continuing, starting from the next few hours, the discussions with the institutional and market players concerned which will be promoted by us".
THE ECOBONUS PUSHES FCA, LEONARDO RUNS
In the automotive sector, the Agnelli stable rises. FCA +3,9%: car registrations in Italy recorded an annual decline of 11% in July. The sales of FCA decreased by 9%, whose market share stands at 22,75%. Equita Equita expects a “rebound in August being the first month with scrapping incentives”. Banca Imi notes that "the July figure still does not include eco-incentives, while the US market is improving significantly". Strong earnings also for other industrialists: Leonardo +4,8%, Pirelli +4,5%, Cnh Industrial +3,03%.
AIR OF PEACE WITH VIVENDI, MEDIASET +9%
Mediaset goes into orbit (+9,1%). Il Biscione has convened a board meeting for today to discuss a letter from Vivendi, the second shareholder of the media group, in which the French say they are ready to negotiate an agreement that will put an end to the long dispute between the two companies.
Eni rebounds in the oil sector (+2,8%). Saipem also did well (+2,2%).
UTILITY AND DIASORIN UNDER FIRE
On the downside, the utilities linked to regulated activities were neglected: Snam -1,9%, Terna -1,4%.
Down also Diasorin, suspended on the downside, with a drop of 4,8%.
ILLIMITY (+9,45%) AMAZING ANALYSTS
Of note is Illimity (+9,45%), in the wake of the positive judgments of analysts after the results for the second quarter beyond expectations and the guidance on 2020. Kepler Cheuvreux and Banca Imi confirmed the buy rating with a target price of 11 and 10,3 euros.
