The stock markets are seen taking a breather after yesterday's strong rise. Watch out for messages from central banks coming from Sintra today which could give indications on the next monetary moves. Keep your eyes on Piazza Affari Tim, MPS, Unicredit, Poste and Prysmian.
The speech by the president of the Federal Reserve, Jerome Powell, at the Sintra symposium organized by the European Central Bank is expected at 14.30 pm (local time). Yesterday, Christine Lagarde underlined that Frankfurt is in no hurry to cut rates again in light of the positive developments in the economy and the need for more time to be able to affirm that inflation is truly falling towards 2%. Other speeches expected today: vice president de Guindos and councilors Elderson and Schnabel. In an interview with Reuters, Belgian adviser Pierre Wunsch said that the next rate cut is still a rather simple decision to make, but subsequent moves can only materialize when it is truly clear that inflation is heading towards the 2% target.
The Techs hold sway on Wall Street. Tesla +6%
Last night the main indices closed higher with i Tech still protagonists. S&P500 +0,20%. Nasdaq Composite +0,80%. Dow Jones +0,10%. The yield on the ten-year Treasury Note is at 4,44%. Wall Street futures are down slightly today.
Nvidia +0,6% As reported by Reuters, the company is about to be charged for alleged anti-competitive practices by the French antitrust. Sources directly familiar with the matter said this. The so-called “statement of objections” or “list of charges” would follow surprise inspections conducted in the area of graphics cards in September last year, which sources said were directed against Nvidia. The inspections were the result of a broader investigation into cloud computing.
Tesla +6% The stock was added by Wells Fargo among the trading ideas for the third quarter. The rating remains Underweight with a target price of 120 dollars.
Tokyo stock market rises with Topix at 30-year highs
Le stock exchanges of Asia Pacific they do not have a uniform trend. The Chinese indices CSI 300 and Shanghai Composite are just above parity. The Hang Seng Index of Hong Kong rises by 0,6%, yesterday it was closed for holidays. Some positive data on the private sector Purchasing Managers' Index helped buoy sentiment towards China, as did data showing improving home sales, but official weekend PMI data showed that China's manufacturing sector contracted for the second consecutive month. Instead, sales of electric cars in China have grown. The best-selling car brand in China, BYD, sold nearly 1 million vehicles in the second quarter, according to Bloomberg calculations. Sales were driven in part by the company's decision to reduce prices on most models at the beginning of 2024, thus sacrificing profitability, to compete with petrol models produced by foreign brands. In terms of purely electric vehicles, the Shenzhen-based auto giant's quarterly sales of 426.000 units puts it within striking distance of overtaking Tesla as the largest seller of electric vehicles globally. China's Zeekr and Nio report record EV sales in June. The Chinese electric car company zeekr said it delivered a record number of vehicles in June, becoming the largest Wall Street-listed Chinese group to sell only electric cars. Zeekr, owned by Geely, delivered 20.106 cars last month, bringing year-to-date sales to 87.870 vehicles.
Instead the Nikkei 225 Japanese gains 0,6%, continuing the series of three consecutive increases that began last Friday, but above all the more representative Tokyo stock Price Index (Topix) +0,8% stood at the highest level for over 30 years. The Bank of Japan will likely reduce bond purchases by about $100 billion in the first year under a quantitative tightening (QE) plan to be released this month, a Reuters poll found.
THEAustralian Asx 200 drops by 0,4%. The minutes of the June meeting of Reserve Bank of Australia have shown that the institute is considering a rate increase of interest in the face of inflation that is not yet under control. Australian inflation has exceeded expectations for three consecutive months and remained well above the RBA's target range. UBS analysts said a continuation of this trend could invite a rate hike of 25 basis points in August. The Kospi of South Korea fell 0,9% even as data showed South Korea's consumer price index inflation unexpectedly eased in June. In India, India's Sensex and Nifty 50 are little moved, having hit a series of record highs in June on optimism about the Indian economy, with the ruling BJP set for a third term in power.
Stock market July 2: what to follow today
European stock markets expected to decline slightly (futures on the Eurostoxx50 -0,10%) at the start of the session following the election result in France where the opposing factions have begun their maneuvers to move closer in view of the run-off on 7 July. Wall Street futures also fell (-0,12% on the Dow Jones and -0,17% on the S&P500). European stock markets closed sharply higher. EuroStoxx50 index +0,8%, Dax +0,5%, FtseMib +1,7%. In Paris, the CAC 40 +1,1%, from the initial +2,7%.
The yield of the German Bund is at 2,60% and that of the BTP at 4,09%. The Italy-Germany spread is at 150 basis points. The French 3,33-year OAT yields 74%, the highest level since November and the Bund/OAT spread is at 1,073 basis points. The euro-dollar exchange rate at 0,3. Brent oil and WTI +2.327%. Gold almost unchanged at 63.200 usd. Bitcoin at $0,3, -XNUMX%.
MpS. Yesterday +6,7%, on the eve of the expiration of the ban (lock-up) for the Treasury to sell further shares of the Sienese bank, of which it still holds 26,7% of the capital.
Unicredit. She turned to European justice to clarify the modalities of farewell from Russia imposed by the ECB. The Italian bank led by Andrea Orcel yesterday presented an appeal to the Court of the European Union to obtain clarity on the "obligations established by the ECB on the further reduction of risks associated with activities in Russia", explains a note from the group. The move is part of the intense confrontation that the institute has been having for over two years with Frankfurt over banking participation in Russia.
Post. The Treasury has appointed KPMG to provide a valuation for PagoPA, the platform that manages digital payments for the public administration, as it prepares to sell the business to the Istituto Poligrafico e Zecca dello Stato and Poste Italiane. Sources close to the situation said this.
stellantis. Car registrations in Italy in June amounted to 160.046 units, with a jump of 15,02% on the same month of 2023. The Stellantis group recorded growth of 11,36% with a market share of 30,04, 30,29% from XNUMX% in May, based on Reuters calculations.
Team. Has the sale of NetCo to Kkr was completed through the contribution to FiberCop (a company 58% controlled by Tim) of the Tim business unit which includes the fixed network infrastructure and wholesale activities, and the subsequent acquisition of the entire capital of FiberCop by Optics BidCo, company controlled by KKR. The reduction in financial debt expected from the operation has been confirmed. Borsa Italiana has communicated that the Telecom bonds Italy 2.875% January 2026 (ISIN XS2798883240), are suspended from trading, in view of the delisting.
Prysmian, a company listed on Euronext Milan and active in the energy and telecommunications cable systems sector, has completed the acquisition of the US Encore Wire for $290 per share. which has become a private company, and therefore its shares will no longer be listed on the Nasdaq. The acquisition will allow the consolidation of Prysmian's leadership position in North America. Barclays raised Prysmian's target price from 63 to 64 euros, Overweight rating.
Intesa Sanpaolo informs that, as part of the execution of the treasury share purchase program launched on 3 June 2024, in the sessions between 24 and 28 June 2024 it purchased 29.996.963 treasury shares at the weighted average price of 3,5 euros per share , for a total value of 104,99 million euros. As of 28 June 2024, since the launch of the program, IntesaSanpaolo has purchased a total of 197.393.499 shares, equal to approximately 1,08% of the capital, for a value of approximately 686,87 million euros.
Openjobmetis. Final results for the voluntary total public purchase offer promoted by CRIT through Plavisgas (the offeror) on the ordinary shares of Openjobmetis - an employment agency listed in the STAR segment: 1.281.027 ordinary shares of Openjobmetis were tendered - representing 9,58% of the capital and approximately 36,19% of the shares subject to the offer. Therefore the bidder came to hold 98,9% of the capital of Openjobmetis. Consequently, the legal conditions have been met, giving rise to the joint procedure which will take effect on 8 July.
Buzzi. Morgan Stanley raised the target price to 37,70 euros, Equal Weight rating.
Fincantieri. THEyou were +10,7%, option rights yesterday +25%. Friday 5 July is the last day of negotiations for the rights to subscribe to the capital increase.
He makes his debut in the STAR segment SYS-DAT
