“I thought about Christmas for Americans”, Donald Trump explained the decision to postpone to December 15 the tariff increases on imports from China of PCs, mobiles and toys already planned for the end of the summer. The move triggered the recovery, as it was accompanied by other signs of easing: China's Xinhua news agency reported that Chinese vice premier Liu He spoke on the phone these days with the White House trade delegate, Robert Lighthizer, and with Treasury Secretary Steve Mnuchin. More phone calls are scheduled for the next few days.
ONLY +4,8% CHINESE PRODUCTION, AT THE LOWEST SINCE 2002
Thus continues the tug of war between the two superpowers which, in recent days, sees Trump ahead of the Beijing team. Only a few hours ago, after two days of violent protests, he reopened Hong Kong airport blocked by protests of the demonstrators. Meanwhile, new data confirm that US pressure on tariffs is causing ever heavier effects. China's industrial production rose 4,8% in July, the weakest increase since 2002. It was 6,3% in June. Consumption also slowed down more than expected in the same month: +7,6%, from +9,8% in June. The markets felt the blow by reducing the overnight gains. But a positive opening nonetheless looms.
HONG KONG +0,8%: THE AIRPORT REOPENS
In Tokyo, the Nikkei index rose by 0,7%. The Csi 300 300 index of the Shanghai and Shenzhen stock exchanges (+0,8%) and the Kospi of Seoul (+1%) were also positive.
Plus sign also in Hong Kong (+0,8%) after dramatic days. Cathay Pacific (+3,7%) rises, Sunny Optical flies (+12%), a major supplier of Apple.
The yuan remains above 7 against the dollar at 7,022. For now, the race for the yen, which rose by 1,5% in a few hours yesterday, has stalled this morning at 106,4, from 105,3 24 hours ago.
THE LANDSLIDE OF THE ARGENTINE PESO CONTINUES, GOLD IS HOLDING DOWN
Meanwhile, the flight from the Argentine peso continues, falling to 55,6 against the dollar (+5%). The Buenos Aires Stock Exchange, on the other hand, recovered 10%, after yesterday's -37%.
APPLE AND NIKE LEAD THE REVIVAL OF WALL STREET
Wall Street was brilliant yesterday, pushed by Trump in the Santa Claus version: Dow Jones +1,44%, S&P 500 +1,47%, Nasdaq +1,95%.
Driving the list were the technological ones led by Apple (+4,2%) and by semiconductors (+3% the sector index).
Nike is also in evidence, another beneficiary of the postponement of duties.
The unexpected restart of inflation has not changed much the situation on the bond market, trapped in a perennial rise. The 1,67-year Treasury strengthened to 1,71%, from XNUMX% yesterday.
The euro weakens to 1,119 (+0,1%).
The decrease in tensions is holding back safe-haven assets: gold has moved away from the highs of the last six years, but holds its positions around 1.500 dollars an ounce, this morning the price is 1.499 dollars, -0,1%.
Oil stabilizes: -1% to 60,7 dollars a barrel after yesterday's jump +4,7%.
Tenaris (+1,6%), Eni (+2,3%) and Saipem (+2,4%) recovered yesterday.
EUROPE ALSO WAKES UP. MILAN AT THE TOP
Sitting with two faces yesterday in Europe. Morning marked by bearishness, under the pressure of yet another disappointing data coming from the German economy: the German investor confidence index, the Zew, recorded a sharp drop beyond expectations. It was recovered in the afternoon when signs of détente with China arrived from Washington. The rapprochement between the United States and China has awakened the stock exchanges, interrupting for now the race for safe-haven assets: a reversal that has made well-informed people earn billions.
Piazza Affari set aside the political dilemmas and led the rebound: +1,36% to 20.539 basis points, thanks to the performance of the banks.
Last night in the Senate those who would like to vote immediately lost. The Palazzo Madama assembly rejected the League's request to vote no confidence in Giuseppe Conte already today and decided that the premier will report to the Chamber on Tuesday 20 August. The calendar was approved with the votes of an unprecedented majority: M5S, Pd, Leu and Autonomie.
Paris also did well (+0,99%). Frankfurt +0,58%. Henkel loses 7,3% after quarterly communications: the Beauty Care division (Antica Erboristeria, Neutromed and Schwarzkopf) did badly.
Madrid +0,27%; London +0,33%.
THE YIELD ON BTPs DOWN TO 1,63%. BUNDES -0,60%
The yield on the 10-year BTP closed at 1,63%, 7 basis points less than the opening, in line with the trend of the other markets in the Eurozone. It was an interlocutory session, pending the meeting of the Sento set for 18 pm.
The yield on the Bund drops by another step to -0,60%.
THE BANKS BOUNCE, LEONARDO FLY
The index of Italian banks gains 2,5%, rebounding from the lows of the last three years: Ubi Banca (+4%), Unicredit (+3,3%), Banco Bpm (+4%) and Intesa (+3) rebound %). The flight of Banca Monte Paschi continues (+7,5%).
Leonardo accelerates (+3%) which strengthens its position on the South American market for VIP/Corporate helicopters. At the São Paulo show, the most important aerospace exhibition in the region, the company announced new orders for five helicopters, for a total value of approximately 30 million euros. Leonardo can already boast a solid local presence with a fleet of over 170 helicopters in Brazil and more than 220 in all of Latin America.
THE "MAL D'ARGENTINA" HAS PLACED: SALINI +3,6%, PIRELLI+3%
The companies that paid for the "Argentine sickness" on Monday also rebounded: Pirelli +3%, Cnh Industrial +1,7%, Salini +3,6%.
Sale Buzzi (+0,7%): Morgan Stanley downgrades the judgment to Equal Weight, target price at 21 euro.
Out of the main basket, Confinvest +9,4%: the gold freshman, has reached new historical highs.
