There are few reasons to run, but no reasons to call a retreat can be seen on the horizon. The Stock Exchanges, awaiting indications on inflation or other reasons to move, are experiencing a strange calm, where particular stories find their place. The "meme stock" party continues on Wall Street, i.e. the favorite stocks of do-it-yourself traders: AMC, the cinema chain that gained 85% last week (over 3.000% since the beginning of the year), yesterday snatched another 14,8% just above Blackberry and Game Stop, up between 7 and 14%.
BIOGEN +38% AFTER THE OK TO THE ALZHEIMER DRUG
But the Oscar of the day concerns the pharma world again. The US authorities have given the green light to the first drug for the treatment of Alzheimer's that works on the effects (and not on the symptoms) of the disease. The shares of the manufacturer, Biogen, jumped up by 38%, even as the controversy rages among scientists on the effectiveness of the discovery. The verdict of the FDA, however, was necessary to continue the trials.
STOP SHANGHAI: INFLATION IS SCARY
In Asia Pacific, the CSI 300 of the Shanghai and Shenzen indexes are down 0,7%, the Nikkei is at parity and Hong Kong's Hang Seng is down 0,3%. The Australian stock market rose slightly, celebrating the triple A assigned by S&P.
Inflation also scares Beijing. According to Wall Street Journal tomorrow the wholesale price index could signal the record increase since 2008.
BIDEN ASKS THE CIA FOR A REPORT ON WUHAN
Meanwhile, tension with the US over the origin of the pandemic is rising. Always the Wall Street Journal reports a US study from which the hypothesis emerges that the virus came out of the Wuhan virology laboratory. This indiscretion comes after the CIA received a request from the White House for an investigation.
American futures are uncertain this morning: only the Nasdaq rose slightly. Yesterday the Dow Jones (-0,36%) and the S&P 500 (-0,08%) closed in the red. On the Nasdaq (+0,49%), but only for the impact of Biogen.
NASDAQ FUTURES UP, SOFT COMMODITIES RUN
The cost of living continues to be discussed even in the States. In particular, wood, iron and copper are at their highest. Soft commodities (soybeans, wheat and corn), on the other hand, are at an eight-year high. The increase in Quaker brands pizza and frozen hamburgers (+8%) caused a sensation, apologizing to consumers: "We can't do without them".
WTI oil falls for the second day, to 68,6 dollars a barrel. Second day of sharp decline in bitcoin, down to $33.000: -4%.
A PLACE OF BUSINESS EVEN BEFORE, TODAY A NEW BTP 10
Piazza Affari begins the week of the ECB summit at a fast pace, at the top of the European price lists. The index, after having finally broken through the wall at 25.500 points which had been resisting since 2008, gives the sensation of being able to point upwards (closing at 25.824). The confirmation of the BBB- rating by Fitch, which the Treasury celebrated by launching the placement of a 10-year bond entrusted today to Bnp Paribas, Crédit Agricole, Goldman Sachs, HSBC and Intesa Sanpaolo, is hardly news either.
ONLY 4 NEGATIVE BLUE CHIPS SINCE THE BEGINNING OF 2021
The performance from the beginning of the year widens to +16,50% (including dividends already detached), slightly better than the Eurostoxx 50, +15,50%.
Only 4 blue chips have recorded a negative performance from January 2020 to today: Diasorin, Inwit, Ferrari and Enel, stocks that had done well in XNUMX.
In the rest of Europe, only Madrid (+0,84%) keeps pace with the Italian Stock Exchange. London is more cautious (+0,13%): Anglo American falls by 2,4%.
MICHELIN AT THE TOP, THE STOXX 600 AUTO PURE
In Paris (+0,43%), Michelin (+2%) flies to historic highs, at 133,35 euros, in the wake of a UBS report.
Frankfurt loses 0,11%, despite the jump in auto stocks: yesterday the Stoxx 600 Auto & Parts surpassed its all-time high. Chancellor Angela Merkel's Conservatives won a resounding victory in eastern Germany's state elections on Sunday.
Orders to German industry unexpectedly fell by 0,2% in April due to lower domestic demand. Estimates were for 0,50% growth. But the previous figure for March was revised upwards strongly, from +3% to +3,90%.
SPREAD GOES BACK TO 106, THURSDAY 7,75 BILLION AT AUCTION
Downturn at the end of the session for the BTPs. The abundant supply of securities from the Eurozone and the approaching directorate of the ECB weigh heavily.
The spread stood at 106 points at the end of the session (against 104 on the eve of the session). The 0,86-year yield rose to 0,82% from XNUMX% at the previous close.
In the evening, the Treasury announced that on Thursday 10 June it will offer 7,75 billion in 3, 7 and 20-year bonds.
SARAS GOES IN ORBIT TO STEAL ENI'S GREEN BOND
In Piazza Affari there are six blue chips that have set a new absolute record: Cnh Industrial +1,61%, Campari +1,78%, Interpump, Banca Generali, Moncler +1,61% and Amplifon.
However, the day's record belongs to Saras, which jumped by 12% after Bank of America's promotion to Buy.
Other energy sources are not showing particular momentum: Eni +0,4%. The six-legged dog has announced the placement of the first sustainability-linked bond issue in its sector, with a 7-year term. The demand was six times the supply.
Saipem -0,8%.
UNICREDIT AT THE TOP, AWARDED BY JEFFERIES
Among the blue chips, Unicredit stands out (+3,47%), aided by the buy judgment (target 12,25 euros) by Jefferies. Over the past month, the stock has gained more than 16%. Followed by Banco Bpm (+1,50%) and Bper Banca (+1,34%). Intesa Sanpaolo, on the other hand, was flat (+0,20%), demoted, again by Jefferies, from buy to hold.
Asset management was also positive: Poste Italiane +2,2%, Azimut +1,96%, Fineco +1,44% and Anima Holding +5,53%.
The automotive sector shines: Pirelli +1,96%, Stellantis +1,68%.
FITCH PROMOTES ATLANTIA
Also noteworthy among the blue chips is Atlantia (+1,12%), after Fitch placed its creditworthiness on Rating Watch Positive (hold BB"), together with those of Autostrade per l'Italia ("BB+") and of Rome Airports (“BBB-“).
In red Stm (-1,37%).
RECORD RENTALS, RUNS AS A FRIEND
D'Amico International Shipping +4,3% on the momentum of the freight price boom.
Raiway +5%: talk of the merger with Ei Towers, controlled by F2i, returns. "We consider the appointment of the new Rai board of directors as a necessary step before any option to consolidate the tower sector", notes Mediobanca Securities.
UNIEURO AMONG THE MID CAPS, ORDER FOR CIRCLE IN THE SLEEVE
Unieuro (+5,2%) celebrated its entry into the Midcap index from 21 June.
Panariagroup rose by 4,7%, in line with the new tender offer price, after the vehicle Finpanaria raised the price to 2 euros per share from 1,85 euros and extended the deadline for accepting the offer.
In the Aim sale Circle (+2,53%) after the firm won the tender to develop consultancy on the International Fast & Secure Trade Lane (IFSTL) on several routes which will connect Ireland with France and the United Kingdom.
