Never so far apart Stock market and real economy. Wall Street yesterday achieved a new increase, perhaps the most significant: the S&P 500 index rose by 0,23%, to 3,389 points, beyond the level reached before the pandemic. Thus the shortest Bear Market in history, which started on March 23, has officially closed. A sign of the optimism that is sweeping through the market, not at all disturbed for now by the prospect of the electoral battle: 79% of operators, according to a Bank of America survey, foresee a recovery. But, beyond these numbers, the reality appears different. The Bull rally only affects the Top Five, namely Amazon, Apple, Facebook, Microsoft and Alphabet. Which alone weigh more than 20% of the price list. Apart from these giants, the reality is quite different: only 40% of the securities are above March prices, the average price is 7% below, confirming that the real economy continues to suffer, despite the given by governments.
TYPHOON PARALYZES HONG KONG
Wall Street's double record (new high also for the Nasdaq) had a limited effect in Asia also because, due to a typhoon, there were no trades overnight in Hong Kong: the Hang Seng loses 0,4 .XNUMX%.
TOKYO SALE: POSITIVE TRADE WITH BEIJING
The Tokyo Stock Exchange is up moderately after the publication of data on the trade balance and on the trend of the manufacturing industry. The Nikkei gains 0,2%. Exports fell 19,2% in July, half a disaster. But the consensus expected even worse (-29%). Furthermore, for the first time in seven months, exports to China returned to positive territory. The data on machinery orders was completely negative, dropping by 7,6% in July compared to the previous month: economists were expecting a 2% increase.
In Asia, the stock markets of South Korea and Australia also rose; the Shanghai Composite is down.
FED MINUTES TODAY, WALMART SALES BOOM
Wall Street futures are up slightly this morning pending the publication tonight of the minutes of the last meeting of the Fed. In the meantime, bonds are back in force: the 0,66-year Treasury Note is at XNUMX%.
Little move Walmart, despite the excellent results: in the second quarter of the year, profits rose almost to 6,5 billion dollars thanks to a doubling of sales through e-commerce and a growth of more than 9% of those in the store.
The euro-dollar rises for the seventh consecutive day to 1,193, the highest level since May 2018. Since mid-March, the single currency has gained almost 12%. JP Morgan, on the other hand, believes that the managers' shift from dollar to euro will continue for other months, but the room for further appreciation is modest, as the year-end target is 1,20.
GOLD RISES UP BEYOND 2 THOUSAND THEN RECALLS
Gold returned above $1.993 yesterday, but reversed course overnight and traded at $0,5 this morning, down XNUMX%.
WTI oil at $42,6 a barrel, down 0,6%. Last week, US gasoline stockpiles increased by five million barrels, the largest since April.
DRAGHI: SOS FOR YOUNG PEOPLE, ENOUGH "BAD" DEBTS
In Italy he held court the return to the Mario Draghi scene. The former president of the ECB, who spoke in Rimini at the opening of the CL meeting, underlined that the pandemic has increased the risk of destruction of the most precious asset, human capital, as has not happened since the world war, therefore reconstruction will have to focus on those who will find themselves having to pay off the unprecedented debt accumulated this year. "It is therefore our duty to provide young people with the means to heal this debt", starting with the "bad" one, that is, unproductive, to be contrasted with the "good" one, linked to investments and education.
ANGELA MERKEL THREATENS NEW CLOSURES
Reduction by Angela Merkel yesterday for European price lists. The markets lost momentum after Angela Merkel's statements on the pandemic. In her speech in Düsseldorf, the chancellor said that the rise in infections in Germany cannot be accepted and must be stopped in every way, including through new closures of businesses. The alarm raised by the Chancellor did not slow down the race of the euro against the dollar, which rose by 0,5%, to 1,193, the highest since May 2018.
PLAZA AFFAIRS BRAKES AFTER THE CHANCELLOR
Piazza Affari returns to descending into an erratic session, marked by subtle exchanges. The index (-0,39%) moved to 19.845 points: during the morning it had gone up to 20.160 points, up by 0,8%.
The other squares are in red: Paris loses 0,68%. Lagardère dropped 3,7% under pressure from Vivendi and Amber Capital. Madrid -0,66%. More resistant Frankfurt (-0,30%).
Zurich (-0,3%) goes against the trend. Switzerland-based Geberit, which makes and supplies plumbing equipment, is up 2,0% after forecasting the construction sector will return to normal in the second half of the year, provided there are no further lockdowns for the coronavirus.
BHP BILLITON WILL GET OUT OF COAL
Worst of all London (-0,83%). BHP Billiton slows (-2,5%) after reporting a 4% drop in profits for the year, missing analysts' estimates. The giant has announced the exit from coal.
Shares of Danish jewelry maker Pandora tumbled 7,7% after the firm reported a slight increase in the number of closed stores in August and reported that store traffic was "well below" pre-XNUMX levels. lockdown.
The BTP closed the session on positions after a slight drop in rates – which remained at their lowest since February – in the first part of the session. The spread on the Bund on the 10-year stretch stands at 139 basis points, unchanged from yesterday. The ten-year rate is 0,93%, with a minimum of 0,92%.
BANK BPM +0,86%. CASTAGNA INSISTS ON THE THIRD POLO
Giuseppe Castagna tried to shake up Piazza Affari yesterday. The CEO of Banco Bpm (+0,86%) confirmed his full openness to consolidation hypotheses that allow for the creation of a third party alternative, by size, to Unicredit (-0,31%) and Intesa (-0,53. XNUMX%).
To report Popular Sondrio (+2,84%): the activist fund Amber, a 6% shareholder of the institute, presented a deed of revocation of the suspension terms of the bank's transformation process into a joint stock company, in order to speed up the process of conversion.
ENEL STRENGTHENS IN CHILE
Among the utilities, Hera loses ground (-2,35%). Of note is Enel (-0,26%), after the company increased its stake in the Chilean subsidiary Enel Americas up to 65% of the share capital.
Leonardo is confirmed as one of the best (+0,8%), supported by Atlantia (+1,1%); at the bottom of the Diasorin index (-2,7%). Leaps by Astaldi (+6,26%) and Cir (+2,7%).
Ferrovie Nord Milano +8,3% in the wake of the interest for the 4% of Milano Serravalle owned by the Milan Chamber of Commerce to rise to 100%.
