The Iphone more expensive and sophisticated than ever, the i XS Max, on sale for $1.099. But also a new one iWatch with a sensor (approved by the FDA ) capable of discovering cardiac abnormalities. Too bad the latest wonders of Apple, presented yesterday in Cupertino, are produced in China and as such subject to the duties that Donald Trump intends to impose on all goods arriving from China. And so the news from Apple this time they do not warm up the market: Apple -1,2%. However, the new tariffs on China are not worrying only Apple. The Beige Book, the report on the health of the US economy, signaled last night the concerns of a growing number of companies who despair of being able to pass on the increase in commodity prices linked to the increase in customs tariffs to end consumers .
In the face of this outcry, the Trump administration has revised its roadmap for now: Treasury Secretary Steven Mnuchin has invited Chinese Deputy Prime Minister Liu He to Washington for new talks.
Spotlight on today parallel summits of the ECB and the Bank of England. But the Stock Exchanges will be distracted by hurricanes, not only Florence, now at the gates of Carolina but also the cousin of Asia, called MangKut, even more powerful and dangerous which today will hit the Philippines and then set course for Hong Kong.
The signals arriving from the USA have allowed the Stock Exchange to Hong Kong a robust rebound from the lows. After six consecutive sessions of decline, the index advanced by 1,2%, the sector of Chinese shares rose by 2,4%.
The recovery was short-lived on Chinese lists. Shanghai, which opened higher, erased overnight gains: CSI 300 index flat.
The other Asian price lists were positive: Nikkei by Tokyo +0,9%, Kospi of Seoul +0,2%. BSE Sensex of Mumbai +0,6%. The yuan recovered slightly, this morning it reached 6,84.
On the currency market, waiting for the ECB, it strengthens the euro at 1,164 on the dollar. The arrival on the market of nearly forty billion dollars of ten-year and thirty-year US bonds at auction today weighs on the greenback.
Modest changes yesterday on Wall Street: Dow Jones + 0,11% S & P 500 +0,04%. Down the Nasdaq (-0,23%).
The slowdown in the technological price list is linked, in addition to the tepid reception for Apple's new products, to the invitation to six companies (including A -1,5% and Twitter -3,7%) to appear in the Senate as part of a privacy protection inquiry. Facebook, currently not involved, loses 2,4%.
The statements of Jamie Dimon, CEO of JP Morgan (-1%). America's most powerful banker said he could beat Donald Trump in the election because "I'm better than him."
Petroleum Brent this morning down by 0,5%, to 79,3 dollars, after four consecutive days of increases which also pushed the stocks of Piazza Affari higher: Eni + 0,8% Saipem + 3,6% Tenaris + 2,4%.
La ECB, according to advances from Bloomberg, should today revise downwards the estimates on growth in the euro area for the period 2018-2020. All the rest unchanged, both the forecasts on inflation and the program to reduce bond purchases; starting in October it drops to 15 billion euros per month, from 30 billion in September, so as to reach zero at the end of the year. But operators expect Mario Draghi to accentuate his dovish tone at the press conference.
Milan went on a roller coaster together with the spread, on the wave of indiscretion, then denied, of pressure from the 5 Star Movement on the Minister of Economy, Giovanni Tria, to introduce in the budget maneuver 10 billion additional for basic income. As soon as the Movement defined the news as unfounded, the alarm ceased. The index eventually closed up 0,52% at 20.963 points after narrowly losing almost 1%.
The other European lists are above parity: Dax di Frankfurt +0,5%, Cac40 by Paris + 0,9% London + 0,55%.
The two parties of the Italian government majority reiterated the request for the resignation of the president of Consob, Mario Nava. "You resign with a gesture of institutional sensitivity which, at this point, appears truly inevitable in order to re-establish a relationship of trust and loyal collaboration between such important institutions of the State", the group leaders of the House and Senate declare in a joint note of the M5S and the League, Francesco D'Uva and Stefano Patuanelli on one side and Riccardo Molinari and Massimiliano Romeo on the other.
The M5s questioned Nava's independence for his pre-existing post at the European Commission.
It disappoints Italian industrial production; in July there was a drop of 1,8% compared to June, the first drop for three months. Economists estimated -0,4%. The index drops in July to its lowest since May 2017.
The recent statements by the two Italian deputy prime ministers Matteo Salvini (Lega) and Luigi Di Maio (M5s) on the commitment to respect the EU budgetary rules are a positive development, after the repeated announcements, over the course of the summer, of the willingness to breach the threshold of 3% in the deficit/GDP ratio. This is what Dbrs writes, the Canadian agency that guarantees the only A in the Italian report card. But if the government does not reduce the extent of the measures to increase spending, the negotiations on the budget law with the EU Commission could be "long and complex".
Troubled day too for debt securities in the wake of rumors about new tensions within the majority regarding the budget law, in particular on basic income. The rumors about the resignation of Minister Giovanni Tria caused the spread to jump by more than 10 points in a few minutes, from the low of the day of 230 to 243. At the same time, the rate on the ten-year BTP jumped to 2,83% from 2,73% .
In the last week, taking advantage of the better climate on the market, some Bigs, including Enel and Snam, have resumed issuing bonds (5 billion in all) after two months of market stall.
Medium-long auctions are scheduled today, with the launch of the new one 7-year BTP November 2025 coupon 2,50%: the total offer is 7,75 billion euro including the reopening of the 3 and 30-year benchmarks.
At the close of the session, on the gray market, the new 7-year bond traded yesterday at a yield in the 2,61% area against the 2,31% of the July auction (with the old benchmark May 2025), marking a potential maximum since March 2014 .
The 3-year trade closed at 1,26% from 1,10% in July, while the 30-year trade at 3,57% from 3,54% in the last auction, dating back to June.
Yesterday the Treasury placed 6 billion 12-month BOTs, with declining yields.
On shields fca which jumps by 4,4% with volumes well above the average thanks to the positive opinion of Exane Bnp Paribas, which considers the shares undervalued in view of an improvement in results and the spin-off of Magneti Marelli, and to the rumors about the valuation of the latter above the initial estimates.
Ferrari rises by 2,6% thanks to the promotion of Kepler Cheuvreux and then on the patent box with the Revenue Agency. Well too Exor (+ 1,62%).
In the spotlight too Salvatore Ferragamo, which gained 4,07% on nearly four times average volume on incoming M&A rumors, even though the company has denied plans to sell. Moncler + 1,4% Tod’s + 1,1%.
Buzzi +1,7%: JP Morgan has upgraded its rating.
Prysmian it lost 3,45% due to the announcement of the temporary interruption of commissioning and testing of the cable between Scotland and Wales (WesternLink project) due to a problem in the terrestrial section of the link.
stm it retreats 4,06% on a negative day for the tech sector.
Tim it dropped 0,9% after JP Morgan cut its target price to 0,59 euro from 0,90 euro. Cassa Depositi e Prestiti would be interested in buying Sparkle, paying around 900 million euros, including debt.
Banks were weak, weighed down by spread movements even if they recovered in the second part of the session. In particular Understanding it went positive ending at +0,5%. Unicredit - 0,3%.
