It hasn't happened in 17 years, all three of Wall Street's major indexes closed last night to a new all-time high. The new records, achieved on the eve of the US data on retail sales, allowed Asian stock markets this morning to absorb the disappointing news coming from the Chinese economy. It is taking shape, thanks to the rise in oil prices and the good health of the US economy. a mid-August under the banner of Taurus. Unless the data on the GDP of the Eurozone, including Italy, spoil the party.
Borsa Weather promises a busy day before the midsummer holiday.
– Tokyo, which closed on Wednesday for a holiday, reopened its doors with an increase of 0,7%. During the week, thanks to the decline in the yen, the stock market gained 3,7%. Hong Kong also rose by 0,7%, the Asia.Pacific index rose by 0,2% updating the new records. Shanghai also rose +0,5% (+1,4% in the week) despite the economic situation showing no signs of recovery.
– Investments, retail sales and industrial production rise but less than expected. Investments (+8,1% against an expectation of +8,8%) recorded the weakest performance for 16 years. The rise in sales (+10,2% against +10,6% in June) is slowing down, as is industrial production (+6% against 6,2%).
ARABIA: POSSIBLE AGREEMENT ON OIL IN SEPTEMBER
– The three Wall Street indices secured three gold medals against as many records: Dow Jones +0,64% to 18613 .52 points; S&P 500 +0,47% to 2.185.79, Nasdaq +0,46% to 5.228,40. The triple record had not occurred since 1999.
– The first cause of the acceleration of the rise lies in the turnaround of oil. Brent rose by 4% above 46 dollars a barrel, Wti at 43,71 dollars (+3%) on the wave of statements by the Saudi oil minister, Khalid al Falih: in the OPEC meeting, to be held on next month in Algeria, possible initiatives to stabilize the price of crude oil will be discussed. Falih added that ahead of the appointment, he will meet the oil ministers of other countries, both OPEC and non-OPEC. The minister said that production from non-OPEC countries is declining very rapidly, while demand remains strong.
– The Energy Index gained 1,3%, in line with Chevron's +1,26%. Conoco Phillips +1,5%, ExxonMobil +0,5%, Halliburton +1,6%
– In Milan, Eni gained 1,4%, Saipem +2,6%, Tenaris +0,8%.
SHOPPING STARTS AGAIN IN THE USA: MACY'S +17%
– The real positive surprise, however, concerns the awakening of shopping. Macy's flies + 17,09% after results higher than expected. But the performance doesn't stop the group from closing 100 stores to boost profitability. Kohl's, another department store chain, also rose by 16,17% after reporting earnings per share of $1,22 (against $1,03 expected).
– The boom also affects the Chinese e-commerce giant Alibaba + 5,7%: revenues grew by 59% in the quarter.
EUROPE CANCELS THE BREXIT EFFECT. MILAN +1%
With the sixth positive session in the last seven days, the European stock exchanges today fully recovered from the Brexit effect. The Stoxx 600 index returned to the levels of 23 June, the day on which the referendum on whether or not Great Britain remained in the European Union was held.
– In Milan, the FtseMib rose today by 1% to 16,969 points.
– Macroeconomic data on Italy released this morning signal stagnation, consumer prices fell by 0,2% in July, down from -0,1% in June. The consensus was expecting -0,1%. Tomorrow Istat will publish the data on GDP, expected to increase by 0,8% year on year for the second quarter.
– The yield on the 10-year BTP fell to 1,05%, after a bet during the day at 1,04%, a new all-time low.
– the Paris Stock Exchange gained 0,7%, Frankfurt +0,8%.
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TAKES FLIGHT TELECOM PROMOTED BY MORGAN STANLEY
The Telecom Italia flight stands out in Piazza Affari +4,4%. The company has a good chance of winning Infratel's fiber development bid. Morgan Stanley raised the target price to 1,05 euro from 1,0 euro, confirming Overweight's positive recommendation. Mediobanca Swcurities confirmed the outperform rating (target 1,27). Meanwhile, CEO Flavio Cattaneo has asked Sky Italia to re-discuss the agreement signed two years ago: the telephone group is asking for a review of the annual guaranteed minimum of new customers (65 in the current contract). The note with which Palazzo Chigi communicated that it will not oppose the merger between Wind and 3Italia helps the former incumbent.
CAMPARI AT THE TOP. BERENBERG SETS THE TARGET AT 11,60 EUROS
Another stock in evidence Campari +4,6%, promoted by Berenberg to Buy from Hold. The analyst who signed the note, Javier Gonzalez, placed the target price at 11,60 euros at the highest levels among the 22 experts who "cover" the stock of the alcoholic beverage company. Since the beginning of the year, the stock has risen by 16%, and closed 2015 with a gain of 55%.
BANKS IN NO ORDER. RCS HIGHLIGHTS
In the rest of the list:
– Banks in no particular order: Unicredit gains 2,1%. Mediobanca -1%, Banco Popolare -0,7%, Pop.Milano -2,3% are down.
– Dbrs placed the long-term rating A(low) of Intesa +1% and of the bond issue of MPS +0,2% guaranteed by the Treasury, with negative implications. The decision follows the similar initiative last week with which DBRS placed Italy's A(low) sovereign rating under review for a possible downgrade.
– Utilities are up across Europe, with the Stoxx sector index up 1%. Enel rose by 1,3%, Snam +1,2%.
– Fiat Chrysler -0,6% and Cnh Industrial -0,9% fell among industrialists. StM +1,7% and Leonardo +2,6% advance.
– Finally, Rcs +3,35% did well: Banca Akros confirmed the neutral recommendation and the target price at 1,05 euro.
