European stock markets are seen opening higher, as futures suggest. In the background remains the wait for the evolution of the political situation in France ahead of the weekend of balloting. Wall Street marks a double record, with Tesla which rose by 10,2% after data that showed car deliveries falling but above expectations. At Piazza Affari, pay attention to Unipol and to the new entry Syd-date yesterday at +7%. Today is the wedding day Italy-Lufthansa
Wall Street hits double records. Tesla shines +10,2%
Double record yesterday for Wall Street: the index S & P500 reached a new record, the thirty-second since the beginning of the year, +0,6% to 5.509 points. The Nasdaq it gained 0,8% to 18.029 points, a new all-time high. Dow Joness +0,4% 39.332 points. Definitely a positive day for Tesla (+10,2% to 231,26 dollars). The automotive giant announced that in the 2nd quarter of 2024 it produced almost 411 thousand cars and delivered approximately 444 thousand cars with a decrease of 4,8% compared to the same period of 2023. However, what made the stock rise was the fact that the data it turned out better than expected of the market of 439 thousand units. In April, Tesla announced a decline in deliveries in the first quarter of 8,5% to 386.810. Good too Apple (+ 1.62%) and Amazon.com (+1,42%). Ten-year Treasury Notes at 4,43%, little change.
Federal Reserve Chairman Jerome yesterday Powell, speaking in a round table at the ECB Forum in Sintra, confirmed his caution on the next moves: “We have made good progress in bringing inflation down, overall and underlying inflation at 2,6% indicates that progress it was remarkable. But we need to see more data to be sure that the levels of the disinflation process, which has started again, are true." Meanwhile, concerns about Joe's health are growing in the House of Representatives Biden and on his ability to remain the candidate for the White House.
Today la MY BAG of the United States closes early because future it is the holiday ofIndependence Day. The minutes of the June FOMC meeting are scheduled to be published today at 20pm. The data ino agenda: new jobs and benefit claims, weekly, trade balance May, Markit PMI Composite and services June, industrial orders and composite non-manufacturing ISM index, June.
Asian stock markets rise driven by Wall Street. Eyes on the yen
The double record on Wall Street inspires the rise of the Tokyo and Hong Kong stock markets this morning in Asia: Nikkei +1%, Hang Seng +1,1%. Thanks to push from high tech companies, the TAIEX index in Taipei also rose (+1%) and the KOSPI in Seoul, +0,4%. The bag of India opened 0,7% higher, for the BSE Sensex index, just above the 80.000 point threshold, new historical maximum. On parity the CSI 300 of the price lists of Shanghai and Shenzhen and the S&P ASX200 of Sidney.
Real estate, consumer goods and tech stocks rose after the city government plans to soon publish a proposed law to force companies to relocate their headquarters to Hong Kong. Also in Hong Kong, retail sales fell for the third month in May due to the strength of the strong local currency (the HK dollar linked to the US dollar) and a high comparison base with last year. The pmi Caixin China General Services (index developed by Caixin, not the government one) fell to 51,2 in June 2024 from 54,0 in May, below forecasts of 53,4 and indicating the lowest value since last October due the slowdown in demand.
Still watch out for it yen: yesterday down on the dollar, to 161,6. Some observers see the risk of a rate around 170 at the end of the year if the Bank of Japan's potential policy changes this month fail to push bond yields higher. Since the beginning of the year, the yen has lost 13% against the dollar, a decline that is putting pressure on Japan's monetary authorities. Removing bond market support would push Japanese yields higher, making them more attractive and helping to attract investment flows into the yen. The BOJ promised details at its July 31 meeting of a plan to reduce the 6.000 trillion yen ($37 billion) of monthly purchases, which analysts considered too small.
Stock market July 3: what to follow
European stock markets should open higher, future EuroStoxx50 index +0,3%, while attention remains on the evolution of politics in France, ahead of the ballot next weekend. Yesterday the ECB president Christine Lagarde in Sintra, answering a question on the possible effects of the elections in France, he said that price stability also depends on financial stability.
Yesterday the Ftse Mib in Milan closed down by 0,7%. The yield of the German Bund is at 2,59% and that of the BTP at 4,04%, down by 5bps. The Italy-Germany spread is at 145 basis points. The Bund/OAT spread is at 72 basis points. The euro-dollar exchange rate at 1,074. Brent oil at 87,2 dollars, WTI at 83 dollars. L'American Petroleum Institute it expects crude inventories to have shrunk by 9,2 million barrels last week, the largest decline in barrel terms since January. Gold at 2.330 usd. Bitcoin at $60.850.
Unipol. The Italian insurance giant has increased its aggregate shareholding in BPER Banca, an institution at the center of banking risk speculation, to 24,62% of the capital from the 19,85% previously held, after the signing by the subsidiary UnipolSai of a share swap type, according to what emerges from CONSOB communications on significant shareholdings. The share swap derivative contract was signed with a leading operator, provides for settlement exclusively in cash and will have a maximum maturity of 25/02/2028.
stellantis and Archer Aviation (a company active in the sector of electric vertical take-off and landing aircraft) announced today that Archer has received an investment of another 55 million dollars from the automotive giant as part of the strategic financing agreement between the companies, following the achieving flight test results last month. The investment adds to the series of purchases totaling 8,3 million Archer shares made by Stellantis in March this year and the $110 million invested in 2023.
Italy-Lufthansa, today the green light from Europe to the recovery plan is expected around 11.45am. Immediately afterwards at the Treasury, the Minister of Economy Giancarlo Giorgetti, the executive president of Ita Antonino Turicchi and the CEO of the Lufthansa group Carsten Spohr will hold the first joint press conference since the agreement was signed, just over a year does. The agreement includes three stages.
Syd-date, a company active in the ICT sector, on its first day of trading on the Euronext STAR Milan market, closed yesterday with an increase of more than 7%, with a capitalization of approximately Euro 111 million. This is the ninth admission on the Italian Stock Exchange markets of the twenty-fifth listing of 2024 on Euronext.
Tinexta received a communication of disagreement from the sellers of the Defense Tech Holding share regarding some components of the exercise price of the call option on the company. The parties will meet in the next ten days to try to reach an agreement.
Bank Profile. Barents Re (a reinsurer based in Panama) is in consortium with another couple of Italian investors including Lmdv Capital, the family office of Leonardo Maria Del Vecchio, to take over the private banking group controlled by Arepo, the vehicle of the Sator fund ( in liquidation) created by the banker Matteo Arpe.
Today's data: Services PMI index for June in Italy, France, Germany, Eurozone, United Kingdom. Eurozone: producer prices May
