Stock markets down, but not too much, thanks to the recovery in the end of the US markets. Dollar and T-bond up. The financial markets, from Wall Street to Asia, thus reacted to the incoming messages from the Fed, judged to be more rigid than expected. But not too much, given that, in the face of a labor market recovering, GDP running up to a possible +7% and inflation at 3%, the Central Bank limited itself to forecasting two rate hikes for a total by half a point in 2023 and no longer in 2024. There was also talk of tapering, but to reiterate that for now, purchases for 120 billion a month on the markets will continue and that the cuts, likely as early as next year, will be communicated "with well in advance". In short, enough to convince the markets that the big party is about to end, but too little to satisfy the hawks, not just the Republicans, who accuse the Fed of letting the genius of inflation out of the bottle.
ASIA IN DECLINE, CHINA IS AN EXCEPTION
Asia-Pacific stocks are mostly down this morning: Japan's Nikkei 225 -1,1%, South Korea's KOSPI -0,4%.
In Australia, the ASX 200 was down 0,30%. May jobs data was better than expected, with the unemployment rate falling to 5,1%.
The Chinese lists are an exception: Beijing has already raised rates as an anti-inflation function. The Csi 300 index rose by 0,3%, as did Hong Kong.
SHANGHAI SUSPENDS SUNING, OWNER OF INTER
The suspension of the shares of the most important company of the Suning group from the Stock Exchange should be noted: the pressure of the banks on the owners of Inter is becoming unsustainable.
China's industrial production grew 8,8% year-on-year, worse than expected in May, while the unemployment rate was 5,2%.
SUPERSTAR DOLLAR, T-BOND AT 1,57%
The US markets were in the red yesterday: Dow Jones -0,77%, S&P -0,54, Nasdaq -0,24%.
The dollar recorded its best session since 19 March 2020: the euro-dollar cross fell below the 1,20 threshold for a few moments, it had not happened for two months.
US bond market sell-offs ahead of rate hike: 10-year Treasury yield increased to 1,57% from 1,49%.
The outcome of the face-to-face between Biden and Putin was better than expected, judged "positive" by both. But Biden has presented a list of targets at risk of hacker action that would provoke an immediate American cyber-reaction. And if Navalny, the great opponent of the Kremlin, dies, the effects will be "devastating".
OIL REMAINS CLOSE TO HIGHS
Crude corrects down by 0,5%, due to the rebound of the dollar, but prices remain close to the maximums for the period thanks to the increase in growth estimates for the world's leading oil consumer. WTI at $71,80, Brent at $74,0.
Gold closed down 2,6%, sliding as low as $1.803, a five-week low. Today, the yellow metal rebounds by 0,5%, to $1.820.
The future on the Eurostoxx 50 anticipates a start slightly below parity for the European lists.
FRANCO (MEF): GDP UP BY 5%, BUT IT'S ONLY A REBOUND
The sentiment of the European stock markets yesterday was cautious throughout the day, pending the outcome of the FOMC meeting. In this situation, however, the lists remained close to the maximum. Economy Minister Daniele Franco said that the recovery of economic activity and employment is gaining momentum. After the positive data for the first quarter, there will be growth "also in the second and will consolidate in the third and fourth" going towards exceeding the estimate of +4,5% formulated by the Government in the Def. But "even a 5% growth must be interpreted in the light of the fact that we have lost 9%: it is a rebound, let's keep that in mind", he specified.
MILAN +0,12%, A WAVE OF COUPONS ON MONDAY
Milan advances by 0,12%, to 25.767 points. Friday 18 June will be the last day available to proceed to the collection before the detachment of the dividend of some blue chips: Exor, Poste Italiane, Snam, Stm, Telecom and Terna.
Piazza Affari will be the queen of the European stock exchanges in this season of economic recovery. According to Barclays, in fact, not only is the European shareholding outperforming the US one, but the Italian markets are those with the best growth prospects.
In the rest of Europe, Frankfurt -0,14%; Paris +0,2%; Amsterdam +0,35%; Madrid -0,33%; London +0,18%.
The Spanish Solarpack, active in solar energy, flies by 43% in the wake of the offer of the Swedish fund EQT.
AXIS BETWEEN LVMH AND GOOGLE IN THE CLOUD
Lvmh set a new historical record at 683,50 euros. Yesterday the luxury giant tightened a five-year agreement with Google Cloud: the algorithms of the Mountain View giant will have to accelerate innovation and the development of artificial intelligence.
BTP AT 0,74%, ALSO UNICREDIT EXCLUDED FROM EUROBONDS
The Italian secondary closed with little movement. The market continues to digest the offer of the first EU bond in support of the Recovery Fund. Among the banks in charge of the placement, some important names are missing, punished for anti-competitive behavior in the context of other operations. These include Barclays, JP Morgan, Nomura, Unicredit, Citigroup and Bank of America.
The yield of the Italian ten-year benchmark trades at 0,74%, unchanged from yesterday's final, a level on which it remained nailed for almost the entire session.
The yield differential between Italy and Germany on the same stretch is still at 98 basis points, the same level as the previous closure.
The Treasury has placed 1,475 billion euros in two 10-year and 30-year BTPs in a new Tap operation.
Germany has allocated 4,085 billion euros in the new ten-year Bund with slightly declining rates.
Portugal has issued a total of 1,25 billion in short-term securities.
DIVIDENDS IN THE AIR, MANAGEMENT IS RUNNING
The asset management securities session was held in Piazza Affari: Azimut +0,7%, Banca Generali +2,4%, FinecoBank +2,3%, Banca Mediolanum +1,7%. The prospect is that of rich dividends if the ECB gives the go-ahead on July 23rd.
On the other hand, bank securities slipped to the bottom of the list: Unicredit -2,03%, Banco Bpm -1,82%, Intesa Sanpaolo -1,47% and Bper -1,39%. Only Mps rises (+0,08%): the bank intends to strengthen the partnership with Anima holding (+0,99%).
SCUDERIA AGNELLI UNDER FIRE, UTILITIES REBOUND
Among the worst, the decreases for the Agnelli-Elkann galaxy should also be noted: in particular Ferrari -0,86% and Exor -0,82%.
Utilities rebound. Italgas +1,56%: Equita sim confirmed the hold rating and the target price of 6 euro, emphasizing that the company has confirmed its commitment to digitalisation of the network. 2021 estimates to improve slightly, the experts report, with the stock trading on reasonable multiples: 2022 p/e at 14 times and 2021 dividend yield of 5%. Accumulated rating unchanged by Banca Akros, with a target price of 6 euros.
Terna was also highlighted (+1,10%): a banking consortium placed an unsecured senior green bond for 500 million euro. Purchases also from Enel (+1,65%) and Hera (+0,93%). Snam was positive (+0,91%), which signed a 150 million loan agreement with the European Investment Bank (EIB) to support energy efficiency projects.
TOD'S RUNS. NEXI LEADER OF PAYMENTS IN EUROPE
Tod's appreciates, +6,48%, after reaching new highs since 2008 in the session.
Ideas on Nexi (+1,52%), which has completed the merger with the Danish Nets. The new group, reads a note, "will be the leading PayTech in Europe for distinctive skills, for the scope of the distribution network, for the breadth of the offer and with a market space that expands to become four times bigger than the Italian one".
AIM, FINNAT JOINS IMVEST
Imvest (+32,86%) jumps on Aim: Banca Finnat has risen to 9,75%.
