The stimuli to the US economy are law after a bitter battle: 221 yes against 210 no, all Republicans who shouted against "the communist plan", with tones very similar to the criticisms that accompanied the New Deal of Roosevelt in the 1.900s. The House has approved President Biden's plan to invest 2020 billion dollars in the recovery, something more than the entire Italian gross domestic product in XNUMX.
GOOD (BUT NOT VERY GOOD) THE AUCTION OF T BONDS
Almost at the same time, the second US Treasury auction took place in New York, with an offer of 38 billion ten-year bonds. All in all, it didn't go badly, given the concern on the eve: the benchmark reached a maximum of 1,5317% and then closed at 1,5060%, a level that the Fed probably doesn't mind, also because it serves as a warning to the at the risk of an excessive euphoria on the market, intoxicated by the incoming rain of money. In this regard, it is worth mentioning the appeal of the Sec against the habit of combining the new Spacs on offer to the public with testimonials of great appeal but who have nothing to do with the market, such as the rapper Jay Z, or champions such as Serena Williams or basketball ace Stephen Curry. The result is that, for now, the Biden package has made itself felt more in Shanghai and Seoul than on Wall Street.
China's stock exchanges rose this morning with a strength not seen for a couple of months, CSI 300 index of Shanghai and Shenzen stock exchanges +2,3%. Large increases in the entire Asia Pacific area, with Tokyo's Nikkei gaining 0,7%, Hong Kong's Hang Seng 1,4%, Mumbai's BSE Sensex 0,5%.
COUPANG (E-COMMERCE) LANDS ON THE NASDAQ: VALUE 60 BILLION
The Korean e-commerce operator controlled by the Japanese Coupang has completed its pre-listing capital raising with extraordinary success. On the Nasdaq, the shares were sold for 35 dollars, eight more than what had been indicated at the beginning of the path to the list. The IPO raised $3,5 billion: based on this price, the capitalization is $60 billion. This is the second largest Wall Street debut in history for a non-US company.
The rotation between sectors continues on the US Stock Exchanges: against -0,1% of the Nasdaq there is +1,5% of the Dow Jones.
ON MARCH 18 THE FIRST MATCH BETWEEN BIDEN AND XI
On March 18, the first direct confrontation between President Biden and Xi Jingping will take place in Alaska.
As a result of the rise in risk appetite, oil strengthened this morning (68,45 for Brent).
Modest rebound of the euro, to 1,9265 against the dollar a few hours after the ECB's directorate.
VACCINES: BRUSSELS AND LONDON AT SHORTS
The confrontation between the EU and the UK on the vaccine is heating up: 34 million doses have been exported from the EU, the largest share to London. “It is false,” Rahab replies. “Then give us the numbers,” replies the German Weber.
THE ECB ON THE FIELD TODAY, BUT LAGARDE WILL NOT ACTIVATE THE BAZOOKA
February's US inflation held no surprises. Therefore, the expectation of interventions on rates by the Governing Council of the ECB is no longer in sight. And so, despite the declarations made in recent days by some members (including Vice President Louis de Guindos) who had spoken of the need to act without delay, the meeting should not lead to concrete changes in the monetary policy of the Central Bank, accused of excessive timidity in the interventions.
According to most analysts, in fact, the current endowment of the pandemic emergency purchase program at 1.850 billion will be confirmed, with a duration until at least March 2022. This hypothesis is also supported by the fact that, up to now, of this endowment less than half was used, for a total of 866 billion as of last Monday. The other important note of today's meeting will be the publication of the latest macroeconomic projections, which should show a sharp increase in inflation in the very short term, followed however by a drop such that the central bank will not be able to reach the target set for the next two years.
PIAZZA AFFARI (+0,46%) RETURNS TO 24 THOUSAND
Piazza Affari closed the third consecutive session up (+0,46%, 23.925 basis points) and almost completely erased the collapses due to the pandemic.
All European stock markets closed the session up: Frankfurt appreciated by 0,7%; Paris is even more tonic (+1,1%), while Madrid and Amsterdam record fractional progress (+0,34% and +0,43% respectively). The London price list is practically flat.
INDITEX (ZARA) IS SAVED WITH E-COMMERCE
Inditex +1,20%. The Spanish fast fashion giant limits the damage caused by the closures due to the lockdowns and expects a return to a good sales trend as soon as the restriction measures are lifted. The coronavirus crisis drove the Zara-owner giant's net profit to 1,1 billion euros in 2020, a 70% drop on the previous year. Online sales (+77%) partly offset the decline in turnover (20,4 billion) and profits (1,1 billion, -70%).
LEGO, THE PANDEMIC BRINGS GOLDEN PROFITS
Record year for Lego: the lockdown caused revenues to jump by 13% and profit by 19% in 2020, the best result ever for the Danish company.
CITIGROUP LAUNCHES DEUTSCHE TELEKOM
Adidas gained 3,5% after forecasting a strong rebound in sales for 2021, particularly in China, the rest of Asia and Latin America following fourth-quarter results.
In great evidence the telecommunications. Deutsche Telekom climbs more than 3% after Citigroup promoted the stock to "buy" from "hold".
THE SPREAD BELOW 100 AGAIN
The yields on Treasury bills rose slightly: 6 billion 12-month bonds placed at a yield of -0,421%, up 3 cents on the previous month's auction. Demand was good, standing at 8,535 billion euros, with a supply-demand ratio of 1,42.
The spread between the German 98-year bond and the BTP fell to 1,08 basis points (-0,67%) and the BTP rate stopped at +XNUMX%.
PIAZZA AFFARI PUNISHES JUVENTUS (-8%)
In Piazza Affari the predictable but no less violent landslide of Juventus makes a sensation: -8% after the elimination from the Champions League by Porto. The loss of image that will weigh on the club's future contracts must be added to the economic damage for the lack of TV rights. For Intesa Sanpaolo analysts, the lack of qualification worsens the net loss (113,7 million euros in the first half of 2020-2021).
LEONARDO AND TIM GIVE THE CHARGE
Leonardo shines in particular (+5,56%) in a strong recovery after a start in the red. The operating results and the guidance are in line with expectations, which have pushed almost all the brokers that follow the stock to optimism: Ebita of 938 million euros (- 25%) on essentially stable revenues at 13,4 billion and orders for 13,8 billion.
The rotation between sectors continues. TLCs pick up speed: in Milan Telecom +4,83%, driven by the rally of Deutsche Telekom thanks to Citi's Buy. BofA Securities raised its target price from 0,85 to 0,92 euro, confirming the buy recommendation.
Among the industrialists, Interpump shines (+3,47%). Campari +2,51%.
PIRELLI RECOVERY AFTER A "CHESTING YEAR"
In the evening they were announced the Pirelli accounts. The Bicocca company archived "a challenging year" with revenues of 4,3 billion, net profit of 42,7 million and adjusted EBIT of 501,2 million. Efficiency and cost reduction plans have mitigated the impact of Covid and now allow for an optimistic forecast for 2021.
THE BLACK JERSEY GOES TO PRYSMIAN
The black jersey belongs to Prysmian (-3,7%), which accelerated downwards when it communicated its 2020 results, which closed with an adjusted Ebitda down by 16,6%, to 840 million euros, on revenues of approx. 10 billion. Management expects an adjusted Ebitda for the current year in the range of 870-940 million. The BoD will propose the distribution of a dividend of €0,50 per share.
Bank stocks are flat, utilities perform well: A2A +1,68%, Snam +1,39%, Enel +1,38%.
FERRAGAMO LEADS LUXURY, MONCLER HOLDS BACK AFTER PLACEMENT
Fashion is also in the spotlight. Moncler loses 1,41%, weighted down by the placement of 3,2% of the capital by Remo Ruffini at a price of 48,8 euros, well below yesterday's closing price of 50,32.
Ferragamo, on the other hand, is running, +5,76% in the wake of better-than-expected 2020 results and despite the fact that the Covid-19 pandemic has led to the group's first annual operating loss since listing. Good start to the year driven by China and e-commerce. Broker Kepler has raised its target price on the stock from 15 to 16 euros.
Tod's was also positive, +1,25%. The Della Valle family company closed 2020 with revenues of 637,1 million euros (-30,4%). In the last months of last year there was a recovery of the group driving the performance of the Chinese market and the e-commerce channel.
THE AROMAS OF CULTS (+17%) INEBRATE THE AIM
Worth noting in the Aim is the leap of Culti Milano (+17,65%), specialized in aroma diffusers for environments (scented sticks and sprays). Envent confirmed the outperform rating and raised the target price from 5,1 to 8,24 euros. The note underlines that the company presented very solid accounts.
