“We will do whatever it takes to complete the recovery.” The last one whatever it takes (copyright by Mario Draghi) was launched by Jerome Powell in front of the US Parliament. Thus, with vibrant rhetorical impetus, the Fed president wanted to reassure the markets: "We will not raise rates in advance to stop the rise in inflation, which is transitory".
The markets welcomed the Fed's retreat: the big names in technology are back on the rise, starting with Microsoft, for the first time above 2 trillion capitalization; long-term interest rates are on the downward path again. Bitcoin, which has fallen below $30 due to pressure from the Chinese authorities, still creates some shivers on the markets.
“BEZOS, STAY UP THERE”. 70 WANT IT IN SPACE
This morning in Asia, Hong Kong's Hang Seng shines (+1,5%). On parity, the Tokyo Nikkei, the CSI 300 of the Shanghai and Shenzen lists gain 0,7%.
Positive closing for the US lists: Dow Jones +0,2%, S&P 500 +0,5%. The Nasdaq is up 0,79%.
On the first day of Prime Day, Amazon made $5,6 billion in electronics sales.
Not everyone likes Jeff Bezos' overwhelming power. A petition to advise the owner of Amazon not to return from the space where it will soon be launched by its Blue Origin has reached 70 signatures in just a few hours.
The 1,46-year Treasury Notes traded at 0,24% this morning, the XNUMX-year Treasury Notes traded at XNUMX%.
The Bloomberg Commodity index of the main commodities started to rise again, in view of an acceleration in world economic growth. WTI oil rose by 0,5% to 73,3 dollars a barrel, on the highs for the period also due to expectations on the trend in US strategic inventories.
BEIJING SHUT DOWN CRYPTOCURRENCY FACTORIES
These days it is above all China that acts against inflation. Beijing continues its campaign to bring down commodity prices, while cracking down on credit excesses and shutting down cryptocurrency production.
The authorities have announced that in the second half of the year private refineries (about a quarter of the country's oil imports) will have to drastically reduce their purchases, over a third less than what they bought last year.
Bitcoin, from the highs of April to 65 thousand dollars, plunged yesterday below 30 thousand under the pressure of the blockade of the Xinkiang mines, the main electronic foundries of coins that consume more energy (in coal) than entire nations.
Bitcoin bounces this morning; it is not improbable that new foundries could be born in more compliant countries, perhaps in Central America. El Salvador, which has adopted bitcoin, offers mines that exploit hydroelectric energy.
CAKE, TURNS: “RECOVERY, ACT ONE”. BUSINESS SQUARE IN RED
It looks like a movie, but the first Ciak del Recovery was held yesterday in the Cinecittà dream factory.
“Today is just the beginning. The biggest challenge now is the implementation of the plan. The important thing is that all of these funds are spent and are spent well, effectively and honestly”. With these words the Prime Minister, Mario Draghi, welcomed the President of the European Commission, Ursula von der Leyen, in the studios dear to Federico Fellini. The share lists, alien to rhetoric, looked to a more immediate objective: Jay Powell's speech in the evening. In the meantime, few exchanges, little moved prices.
Piazza Affari recovers in the final but closes slightly lower: -0,32%, at 25.150 points.
The other European lists are on positive ground, closing up: Frankfurt +0,2%, Paris +0,28%.
GRANDVISION, THE JUDGES RIGHT TO ESSILUX
Essilor Luxottica -1% after the Commercial Court ruled that, given the violations of Grand Vision, the group chaired by Leonardo Del Vecchio is no longer required to respect the purchase contract.
Trevor Perkins takes off in London (+8%) after the leading building materials group anticipated record second-quarter accounts. Since January, the stock has risen by 30% and the e-commerce turnover by 70%.
BTP STABLE, HOLDING DOWN THE BUND
Ten-year BTP stable at a yield of around 0,88%. The spread closes at 110 points (-0,66%).
In the evening, the Treasury announced the offer in the auction on 25 June of 2,75 billion short-term Btp and one billion thirty-year Btpei.
0,17-year German Bund at -XNUMX%, following the rumors about the increase in German paper issues. German Finance Minister Olaf Scholz will propose suspending constitutional debt limits.
FINECO RUNS, BPM COMPLETES THE SECURITISATIONS
The bull's flag was held up by the asset management sector: in the lead FinecoBank (+1,86%) after the pressure from the seller Marshall Wace was reduced. For City (rating buy) the title can go up to 16 euros. The institute led by Alessandro Foti is also the first choice of Crédit Suisse. Purchases on Banca Generali (+0,71%) and Azimut (+0,45%).
Mediobanca rises (+1%), but among the worst performers of the Ftse Mib there are on the other hand Banco Bpm and Bper, which lose more than 1%. Giuseppe Castagna's bank has completed the Rockets Project, with the securitization of a 1,5 billion euro portfolio of non-performing loans. In the evening, the completion of a new Tier 2 subordinated issue was announced, with a ten-year maturity (June 2031) for an amount of 300 million euro.
ILLIMITY BRAKES AFTER THE ENTRY OF PIGNATARO
Illimity, the bank founded by Corrado Passera, presented the alliance with Andrea Pignataro's Ion group, which will acquire 9,99% of the capital through a reserved capital increase. Unconvinced investors: title -5% on the Star segment.
BROKER PROMOTES CNH INDUSTRIAL
On parity Stellantis. He took profits on CNH Industrial (-0,69%) after the Raven deal. Banca Akros raised the target price from 17,5 euro from 17 euro, confirming the buy rating after the conference call to comment on the acquisition operation. According to experts, the move makes the company's Industrial business more similar to John Deere's best-in-class business, improving margins and price prospects. Mediobanca securities confirmed the outperform rating and the target price of 17 euro.
GOOD TENARIS, DIASORIN AT THE TOP AFTER THE FUSION WITH LUMINEX
Among the oil companies, Tenaris did well (+1%) supported by the increase in crude oil, Saipem bad. Eni has zeroed the losses. CEO Descalzi has not ruled out the hypothesis of a spin-off of the biorefinery activities. He also said he was convinced of the determining role of gas.
Stm (+1,19%) and Diasorin (+0,26%) rose, reaching their highest levels in a month after Luminex's go-ahead for the merger. Technogym and Ferragamo are also doing well. At the bottom of the Unieuro list, Ovs (-6%) and Saras (-4%).
