European stock markets are off to an uncertain start. In Europe, attention this week will focus on possible movements of the French assets, as investors remain nervous ahead of elections in France, whose first round is set for June 30th. Polls show strong support for Marine Le Pen's far-right Rassemblement National party, raising concerns about potential political stalemate and excessive fiscal spending. Chinese shares are weak: over the weekend China and the EU clashed over the issue of tariffs. It weighs in Piazza Affari lo detachment of coupons of 7 blue chips which weighs 0,26% on the Ftse Mib index. These include Hera, Poste Italiane, Snam and Terna. On Wall Street we will have to follow the trend of Nvidia which last week corrected its mega increases with -4%.
Wall Street eyes Nvidia's significant write-off. Waiting for US inflation data
Wall Street futures are little moved. The S&P500 index closed the week with a gain of 0,7%. The Nasdaq remained at its starting levels, also due to the correction of Nvidia which led to -4% in the week: the market wants to check today whether the reversal of the tech stock, which had conquered the throne of the largest company by capitalization in the world by rising by 156% this year, has ended or not. “In the age of artificial intelligence, no one can imagine what the chipmaker's revenues will actually be, not even the Wall Street analysts who cover Nvidia or Nvidia's own managers,” writes Bloomberg. The Dow Jones has awakened +1,4% in five sessions.
Investors will pay close attention to key data this week on inflation US for further indications on interest rates. Data on the PCE price index, the Federal Reserve's preferred inflation indicator, will be released on Friday. The ten-year Treasury Note has a yield of 4,25%. Waiting for the first debate for the American presidential elections between Joe Biden and Donald Trump Thursday night on CNN.
Asia. Spotlight on the tariff crisis between China and the EU. Yen at 35-year low against dollar
Most Asia Pacific stocks are falling as the trade war between the two risks intensifying China and the European Union. The Chinese CSI 300 and Shanghai Composite indices lose 0,2% and 0,6% respectively, the Hang Seng index in Hong Kong is down 1%. Taiwan Taiex -1,80%, after a long series of records.
In early June, the European Union imposed high tariffs on imports of Chinese electric vehicles. The move angered Beijing and triggered what could be a trade war. In the weekend there was a video conference held between Chinese Minister of Commerce Wang Wentao is the Executive Vice President and Commissioner for Trade of the European Commission Valdis Dombrovskis, according to a note from Beijing's Ministry of Commerce, to start a dialogue on EU duties on the import of new energy vehicles, increased by a further maximum 38,1% after an anti-subsidy investigation. In the absence of an agreement between the parties, the new tariffs will come into force on July 4th. Down i sector stocks: Nio gives up 0,59%, Li AUto 0,22% and world leader Byd 0,51%. Xpeng bucked the trend (+0,85%).
The ASX 200 Australian falls by 0,6%, while the South Korean KOSPI loses 0,9%. On the contrary, the Japanese stocks they go up: the Nikkei 225 +0,7%. Watch out for it yen which approached the lowest level against the dollar from 35 years: the market expects an intervention to defend the yen from the monetary authorities. Masato Kanda, Japan's top currency official, said today that the country's authorities are ready to intervene in markets around the clock if necessary. The vice finance minister added that the US decision to put Japan on the currency watch list has no effect on Japan's strategy. The yen is trading at nearly 24 to the dollar, close to a 24-year low of 160 hit on April 34, which led authorities to intervene in markets in late April and early May.
Stock markets today 24 June: coupon detachment for 7 blue chips on Piazza Affari
Futures signal an uncertain opening with the EuroStoxx50 Index which at 8,40 am was at +0,2%, rising from negative values of a few minutes earlier. Milan's FtseMib closed the week up by 2%.
Today it falls at Piazza Affari the third day of coupon detachment of the year. There are 7 Italian blue chips that will remunerate their shareholders. These include Hera, Poste Italiane, Snam and Terna.
The yield of the German Bund is at 2,41% and that of the BTP at 3,94%. The Italy-Germany spread is at 153 basis points. The 3,20-year French OAT yields 79% and the Bund/OAT differential is at 1,069 basis points. The euro-dollar exchange rate was at 2.322, at its lowest level for a month and a half. Brent oil and WTI at Friday levels. Gold at 1,6 usd. It lost 62.800% on Friday following stronger-than-expected US data. Bitcoin at $2, -XNUMX%, at one-month lows.
Unicredit announced the start of the third and final tranche of the 2023 share buyback program for a maximum amount of 1,5 billion euros (no more than 9% of the share capital) out of a total payout of over 3 billion. The purchases, specifies a note, will start today, June 24, and it is expected that they will be completed approximately by September 2024. The purchases will be made on Euronext Milan, organized and managed by Borsa Italiana.
Eni. Ivory Coast is preparing its right of first refusal on a potential sale of the energy company's assets in the country, Bloomberg reported.
Fincantieri. The capital increase begins today and ends on July 11th. Rights negotiable until July 5th.
Leonardo. Regarding the sale of their shareholdings in Industria Italiana Autobus, Invitalia and Leonardo confirmed that Seri Industrial was the only one compliant with the provisions of the sale process. The sale process, assisted by KPMG and Studio Legance, involved numerous potential Italian and foreign bidders. Invitalia is required by law to sell its shareholding at the end of 5 years from its entry and, in the absence of an industrial shareholder, the only alternative to the sale would have been the liquidation of the company.
UnipolSai. Unipol holds 96,915% of the capital after the Sell-Out procedure, based on the provisional results of the Sell-Out Procedure communicated by Equita, in its capacity as intermediary responsible for coordinating the collection of subscriptions. At the closure of the Unipol Sell-Out Procedure Group on UnipolSai Assicurazioni, Requests for Sale have been submitted relating to 56.544.196 Residual Shares, equal to 39,308% of the Residual Shares subject to the Sell-Out Procedure and 1,998% of the share capital. Therefore, the Offeror will hold a total of 2.742.410.997 Shares, equal to 96,915% of the share capital. The threshold of 95% in the capital of UnipolSai has therefore been exceeded, which will allow the Offeror to proceed with the delisting.
Tenaris SA announced the purchase of 4,7 million shares between 17 and 21 June. The shares were purchased at an average price of 14,4860 euros for a total value of 67,8 million.
Following these purchases, the company holds 39,1 million equal to 2,7% of the share capital.
Doxee. The offer of unexercised rights for the capital increase begins; ends June 25th, unless closed early.
Today's data. At 10am with the Ifo index, which measures German business confidence, for June (estimated 89,7 points versus 89,3 in May).
