They are the actions of Hong Kong leading the slide in Asia this morning, after Beijing's latest stimulus once again fell short of investor expectations and failed to catch up with new record highs Wall Street on Friday as investors expect Trump's second term to bring stock market-boosting tax cuts and looser regulations. Wall Street futures today point to a further strengthening upon reopening, as traders braced for a key reading of the'consumer inflation in the United States this week, as well as a series of speakers from the Federal Reserve, including Chairman Jerome Powell on Thursday. The U.S. bond market is closed today for a holiday.
Bitcoin Hits New Record Above 81.000 Ahead of Pro-Crypto Congressional Candidates
Il Bitcoin reached a new all-time high today above dollars 81.000, in the wake of expectations of a cryptocurrency boom in a favorable regulatory environment, following the election of Donald Trump as President of the United States and the Pro-Crypto Candidates for Congress. Bitcoin itself, the world's largest and best-known cryptocurrency, has more than doubled in value from its yearly low of $38.505 and has reached its latest value of $81.572, after previously touching a all-time high of $81.899. Ether rose above $3.200 for the first time in more than three months and last reached $3.192. Dogecoin, an alternative cryptocurrency that began as a satirical critique of the cryptocurrency frenzy of 2013, was at a three-year high.
Trump embraced digital assets during his campaign, promising to make the United States the “cryptocurrency capital of the world” and build a national reserve of bitcoin.
Cryptocurrency investors see end to tougher controls under US president Securities and Exchange Commission American, Gary Gensler, who Trump has said he will fire.
The cryptocurrency industry has spent more than $119 million to support pro-crypto congressional candidates. In Ohio, one of the cryptocurrency industry’s biggest foes in Congress, the chairman of the Senate Banking Committee Sherrod Brown, was ousted, while the pro-crypto candidates of the Democratic and Republican parties won in Michigan, West Virginia, Indiana, Alabama and North Carolina. Trump also unveiled a new cryptocurrency business, World Liberty Financial, in September, and while details about the business were scarce, investors interpreted his personal interest in the space as a friendly signal.
Wall Street hits new highs on Friday. Futures point to fresh rally today
Il dollar moved close to last week's four-month high against major peers, amid expectations that the U.S. economy will significantly outperform the eurozone in the coming months, but also several other economies. The S&P 500 Index surpassed 6.000 points for the first time before posting a record close slightly below that level. Dow Jones rose 0,59%. Today the futures on the S&P 500 index rose 0,2%. The U.S. bond market is closed today for a holiday.
China Collapses on Yet Another Stimulus Package Disappointment
Hang Seng by Hong Kong fell 1,9% in the European morning, with stocks underperforming real estate of mainland China down by 3,3%. THE Chinese Blue Chips were more volatile, rising 0,2% after an earlier decline of 1,6%. After Chinese markets closed on Friday, the Standing Committee of the National People's Congress unveiled a package of 10 trillion yuan ($1,4 trillion) stimulus package to ease local government financing difficulties and stabilize weak economic growth. However, the measures have not delivered the direct cash injection into the economy that some investors had hoped to see, especially given the threat of massive tariffs under the new Trump administration. China's consumer price index rose 0,3 percent year-on-year in October on Tuesday morning, slowing from a weaker-than-expected 0,4 percent increase in September. Food and energy inflation have been the biggest drags, a sign of weak consumer demand.
Nikkei Tokyo remained flat after recovering from small early losses. Kospi South Korea's stocks fell 0,8%. Equity benchmark Australian fell 0,4%, weighed down by commodity stocks, after oil and industrial metals weakened.
European stocks seen on the rise
European stocks are expected to open higher based on indications from the EuroStoxx 50 index futures +0,5%. The FTSEMIB index in Milan closed down 0,6% on Friday.
Monte Paschi Bank The conditions for the government to sell a further stake in the bank are “propitious”, writes the Republic Saturday, adding that the government is studying alternatives to ABB on the market. The Treasury is looking for a core of Italian private individuals willing to form a hard core that could, one day, be part of a public company-type bank, the newspaper added.
Eni has reached an agreement for a further increase in the stake of the Swiss fund Energy Infrastructure Partners (EIP) in its subsidiary Plenitude through a capital increase of approximately 209 million. EIP's stake, post-transaction, rises to 10% from 7,6%, for a total investment of approximately 800 million, taking into account 588 million paid last March, a note says. The operation recognizes a post-money equity value of Plenitude of approximately 8 billion and an enterprise value of over 10 billion. Eni's top management is said to be willing to sell up to 49% of its carbon capture and storage (CCS) activities, but the precise amount will be defined in the coming weeks, Il Sole 24 Ore wrote on Saturday, adding that the funds Macquarie and KKR (KKR.N) are said to be interested, as are Snam and Vitol.
Leonardo, Bernstein and Mediobanca raise target price. British ministers gave the green light to the Global Combat Air Programme (GCAP) at a meeting on Tuesday, putting to rest fears that the project could be scrapped due to defence spending cuts by the new Labour government. The Financial Times citing several people familiar with the decision. A formal announcement is expected in the coming weeks for the multibillion-dollar fighter jet program, which will be worked on by Leonardo, Britain's BAE Systems and Rolls-Royce and Japan's Mitsubishi Heavy Industries
stellantis Will lay off up to 400 workers at its Detroit auto parts plant. The automaker and its Chinese partner Leapmotor have abandoned plans to produce a second electric vehicle model at the European automaker's plant in Poland, they said. Reuters two people aware of the situation.
Recordati does not fear a possible trade war with the United States in the event that the new administration of Donald Trump were to decide to impose duties on the import of pharmaceutical products, because the company operates mainly in the rare disease sector where there is less exposure to dynamics of this type, as underlined by the CFO, Luigi La Corte, in an interview with Reuters.
Anima has appointed Goldman Sachs as financial advisor to begin the process of analyzing and evaluating thevoluntary takeover bid launched by Banco Bpm Vita,
Mediolanum.. CEO Massimo Doris said on Sunday The Corriere della Sera that a member of the Berlusconi family will join the bank's board of directors to represent shareholder Fininvest. Doris said he was available to sign a new shareholders' agreement with the Berlusconi family's holding company, when the conditions are right.
Unieuro. The reopening of the voluntary public purchase and exchange offer promoted by Fnac Darty and Ruby Equity Investment Sarl on the ordinary shares of Unieuro it ended on friday with memberships equal to 19,6% of the capital which, added to the 71,5% already held, brings the French to 91,1% of the capital of the Italian company. Therefore, the conditions for the delisted by Unieuro.
Webuild. The Terra Verde joint venture, in which the construction group holds a 33,5% stake, has signed a €1 billion ($1,07 billion) contract for a rail project in Melbourne, Australia. The contract signing comes after the joint venture won the bid in July.
