Good news, a very rare commodity these days, cheers up the markets on the eve of a field day, dominated by the expectation of the words of Jerome Powell speaking in Jackson Hole at 16:30. The Wall Street Journal reveals it's close the agreement between China and the United States which will prevent the massive exodus of Beijing companies from US stock exchanges. China, which refuses US budget controllers access to its homeland, has agreed that the accounts of the big names will be transferred to Hong Kong where it can be examined by US auditors. The solution, albeit cumbersome, favored the recovery of the markets, albeit held back by the warnings of the Fed bankers: let no one be under any illusions, repeated Esther George and Patrick Harker, the monetary policy it won't change for quite a while. Faced with these words, the performance of the Stock Exchanges is surprising, even more incredible in the face of the emergencies that are looming for Europe: from the flight of gas that is devastating the economies to the alarm of the Financial Times on the cannons of speculation ready to fire on btp. But, on the other hand, today the PCE index could confirm that inflation, at least in America, is slowing down.
In the US, tech stocks take off, the Treasury at 3,04%
Wall Street accelerated last night and closed with 465 companies in the index S & P 500 on the rise. Wall Street's benchmark index gained 1,4% and Nasdaq 1,7%.
The big names in technology are up sharply with increases of more than 2%: this is the confirmation that the markets do not fear nasty surprises on interest rates.
Il Treasury Notes at ten years it rises to 3,04%, +2 basis points. Biennial at 3,37%. The spread between the two maturities widened to -33 basis points.
European futures anticipate a positive start
The Eurostoxx50 index future is up 0,6% this morning. The surge in gas prices, which jumped to 321 euros, slowed down the price lists yesterday; Milan + 0,1% Frankfurt +0,2% despite the new drop in the Ifo index, to its lowest since mid-2020.
The BTP holds, the gap goes down, fear grows
The public debt is in the spotlight after the Financial Times, citing calculations by S&P, found that there are 39 billion euros staked on Italian treasuries, slightly less than what was enough to unleash the storm of 2011/12. But it spread it fell to 231 points, as did the 3,55-year yield to 3,67% (from XNUMX), also due to the action of the Bank of Italy on mandate from the ECB.
The 1,31-year German bund drops to 0,5%. Yesterday, ten-year German government bond futures finished up 0,8% in the first session following a four-year losing streak. The interim weekly balance is -XNUMX%, if so, it would be the fourth consecutive week of declines.
Positive week for Asian price lists
in Asia, Nikkei Tokyo +0,7%, -1% per week. CSI 300 of the price lists Shanghai e Shenzen +0,2%, -0,8% per week. Kospi of Seoul +0,3% (-0,2% for the week).
The Hang Seng Hong Kong, up by 0,7% at the end of the session, closed the week at these levels with a positive balance: +1,7%. Hang Seng Tech is even better, +0,5% this morning, +2,4% this week. Bse Sensex of Mumbai +0,8% at mid-session.
Towards an intervention by Palazzo Chigi on gas
The price of gas at the Dutch node closing yesterday: 321 euros per MWh, +18% compared to last week, about seven times what it was a year ago. Confcommercio estimates 120 thousand activities at risk. In 'energy-intensive' sectors such as paper, glass, ceramics and steel, there is a stalemate for many companies on new supply contracts for the next thermal year (October 1st-September 30th). Most likely a cabinet be convened next week to give an initial response to businesses exhausted by price increases.
Saudi Arabia supports Brent at $100
Il Petroleum WTI yesterday closed down 2,5%, this morning it rose to 93,3 dollars a barrel, +1%. Brent around $90 after Saudi Arabia's verbal intervention this week. The suggestion that the price is out of line with fundamentals and that OPEC+ might cut production has clearly had the desired effect. It could also make a return below $XNUMX difficult in the near term unless a nuclear agreement and that OPEC+'s willingness to cut is not tested.
In Piazza Affari: Labriola buys Tim, Eni does business in Mexico
L'ad Peter Labriola of Tim insists: on August 22 he bought half a million shares, three days earlier he had bought a million.
Fratelli d'Italia wants that CDP take over the former telephone monopoly and manage its network. This was reiterated in an interview with Reuters by the party leader Giorgia Meloni, favored to succeed Mario Draghi at Palazzo Chigi in the September elections, specifying that the goal is a non-vertically integrated public-owned network.
In the same interview Giorgia Meloni ruled out that the government could take full control of the national energy groups, Eni ed Enel, also considering that the two companies are achieving great successes in their current structure.
New exports to the USA Mexican crude, under the leadership of the Italian oil group, are increasing, according to data from Refintiv Eikon, as US refiners deem it a suitable substitute for sanctioned Russian oil and a product analog to domestic blends.
