The plus sign returns to the Chinese economy. In the second quarter, Beijing's GDP rose by 3,2%, better than expected. But the data does not arouse enthusiasm: the growth is linked to the increase in industrial production (+4,8%), while consumption is struggling to recover: last month they recorded a drop of 1,8%, against +0,5 .XNUMX% expected by analysts. In short, the world is still in full emergency, as paradoxically confirmed by the stellar profits of Goldman Sachs. A significant portion of the investment bank's record profits (basically doubled) was generated by commissions paid by companies that suddenly found themselves short of cash and needed to borrow money as soon as possible. A picture at risk, despite progress in vaccine research and comforting data from the US Beige Book, which however does not take into account the new restrictions imposed by the contagion in the US.
The Shanghai Composite Index is down 1,5%. Tokyo's Nikkei (-0,7%) and Seoul's Kospi (-0,6%) also fell. Hong Kong's Hang Seng suffers (-1,15%), by now destined to lose the benefits of the relationship with the USA. The Indian Stock Exchange opened higher: BSE Sensex +0,7%.
The future of the S&P500 index fell 0,3% this morning. Yesterday the US stock market rose, also thanks to news from vaccine research: Dow Jones +0,8% and Nasdaq +0,6%
Modern biotech shines (+17%): all 45 patients subjected to the experimental vaccine recorded improvements.
Quarterly data released in the past 48 hours by four of the big six US banks suggests that the government and central bank move not only averted an economic crisis of catastrophic scale, but helped prop up the earnings trajectory. of big finance. Well Goldman Sachs (+1,4%): today it's the turn of Morgan Stanley and Bank of America both +2%.
Brent oil is down 0,5% to 43,5 dollars a barrel, still close to the highs of the last four months.
OPEC+ has announced that starting from August production will start to rise again, following the end of the agreement on temporary containment reached two months ago. The cartel members believe that there will be no negative impact on prices, as consumption is recovering. Saudi Arabia and Russia, the leading countries, have also managed to impose restrictions on countries that have not complied with the cuts, such as Iraq.
Spotlight on the directorate of the ECB. Christine Lagarde will have to convince the markets that no slowdown is in sight on the bank's expansionary policy line.
But attention is focused on the latest maneuvers before the EU Council on the Recovery Fund which begins tomorrow. Today Conte will visit again the French president, Emmanuel Macron.
Meanwhile, the EU Commission suffers a heavy defeat. The EU Court ruled that Apple will not have to pay Ireland the 13 billion euros of unpaid taxes. The decision of the European Commission was annulled because the latter failed to demonstrate the existence of an anti-competitive advantage in the tax concessions. The sentence coincided with the presentation yesterday of a package of anti-evasion measures.
PIAZZA AFFARI RETURNS TO PRE-PANDEMIA LEVELS
Piazza Affari (+2,02%) returned with momentum to above 20, at 20.281, the highest since the beginning of March, accelerating in the final in line with the rest of Europe.
The other price lists are also positive. Frankfurt climbs 1,75%; The German Minister for European Affairs, Michael Roth, said he was optimistic that the agreement on the Recovery Fund will be concluded at the EU summit.
Paris +2,03%. The recovery is led by the hotel giant Accor (+6,94%). Vincent Bolloré became the first shareholder of the Lagardère group.
ASTRA ZENECA FLIES AFTER COVID-19 TESTS
Madrid +1,81%; London +1,81%. Lead the Astra Zeneca race (+5%). According to ITV, the Lancet magazine will today publish a study on the progress of research by the group and the University of Oxford on the anti-Covid 19 vaccine.
THE PUBLIC DEBT ABOVE 2.500 BILLION
The bond markets moved little on the eve of today's ECB directorate and tomorrow's Recovery Fund summit. The ten-year rate stands at 1,20% from 1,21%.
The yield differential between Italy and Germany on the 10-year segment closed at 169 basis points, from 170.
the public debt has broken through the 2.500 billion wall for the first time: Bank of Italy reports that since May, the country has been burdened by 2.507,6 billion (+40,5 billion compared to April).
ATLANTIA (+26%) CELEBRATES NEAR NIGHT
Piazza Affari has removed the clouds that hung over the fate of Atlantia (+26%, to 14,4 euros, on the wave of strong exchanges). However, since the beginning of the year, Atlantia shares have been in the red by 31% and are far from the price of 14 euros on 2018 August 23,5, the day the Morandi Bridge collapsed. But the market, reads a report by Fidentiis, celebrated because "it is clear that the Government has chosen the path of agreement, avoiding the revocation of the concession to Aspi". The agreement provides for Cassa Depositi e Prestiti (Cdp) to acquire approximately 33% of Autostrade per l'Italia through a capital increase as part of the agreement which will see Atlantia relinquish control of the concessionaire. The Benetton holding company Atlantia will also sell an approximately 22% stake in Autostrade to private investors designated by CDP.
Other stocks linked to the motorway sector were also positive, such as Astm (+7,2%), which manages the Turin-Milan stretch, and Autostrade Meridionali (+2,9%).
In the Benetton stable, Autogrill (+3,9%) is up well.
PIRELLI CHOOSES TRONCHETTI'S HEIR
In light of the industrialists, starting with Leonardo (+5%), Prysmian and Buzzi. The market appreciated the decision of Marco Tronchetti Tries to designate his successor in Pirelli (+3,7%). This is Angelos Papadimitriou, appointed general manager co-CEO in view of the succession process which will be completed within the first half of 2023. "A positive news", according to Fidentiis, "in light of Papadimitriou's significant experience in various multinationals operating in various industrial sectors”.
STELLANTIS: SO IT WILL BE CALLED FCA/PSA
The automotive sector is up: Cnh Industrial +2,29%, Ferrari +1,26% and FCA +1,01%. Peugeot has announced that, after the pandemic, the practice of home working will continue on a voluntary basis: the presence in the offices will be reduced to one and a half days a week. FCA and PSA have chosen the name of the company after the merger: the group, anticipates Les Echos, will be called Stellantis
Stm recovers (+3,3%) after the crash on the eve.
BPM SELLS RISKY LOANS FOR 1,3 BILLION
Among the banks, Ubi accelerates (+3,58) ahead of Intesa (+1,88%). Pause for Bper (-0,2%) after the recent increases, while Ubi strengthens, which rises by 2,2%. Unicredit is up 1,21%.
Banco Bpm (+1,68%) has launched a tender for the sale of a portfolio, made up of UtP credits (unlikely to pay), for a gross value of 1,3 billion euro. Among the various companies involved there would be Illimity, Intrum, Bain, doValue, Fonspa, Pimco and Cerberus. The offers are expected for the end of September, while the completion of the transaction is expected for the end of the year.
NEW STRIKE OF INTERPUMP, THIS TIME IN SPAIN
Among the mid caps, Interpump did well (+3,08%): the company announced the acquisition of the Spanish Suministros Franquesa, based in Lleida, for 700 thousand euros. The operation is promoted by analysts: Akros experts (accumulated and target of 31,30 euros) add that the acquisition was completed by Gs-Hydro Spain, "which was on the verge of bankruptcy two years ago and now it is able to grow on external lines”.
Sesa is also advancing (+2,42%). Mediobanca Securities raised the Tp from 60 to 70 euros on the stock, confirming the outperform rating.
Weak luxury: Brunello Cucinelli is down by 0,4% after the data on revenues for the first half, in line with expectations, and the outlook unchanged. Equita sim reduced the target price on the stock from 24,3 to 24 euros, confirming the hold recommendation.
THE RALLY OF UNIEURO AND OVS CONTINUE
The good momentum of stocks linked to large-scale distribution continues, in the wake of quarterly results: Unieuro +6,6%, with an increase that started last Monday in the wake of better-than-expected results for the quarter and the leap in the online sales channel. The news that on 13 July the CEO Giancarlo Nicosanti Monterastelli bought 60 shares of the company at 8,08 euros each, for an investment of 485 euros, further boosted the stock. Ovs also flies (+7,9%).
