The president of the United States Joe Biden called on US intelligence agencies to redouble their efforts to investigate the origins of the coronavirus in China and provide a clear answer within 90 days. The decision comes at a delicate moment in the fight against the pandemic in Asia. The virus has forced the authorities to close some Australian cities, and rumors are multiplying, including the authoritative Nikkei, for the cancellation of the Olympics. Hence a warning against the euphoria of the markets that have already dismissed the contagion, perhaps too early.
This is how price lists slow down, the fear of inflation is reduced also because the enormous liquidity in circulation is supporting the purchases of bonds issued by the various countries to fuel the recovery: today there are around 400 billion dollars at the US central bank of parked liquidity, an enormous mass, contributed by over 50 subjects. This explains the success of the Bonds: the US Treasury auction of 61 billion five-year bonds recorded strong demand (2,49 bid to cover). The 1,58-year bond is stuck at XNUMX%.
The index Dow Jones Asia is down by 0,4%, the first step back after a positive sequence that had lasted for about a month. On parity the Chinese lists after a start in sharp decline. Tokyo is also down -0,8%.
The giant of low cost furniture Xiaomi, listed in Hong Kong, was up 3% after the presentation of data for the quarter: revenues grew 55% to 77 billion yuan. The stock, penalized in recent years by US sanctions, returned to the highs of the last three months. Tencent slows down -2%: the Internet giant has strengthened the positions in the capital of a video game developer (Feiyu Technologies). Taiwan Semiconductor Manufacturing is down 1,5%.
BEZOS FOR $8,46 BILLION CONQUERS MGM
Wall Street futures also fell slightly this morning. Yesterday indices moved little: Dow Jones +0,03%, S&P +0,19, Nasdaq +0,59%. Tesla and Alphabet rebound, Amazon moved little - 0,2% which yesterday completed, as expected, the acquisition of MGM for 8,46 billion dollars. Thanks to this operation Jeff Bezos strengthens the Prime Video catalog, albeit at a high price. But, as a Hollywood analyst comments, “the sale of Metro does not change the balance of the entertainment world. The arrival of Bezos, yes”. But it has emerged that the control of the new James Bond productions is linked to the choices of the heirs of Albert Broccoli the producer of 007.
Lively Ford +8,1% after the presentation of projects to grow faster in the electric sector.
PROFITS BOOM FOR NVIDIA, GOLD AND OIL HOLDING DOWN
After the stock exchange, Nvidia, the world's largest semiconductor company by capitalization, announced that it closed the first quarter with an 88% rise in revenues to $5,7 billion, even better than analysts' expectations, firm to 5,4 billion. For the current quarter, the Californian company expects a further improvement in the trend: revenues are estimated at 6,2 billion dollars.
Oil slows down: Brent at 68,2 dollars, Wti at 66 dollars. Gold also fell to 1,892 dollars an ounce.
EXXON AND SHELL: A DOUBLE BLOW FOR THE OIL MANAGER
Yesterday was a truly historic day for the fate of the oil sector and the environment. In the USA, Exxon Mobil's shareholders' meeting put the giant's top management in a minority by voting for two of the four directors proposed by Engine No.1, the hedge fund which since December has led a vibrant campaign against the group's investment-based policy in hydrocarbons, a choice that "even puts the existence of the company at risk". After the vote, the US giant will have to reorient its strategies towards the "zero emissions" policy proposed by the International Energy Agency.
But that's not all. Just as the US shareholders, thanks to the commitment of the funds, were voting for the turnaround in Exxon, the Hague court at the request of Friends of the Earth required Royal Dutch Shell to implement measures that make it possible to cut emissions by 45% CO2 emissions by 2030, more than double the promised 20%.
PANETTA (ECB): "THE SUPPORTS DON'T TOUCH"
Once again Piazza Affari has failed in the assault at an altitude of 25. The Ftse Mib index lost 0,46% to 24.778 points. This time, paradoxically, the recovery of the bond market, which weighed on the recovery of interest in the banking sector, defended the rubber wall holding back the advance of the main basket of the Italian Stock Exchange. It was Fabio Panetta, an Italian member of the ECB, who argued in an interview with the Japanese Nikkei that "it would be premature to withdraw a policy to support economies that could stifle the recovery before it really manifests itself". The departure of the former general manager of the Bank of Italy was the signal to kick off a recovery for eurozone bonds with a relative fall in yields.
BUND AND BTP FLY, BOT AUCTION TODAY
The market reaction was immediate. The German Bund rebounded to -0,20% from -0,14% yesterday. The BTP trades at 0,92%, 20 basis points less than the peak a week ago. The yield of the 30-year BTP falls to 1,88% from 1,93% yesterday, it is the lowest level for three weeks. In parallel, the spread drops to 108 points, the figure that worries Palazzo Chigi the most. In the morning, the Treasury opened the month-end auction round by placing the entire amount offered, equal to 4,75 billion euros, in the short Btp, with a rate decreasing to 0,33%, and in the 10-year Btpei.
Today it will be the turn of the six-month BOT, offered for 6 billion, and on Friday the medium-long auction is on the agenda in which up to 8,5 billion will be on the table in the reopening of the 5- and 10-year BTPs and the Ccteu five-year.
BANKS HOLD BACK MILAN -0,46%, DANONE SUFFERS IN PARIS
The credit sector fell yesterday throughout theEurozone. The impact was stronger in Milan -0,46% which confirms itself as a bank-centric market.
The impact in the rest of Europe is less: Frankfurt loses 0,12%; London -0,02%; Amsterdam -0,15%; Paris +0,02%; Madrid -0,14%. Britain's Marks & Spencer jumped 7,7% to a one-year high after saying it reported good sales in the first weeks of 2021-22 and that earnings will recover after plunging 88% last year.
Danone it lost 1,82% after the downgrade of the stock to "sell" by Berenberg, who cited among the reasons the reduced growth, which is difficult to improve, in most of its sectors.
BPER REVERSES COURSE, KEEPS BPM
After the days of euphoria, the banks reverse course. In Piazza Affari, the upward trend for Bper – 4,8% is reversed in parallel with the decline of Unipol Sai -1,77%. This is how the market reacted to the blitz of the Bologna insurance group on 6,9% of Popolare di Sondrio -0,5%. The operation, according to Bestinver, aims to strengthen the hold of the company in view of a card-to-card merger between the Valtellina institute (soon transformed into a joint stock company) and Bper. Banca Bpm, on the other hand, rises +0,46% until yesterday, the most popular partner of Bper. In red Unicredit -2,03% as well as Mps -1,45%. Negative session for Mediobanca -0,95% and Intesa -0,63%.
MONCLER AND DIASORIN TOP THE INDEX
The pink jersey of the day was Moncler +0,98% followed by Diasorin +0,8%, awarded yesterday by analysts after the strengthening of the anti-Covid diagnostic strategy. Telecom also rises +0,78% which will soon find itself facing a new interlocutor on the single network in the Cdp house. Mario Draghi has in fact decided that the next CEO of the Cassa will be Dario Scannapieco arriving from the EIB to replace Fabrizio Palermo.
The oil companies are solid with the recovery in crude oil prices in the afternoon: Tenaris +0,31%, Eni +0,45%, Saipem flat. Among the utilities Snam +0,27%, A2a +0,5%. Enel -0,11%. Indirect impact of crude oil, a raw material in cement production, on Buzzi Unicem which grows by 0,74%.
MEDIASET, STREAMING FOR THE CHAMPIONS HAS BEEN STARTED
Out of the main Mediaset basket +2,37% Il Biscione presented the new streaming platform on which the 2021-24 Champions League will also be broadcast.
MINALI AND COSTAMAGNA ARRIVE ON THE AIM
Cautious debut on Aim for Revo +0,3%, the insurance SPAC led by Alberto Minali (in the role of CEO), chaired by Claudio Costamagna, and for G.Rent +0,5%
