The Stock Exchanges celebrate the definitive approval of vaccines by the American Food and Drug. The decision of promote Pfizer Biontech products (Moderna and Johnson & Johnson will follow in days) paves the way for mandatory vaccination for many public administrations, starting with customs, finally bringing the threshold of 75% vaccinated closer.
CONTAGIONS FORCE POWELL TO TALK REMOTELY
But, on the eve of the bankers' conference, Covid-19 plays a bad joke on the Fed: in Teton County, which controls the Jackson Hole resort where the bankers' summit is held, infections have risen again, forcing the authorities to ban physical encounters. And so Jerome Powell will speak in streaming, a good way to underline that the emergency is by no means over: prudence is needed before canceling the expansive measures that have protected the markets.
CHINESE TECH STARTS AGAIN, KOREA TOWARDS RATES INCREASE
- Asian stock markets rise on the wave of news arriving from the US. The liveliest stocks are Tokyo and South Korea, both with earnings above one and a half points. Seoul's central bank could be the first to raise rates by a quarter point on Thursday. But the vote is uncertain: on the one hand there is the contagion that is rising, on the other a growth rate of more than 4% which risks sending the economy into a tailspin, driven by chips and new models, including hydrogen ones, of automotive groups.
- Chinese price lists are also doing well: Hong Kong +1,5%, the CSI 300 of Shanghai and Shenzhen price lists up 1,1%-
- The big names of the Chinese Internet Economy are back, such as Tencent + 5,5% Alibaba + 5% Baidu + 7%.
Yesterday, China's central bank said it would step up support for high-quality economic expansion, small and medium-sized enterprises and the wider real economy.
PHARMA IN RALLY: PFIZER +2,5%, MODERN +7,5%
- Upside session yesterday for Wall Street. The Nasdaq has touched a new record +1,5% at 14.942 points. Also the S&P 500 +089% and the Dow +0,61%. Futures are slightly up this morning.
- Vaccine titles are flying: Pfizer +2,5%, Biontech + 9,6%, Moderna +7,5%.
- Exxon Mobil also rebounds +4,1%.
- The Euro Dollar is at 1,174, unchanged after yesterday's 0,5% drop.
- Gold slightly down to 1.801 dollars, from +1,3% yesterday which brought it back to the levels of two weeks ago.
- 1,27-year Treasury Notes at 1%, +XNUMX basis point.
UBS SEES OIL AT 75 DOLLARS
WTI oil trades at 65,8 dollars a barrel, +0,3% from +5,5% yesterday. North Sea Brent is at $69 a barrel. This morning UBS writes to expect the latter at $75 in the short term as the market is plagued by a structural shortage of supply: for this reason, there will be a constant decline in strategic inventories. Against this backdrop, OPEC+'s available additional capacity should remain marginal.
HOLDS THE RECOVERY IN EUROPE
Economic activity in the eurozone remained robust in August, declining only slightly from July's pace to a two-decade high, as shops reopened and customers returned thanks to a rapid vaccination programme. This is what emerged from the flash PMI indices edited by IHS Markit, which fell to 61,5 from 62,8, a little more than expected. The services component was slightly better than expected. “The eurozone economy is full throttle again, reopenings have had the expected positive effect for growth. Fears about the impact of the Delta variant and input shortages persist, but have not derailed the rebound so far,” said ING's Bert Colijn. However, there are signs of concern: the consumer confidence index signals a marked deterioration in August, to -5,3 from -4,4 in July.
UBS: SELL ITALY, GERMANY BETTER
UBS has downgraded its Italian shareholder rating to Underweight, from the previous Neutral, as listed companies, after the recent increases, are no longer at attractive prices. The bank's strategists advise Germany, Great Britain and Norway.
BUSINESS PLACE AGAIN OVER 26 THOUSAND POINTS
With an extension in the final Piazza Affari +0,49% goes back beyond the barrier of 26 points (26.046).
BOFA LAUNCHES BRANDS: IT'S TIME TO BUY
Among the price lists Paris shines +1,03% thanks to the recovery of luxury.
- Driving the recovery was Kering +3,1% (but -17% last week) followed by Hermès +3% and lvmh +2,7%. A Bank of America report recommends purchases in the sector: the Chinese, he writes, will continue to buy. “History favors declining stock purchases,” says Richemont, who named Richemont a top pick and revised Kering stock to “neutral.”
SAINSBURY FLY TO LONDON
Also in evidence Amsterdam +1,21% and Madrid +0,7%
London and Frankfurt follow, both +0,35%.
- The best stock of the Stoxx 600 basket is the British Sainsbury: +13%. The Times writes that the private equity fund Apollo is evaluating the launch of a takeover bid on the supermarket company with the same name.
- Swiss company Cembra Money Bank plunges 26,9% after ending its credit card partnership with Swiss retailer Migros.
SPREAD A 106, BTP 10 A 0,601%
In the late afternoon, the secondary bond of the Btp travels in negative territory, which also loses ground with respect to the German counterpart, which is also the subject of sales.
The 0,601-year rate reached a peak of 2031% around mid-session, a record for three weeks, and the yield gap between the BTP and the Bund on the 106 stretch widened to XNUMX basis points.
LUXURY REBOUNCES IN MILAN TOO: MONCLER +3%
The revival of luxury has also taken place in Milan: lead the charge Moncler +2,9% which scales the losses suffered. Rises in the order of 2,5% also for Brunello Cucinelli e Ferragamo.
EQUITA LANCIA NEXI, OIL PRODUCTS RISE
In great evidence nexi which finished the session with an increase of 2,89% to 17,8 euros after the opinion of the analysts of Equita for the experts the share is worth buying, target price at 20 euros.
The oil sector is solid, in the wake of the recovery in the price of crude oil: it is advancing Saipem +2,25% ahead of Tenaris +1,91% ed Eni + 1,71%.
TONIC BANKS, FINCANTIERI ON THE MOVE
Positive day also for the banks with 1,73%. Bpm bank, +2,14% of Bper and +0,72% of Intesa Sanpaolo. 1,95% increase for Unicredit, always struggling with due diligence on Mps Bank + 0,27%.
Focus on Fincantieri +0,97% interested in acquiring the former Oto Melara, now controlled by Leonardo + 1,2%
ENEL BRAKES, PRYSMIAN WEAK
Few stocks in negative ground, especially in anti-cyclical sectors such as utilities and pharmaceuticals. Enel it is black jersey -2,11%. Below Recordati -0,66% and Diasorin -0,32%. Despite the 85 million dollar investment in the North American plants, Prysmian fell by 0,19% due to the bearers of telecommunications customers.
DBA, AN ORDER FROM SERBIAN COURTS
On the Aim in evidence dba +5,48% which signed an agreement for the creation of a centralized system for the management of files for the Serbian judiciary.
