Donald Trump raised tariffs on imports from China tonight, as already anticipated in recent days. Tariffs of 24% on Chinese goods amounting to 10 billion dollars will come into effect from 200 September, while from 25 January they will rise to 467% and then, in the case of retaliation from Beijing, 2,7 billion, or almost all of the Chinese import. The measure spares Apple's iWatch and other tech products manufactured in the Asian country. But the exemption hasn't prevented Apple from losing new positions in the post-stock market after the 0,3% drop in the session. US stock futures are down XNUMX% this morning.
SALE TOKYO, HOLDS LACINA
The measures, already envisaged, do not shake the price lists of the East too much. Tokyo at the reopening after the holiday break marks a 1,2% rise in the Nikkei index. The Shanghai stock market, on the other hand, is at parity. Seoul rose slightly on the day of the start of the talks between the presidents of the two Koreas. Hong Kong (-0,7%) and Sydney (-0,5%) are down.
The Chinese currency moves little, this morning the dollar renmimbi is down slightly to 6,86. The Japanese yen is near the highs of the last two months at 112 against the dollar. The euro appreciates to 1,169 against the US currency.
HOLDS OIL DOWN THE NASDAQ
Oil prices fell sharply this morning, held back by the prospect of a decline in commercial traffic. Brent has slipped to 77,6 dollars a barrel. Saipem highlighted yesterday: +2,7% after Bernstein's favorable comments on the departure of CFO Giulio Bozzini.
The slowdown in technology stocks (Amazon -3,2%) affected the American markets: Dow Jones -0,35%, S&P 500 -0,56%. The decline of the Nasdaq was heavier (-1,43%).
COCA COLA GOES TO MARIJUANA
The activism of Coca Cola (+0,72%) should be noted. The giant is running for cover in the face of the progressive decline in sales of its historical product. The latest move concerns marijuana. The group has announced its interest in Aurora Cannabis, the Canadian group leader in the production of CBD, a compound derived from the plant that has pain-relieving properties (without creating addiction): the goal is the development of a hemp drink.
STOCKS AND BOND, MILAN QUEEN OF EUROPE
The best stock exchange on the old continent but also, much rarer, the best bond market. The Bel Paese's financial week has started off in style, driven by the prospect of a Tria model manoeuvre. The other lists were much more cautious: the data on inflation in Euroland, stuck at 2%, was in line with expectations. But a note of optimism can come from the tariffs dossier: Trump is too focused on China to open another front in Europe.
BUSINESS PLACE AGAIN ABOVE 21 THOUSAND POINTS
In Milan (+1,06%) the index recorded a solid rise above 21 (21.111) to levels not seen since mid-August. The second positive week in a row ended on Friday, an event that had not occurred since the beginning of May or since the hypothesis (subsequently realised) of forming a yellow-green government arose. The budget since the beginning of the year remains in the red by around 3%, roughly in line with the European average.
Only Madrid (+0,43%) tried to keep up with the Italian market. In the rest of Europe: Frankfurt -0,24%; Paris -0,07%; London -0,05%; Zurich -0,36%.
In July, the balance of the Italian trade balance recorded a surplus of 5,676 billion, down compared to the 6,562 billion in the same month of 2017. The balance of the balance with the EU countries in the month under observation recorded a surplus of 2,677 billion euros, increase from 2,030 billion in July 2017.
BTP IN FLIGHT, THE TWO-YEAR LOWEST SINCE JULY
At current yield levels, the BTP is discounting an increase in the deficit/GDP, up to around 2,5%. If the government stays below 2%, or even 1,6%, as promised, the spread could quickly return to around 200 basis points. It is the gamble that pushed Italian debt securities up yesterday, accelerating towards the end.
The 2,86-year bond closed with a yield just above the daily low of 240%; in the afternoon the Btp/Bund spread floated steadily just above 10 points, tightening by more than 50 points on the last closing. In one month, the gap was reduced by XNUMX points.
On the 2-year segment, the yield fell to 0,71%, to new lows since the end of July, against 0,88% at Friday's close. At the end of August, the two-year rate was close to 1,50%, driven by the aggressive tones on the increase in the deficit used by various government officials.
Today the European primary returns to the fore: Germany is auctioning up to 4 billion two-year bonds, but will already be on the market again on Wednesday with an offer of 3 billion ten-year Bunds; on Thursday it will be the turn of the French and Spanish offer, totaling up to 14 billion medium-long term paper (indexed included).
Short-term Spanish auctions are also on the agenda tomorrow, between 1,5 and 2,5 billion in 3 and 9-month bonds.
BANKS TO THE COLLECTION THANKS TO THE SPREAD
Several themes highlighted on the share price list. Starting from the banks galvanized by the reduction of the spread. The sector index rose by 2,2%.
In Milan, widespread purchases on banks push the Italian sector index up by 2,2%. Banco Bpm shines in particular (+3,6%) followed by the big Intesa (+2,3%) and Unicredit (+2,6%).
MEDIOBANCA PREPARES RETURN TO FRANCE
Mediobanca (+1,73%), according to reports from Les Echos, is in talks to acquire in France the investment bank specialized in M&A owned by Erik Maris and Jean Marie Messier (value 160 million euro). An operation in line with the international strategy started in the United Kingdom with the purchase of Cairn and in Switzerland of Ram Active Investment.
FinecoBank (+1,15%) pushed yesterday at the start to the new historical record of 11,45 euro, it is the eighth in the last ten sessions. Over the past 12 months, the stock has gained 55%.
Telecom Italia rallied (+4%) after three sessions of declines and on a positive day for European TLCs.
Mediaset was also supported (+2,9%) in the wake of the recent statements by management on the subject of M&A. But the rapprochement between the Cavaliere and Matteo Salvini matters more.
On the opposite front, STMicroelectronics dropped by 1,86% on the day of the quarterly dividend detachment.
TODAY IS FERRARI D DAY. MAGNETS: THE PRICE IS NOT RIGHT
In the Agnelli team, Ferrari loses 1,4% on the eve of today's capital market day: Lewis Hamilton's F1 victories at the wheel of Mercedes burn.
Fiat Chrysler is holding (+0,36%) pending developments on Magneti's fate. After the due diligence, Kkr's interest has cooled. Banca Imi estimates a value of just under 4 billion, 5 for Mediobanca while for Akros the right price is 5,5 billion. The group's request is 6 billion.
JUVE, TOWARDS THE MERCHANDISING SCUDETTO
In Piazza Affari the march of the Juventus share continues, rising by 3,51%, to 1,565 euros. The business objectives emerge from a long report by the Financial Times: within three seasons, in particular, the value of the club's commercial agreements should go from 114 million euros in the 2017-2018 season to 235 million euros.
Also noteworthy in the Star are the strong increases in Igd (+6,85%) and Eurotech (+7,29%). The Astaldi landslide was interrupted and closed in positive territory (+0,9%). Profits were taken on Landi Renzo, down 4,5%.
