Evidence of normality together with the fear of a resumption of the epidemic characterize the reopening of the stock lists, supported by the proclamation of the Central Bank of China: the rates on loans to companies, assured a note from the institute, will remain low "because the priority remains that to favor the recovery of the real economy”. These words, together with Friday's US employment numbers, bad but less dramatic than feared, favored a start with a plus sign.
In Tokyo, the Nikkei index rose by 1,6%; Hong Kong does even better (+2%). Shanghai (+0,6%), Sydney (+1,1%) and Seoul are also on positive ground, the stage for an unprecedented conflict over governance. On the eve of his corruption conviction, the Samsung heir announced in court that he will not resign before going to prison but will promote governance reform.
But there are other reasons for concern arriving from South Korea, one of the countries that has dealt better with Covid -19: the epidemic has returned to strike in the premises of the capital, where 60 new infections have been recorded, forcing force the lockdown.
The coronavirus has also struck in China and Germany, other countries that have begun the unfortunately premature return to normality. Today, however, Walt Disney Shanghai reopens its doors, the theme park of the leisure giant, affected by the blockade of parks and the stoppage of cinemas and theaters.
ITALIAN CARTOONS BANK NETFLIX USA
In this context, the performance of Iervolino Entertainment deserves to be underlined, the Italian freshman listed on the Aim (+11,7% on Friday) specialized in the production of film and television content in the lead on Netflix Usa with arctic dogs, an animated film released in US cinemas last year.
Meanwhile, the measures to contain the contagion overlap with the reopenings, more and more frequent in the face of the stress of the economy (and not only). Some areas on the border between China and North Korea, where the infection has returned to grow in recent days, have been closed again: on Friday, President Xi Jinping warned that the country must prepare for a second wave of the coronavirus epidemic.
Wall Street future anticipates a positive start to the session. The dollar recovers positions against the yen, traded at 106,94. The euro trades at 1,0830 against the US currency.
BONDS LITTLE ABOVE ZERO. POWELL SPEAKS ON WEDNESDAY
On the eve of the new offer of US paper, US bonds are sliding to new lows: the two-year low reached 0,105% and the Fed futures, for the first time, fell to negative values.
Against this backdrop, Wednesday's hearing of Fed chairman Jerome Powell is of particular importance: it will be an opportunity to understand whether the US central bank intends to reiterate its no to negative rates.
OIL WEAK, ARGENTINA TOWARDS DEFAULT
Oil is weak: Brent is little moved at 30,9 dollars a barrel, from +5% on Friday. The WTI trades just below 24 dollars. On Wednesday, OPEC will release its monthly report on oil production
Today could be the day of Argentina's umpteenth default (the ninth in a century).
AFTER THE DBRS RATING, THE BTP AUCTION ARRIVES
We start again without too many illusions in Europe too. Italy will lift the veil on the trend of industrial production this week, in a nosedive due to the effects of the pandemic. The data on inflation should also be followed. It is not difficult to predict that the minus sign will also prevail for the German GDP (due on Wednesday, forecast -2,3%) and the British one (Thursday -2,5%). The data for the Eurozone, due out on Friday, should be worse: the first preliminary reading was -3,8%.
In this context, Piazza Affari reopens its doors after overcoming, for now, the uncertainty of the rating. Moody's postponed judgment on both Italy and Greece on Friday. Canada's Dbrs confirmed its BBB (high) rating but downgraded its forecast from stable to negative.
A less problematic week is announced for the Treasury, which will culminate on Wednesday in the auction of 4 BTPs at 3,7, 15 and 20 years for a total amount of 9 billion. It will be the dress rehearsal for the launch of Btp Italia on Monday 18 which, according to the hopes of Minister Roberto Gualtieri, could bring at least 18 billion to the Treasury coffers.
GUALTIERI PROMISES: THE IRAP BALANCE WILL GO UP
However, today's attention will be focused on the undoubtedly problematic interpretation of the new relaunch decree, 258 articles, from which various innovations should emerge. The most important was anticipated on TV by Minister Roberto Gualtieri: the Irap balance will be canceled together with the end-of-June down payment. The provision envisages non-repayable contributions for businesses and support for individuals with business income and self-employment and for VAT numbers with revenues not exceeding 5 million euros.
It will also be an important week for monitoring the state of the art of a large number of companies.
RAIN OF QUARTERLY: THE STAR IS FINECO
The accounts of Finecobank, but also of Brembo and, to stay in the automotive sector, Pininfarina, will hold the court today. To follow Rcs Mediagroup. Illimity, Inwit also report, and among the utilities, Ascopiave and Acsm-Agam.
The calendar also provides for the detachment of the dividend for a large group of SMEs: Openjobsmetis, Orsero, Reno de Medici, Servizi Italia, Zignago and Pharmanutra.
Quarterly campaigns also underway in Asia (tomorrow it's Toyota's turn) and in Europe: focus on telecommunications for the accounts of Vodafone and Deutsche Telekom.
Spotlight on Aramco's balance sheet after a very turbulent quarter for the Saudi crude oil giant.
