Thanks to Vladimir Putin, who has promised to send more gas to the West, and to the Republican Mitch McConnell, who has proposed a truce on public debt until December, avoiding the risk of default, the Bull has raised its head both in the US and in Asia . It is easy to predict that the European lists, already recovering last night, will line up with the opening. But the tension on the markets remains palpable, in view of the reopening of the Chinese stock exchanges tomorrow and, above all, of the data on the American labor market, which will end a troubled week anyway. Yesterday the T bond dam withstood the pressure of inflation, thanks to the return of natural gas and oil prices. But the recovery in Europe, affected by the bottlenecks that hold back the supply of raw materials, fades away, as confirmed by the collapse of Mercedes sales which also affects Italian suppliers.
The drop in commodity prices is giving strength to the stock markets: this morning the Morgan Stanley Asia Pacific index recorded the best daily increase since the end of August. Thanks above all to the rebound of the big names in Chinese tech, such as Tencent and Alibaba.
Hong Kong's Hang Seng gains 2,2% on the wave of maneuvers on Evergrande. The company that holds the most important package today rises by 24% after the offer of the owner, John Lau, who intends to withdraw the title from the Stock Exchange.
Tokyo's Nikkei +1%, first rise since the appointment of the new prime minister. Seoul's Kospi +1,5%, Sydney's S&P ASX 200 +1%, Mumbai's BSE Sensex +1%.
On the political level, the hypothesis of a virtual summit between Joe Biden and President Xi is looming. Yesterday evening the US markets closed with increases between 0,3 and 0,5%. The tech giants raise their heads. Wall Street's S&P 500 index future is up 0,5% this morning.
Undersecretary of Energy Jennifer Granholm has authorized the use of strategic reserves to curb the rise in the price of gasoline, which has reached a seven-year high, at 3,19 dollars a gallon. You are not excluded, you added, a ban on oil exports.
WTI oil is down 1%, at $76,7, down 2% yesterday. After Vladimir Putin's reassurances on supplies to Europe, the reference gas derivative traded in the Netherlands (TTF) lost 7%. During the night the gas stabilized.
Wall Street's S&P 500 index future is up 0,5%. The 1,53-year Treasury Note weakened slightly to XNUMX% yield.
EUROPE HALF THE LOSSES, THE EURO SUFFERS
The lifesaver launched by Putin has kept European stock markets afloat, which have repeatedly given the sensation of sinking under the pressure of energy prices and fears of rate hikes. After the Russian president's intervention, the stock exchanges halved their losses, but prices still slipped to their July levels. The meeting of EU ministers also confirmed the rifts within the Eurozone between East and West, which make a common gas policy impossible for now.
Other negative notes come from Germany, which warns of the consequences of bottlenecks holding back the industry. Orders fell by 7,7% in August on a like-for-like basis compared to a year earlier, while the consensus was expecting a -2%. Eurozone retail sales, a measure of consumer demand, came in lower than expected in August, with food, beverages and tobacco falling. Against this backdrop, the march of the dollar regains strength, one step away from the lows for twelve months.
BTPs SPREAD MORE THAN 0,9%, SPREAD TO 107
The bond market is under pressure, although in line with the slight improvement in yields on US T bonds to 1,51% (-2 basis points compared to the previous day) after the encouraging data on the labor market.
The yield of the ten-year BTP, after reaching 0,921% in the morning, rose to 0,888%, while that of the Bunds with the same maturity dates back to -0,1830%. The spread closes at 107,44 points.
MILAN -1,35%, THE OTHER PRICE LISTS ALSO IN RED
Piazza Affari dropped 1,35%, at 25.605 points. All other squares in red. The worst is Madrid (-1,66%), Amsterdam -1,33%.
DEUTSCHE TELEKOM -5,4%. FOR SALE IS SOFTBANK
Frankfurt -1,53%. Today in Germany the Social Democratic Party, led by Olaf Scholz and victorious in the elections, will begin coalition negotiations to form the new German government, after the willingness given by Annalena Baerbock's Greens and the OK by Christian Lindner's Liberal Democrats.
Deutsche Telekom loses ground (-5,4%) after Goldman Sachs sold securities for a total of 1,58 billion euros in a financial agreement structured by Softbank.
Paris -1,3%. Pernod Ricard rises by 1,5% on the indications of Jefferies who talk about possible record results.
London -1,14%. Tesco supermarkets fly (+6%). HSBC also rose (+3,4%).
BLUE CHIP IN RED, HOLDS UNICREDIT
Few stocks were saved from the downturn in the main basket of Piazza Affari. The best performance was that of Nexi (+0,71%), followed by Moncler (+0,43%) and Amplifon (+0,41%). Above parity Banco Bpm (+0,13%) and Fineco (+0,11%).
Unicredit holds (-0,25%): Deutsche Bank has raised its rating from buy to hold, with the target price revised to 15 from 10,6 euros.
GENERALI, CALTAGIRONE/DEL VECCHIO AT 13%. MEDIOBANCA DOWN
Generals -0,85%. Leonardo Del Vecchio and Francesco Gaetano Caltagirone have purchased other Generali shares in recent days, bringing the overall share of the consultation agreement to which they adhere to just over 13%.
Mediobanca slips (-3%), demoted to hold by Deutsche Bank.
THE CAR COLLAPSES BEHIND MERCEDES (-30% SALES)
The automotive sector is down sharply, under pressure throughout Europe, with Stellantis down by 3,4%, Cnh -3,9%. Pirelli -2,1%. Worrying across Europe was the announcement of a 30% decline in global sales volumes by Mercedes Benz in the third quarter due to semiconductor shortages.
Sales spread to the rest of the industrialists, from Leonardo (-2,75%) to Prysmian (-3%), together with Stm (-2%).
Falling oil: Saipem -4,29% despite crude oil prices being at their highest since 2014. A similar drop also for Tenaris, while Eni is down 1,54%.
WEBUILD, A US ORDER OF 441 MILLION DOLLARS
WeBuild -3,01% after subsidiary Lane was awarded the $441 million contract to design and build the 495 Express Lanes Northern Extension project in Virginia.
AIM, INTESA LAUNCHES PATTERN, MEDIOBANCA HEALTH ITALIA
Money on Openjobmetis (+2,46%) in the wake of the launch of Jonny Job, a new free app capable of revolutionizing the world of recruiting, based on the word-of-mouth system.
On Aim bene Pattern (+8,80% to 5,44 euro), a company active in the design and production of clothing lines, on which Intesa San Paolo has raised its recommendation to buy from hold, with a target price rising from 5,5 to 6 euros, after the accounts for the first semester.
Health Italia +9,31%: the company that deals with supplementary healthcare was promoted yesterday by Mediobanca Securities to outperform. Still on the roller coaster As Roma, down by 3,3%. Piero Berardi has been appointed CEO to replace the outgoing Guido Fienga.
