Uncertainty remains high on the markets. Yesterday Wall Street took advantage of last week's sharp decline, the worst of the year, to also buy at a discount on tech stocks, with Nvidia rebounding by almost 4%. But already today US futures are indicating a decline. The focus is mainly on the move Fed next week, while tomorrow the data on Cpi Usa. The long-awaited iPhone16 did not make sparks on the stock Apple which remains at the stake. Expectations this evening for the TV debate between the Democrats Kamala Harris and the Republican Donald Trump. In Asia, concerns remain over the weakness of the Chinese economy: today, the above-expected data on Chinese exports are seen only as an acceleration of exporters before the tariffs begin. European stock markets should open little changed. Keep an eye on Generali, Stm and Enel
Wall Street Takes Advantage of the Dips and Rebounds. But Uncertainty Remains
Wall Street bounced yesterday as investors bought into the declines they had reached after closing out their worst week of the year. But uncertainty remains. The main focus is on the rate decision of the Fed next week, with the open discussion among economists on the size: whether 25 or 50 basis points, not finding a strong reason from the data released that would make one lean towards one of the two. Investors' attention is now on the consumer price index, Cpi, on Wednesday, expected to fall to 2,6% from 2,9% in July, which should further approach the 2% target and thus support the decline in rates. On the political front, tonight the Democratic Kamala Harris and the Republican Donald Trump will debate for the first time ahead of the November 5 presidential election, with the two locked in a tight race for the top job.
Il Dow Jones closed with a 1,20% and the S&P-500 with +1,16% and reaches 5.471 points. The Nasdaq 100 (+1,3%), as well as positive the S&P 100 (+1,18%). Among the protagonists of the Nasdaq 100, Modern (+5,14%), Monster Beverage (+4,30%), Marvell Technology (+4,18%) and Nvidia (+3,57%). Instead, despite the great anticipation for the presentation of the new iPhone16, the stock Apple closed on a draw. US futures are moving lower today, S&P 500 futures fell 0,13%, while Nasdaq futures slipped 0,32%.
Hong Kong soars on Alibaba; China accelerates exports ahead of tariffs
Asian stock markets are mostly positive, following Wall Street. The stock market Hong Kong is on the rise thanks also to the push of Alibaba +4%: The cloud e-commerce and other high-tech giant has been included in a program to connect to trading platforms in Shanghai and Shenzhen. The connection is expected to attract about $20 billion in inflows into the stock over the next year, according to Bloomberg Intelligence, with Chinese investors likely to take a stake of more than 10% in Alibaba.
The index Hang Seng rises by 0,3%. The CSI 300 index of stock exchanges Shanghai and Shenzhen is down 0,5%, not too far from its five-year lows. Attention remains high for the weakness of the Chinese economy. In August, the exports Chinese exports grew at the fastest pace since March 2023, suggesting manufacturers are ramping up orders in view of the duties forecasted by several trading partners, while imports did not meet forecasts due to the weak domestic demand. This follows inflation data on Monday which highlighted domestic demand still being fragile, while the price deflation to production has worsened, keeping alive calls for further stimulus from Beijing to support its economy. Another restrictive measure on China from the United States tonight, this time on Chinese biotech companies: are down after the U.S. House passed the Biosecure Act overnight, a law that would place them on a list of companies with which there are trade restrictions.
At the Taipei Stock Exchange, Taiwan Semiconductor Manufacturing is slightly up, indifferent to the news presented yesterday by its client Apple. new iPhone AI-enhanced stocks don't seem to have impressed investors, and Apple's suppliers in Asia aren't seeing any significant moves.
The stock market is slightly up Tokyo, Nikkei +0,3%, while the yen weakens and fears of a rush to close carry trades based on the Japanese currency recede. Cross at 143.
I oil prices fell as weak Chinese demand offset supply disruptions from Tropical Storm Francine and risks of a continued global supply glut weighed on the market. Brent crude fell 0,15% to $71,73 a barrel and WTI fell 0,23% to $68,55 a barrel.
European stock markets, what to watch today
European stock markets set to open little moves, with the EuroStoxx 50 index futures up 0,1%. Investors are looking ahead to the key event of the week, the meeting of the ECB scheduled for Thursday, with traders betting on a 25 basis point interest rate cut in the Eurozone, the second after the one in June, which would take the deposit rate to 3,50%.
This morning in Germany consumer prices In August, they were in line with economists' expectations: they fell by 0,1% on a monthly basis, down from the previous +0,3%, and on an annual basis +1,9%, down from the previous +2,3%. United Kingdom, Unemployment rate in July equal to +4,1%, down from the previous +4,2% (in line with analysts' estimates). The euro fell to three-week lows yesterday, moving little this morning at 1,103.
The recovery plan for Europe presented yesterday by Mario Draghi provides for additional investments equal to 5-6% of GDP, about eight hundred billion euros, half of this possible allocation is for the energy transition, of this fraction, 350 billion are for electricity generation and about 150 for transport. The report edited by the former governor of the ECB also examines telephony, pharmaceuticals, defense and a bit of the entire industry.
UniCredit has placed an issue of Additional Tier 1 instruments aimed at institutional investors for one billion euros. These are, explains a note, 'the first Additional Tier 1 instruments issued by UniCredit in over three years, which contribute to strengthening the Tier 1 ratio by approximately 35 basis points and complete the Mrel funding plan aimed at institutional investors for 2024'. The bookbuilding process collected orders for 3,8 billion
Enel is preparing to exit Vietnam, Reuters reports. It would be the latest Western company to abandon renewable energy projects in Vietnam, which is struggling to implement its decarbonization plans.
Stm, in the aftermath of the presentation of the new iPhones by the client Apple, the latter is worth approximately 13% of the turnover.
stellantis to hold court. The U.S. auto safety agency said it has opened an investigation into more than 781.000 Jeeps, particularly the latest-generation Wrangler and Gladiator sport models, following reports of underbody fires.
Generali (+1,2%) with Francesco Gaetano Caltagirone who, according to the reconstruction of Il Sole 24 Ore, has strengthened above 7% in the company's capital.
Gefran aims to grow through M&A operations, particularly in Germany and North America, where there are several open dossiers to acquire companies in the sensor sector with a turnover between 10 and 20 million euros. This is what Marcello Perini, CEO of the company, said.
Today's macro data
At 9 am the industrial production in July of Spain (previous: +0,6% year on year), at 10 that Italy (previous: +0,5% month-on-month; consensus: -0,2%). While at 14:55 p.m. United States Redbook weekly index arrives (previous: +6,3% year-on-year).
