It's almost official: the Fed's purchases of securities on the market will be reduced between December and January. To say it, in an interview with Financial Times, is the president of the central bank of San Francisco, Mary Daly, a faithful disciple of Janet Yellen, the Treasury secretary who guides Joe Biden's monetary policy choices. More or less, other US central bankers think so, divided only on the details of the communication.
A soft retreat is made easier by the inflation data, which has slowed down compared to recent months. But also the curious initiative of Jake Sullivan, national security adviser to the White House, who invited the OPEC+ countries to increase production to avoid a rise in petrol prices in the USA: only three days have passed since the scientists' alarm on CO2 and good intentions back in the drawer. In any case, Washington's request confirms that the economic recovery is accelerating, both in the US and in Europe, better placed on the front of the anti-Covid 19 battle.
Only Asia, hit by the contagion, is missing from the mid-August appeal. But, despite the fact that the oriental stocks are down 10% compared to February, the MSCI Global index celebrates a new high.
CHINESE STOCK MARKETS DOWN, ELECTRIC CARS HOLD DOWN
The CSI 300 index of the Shanghai and Shenzen stocks is down by 0,7% this morning, the Kospi of Seoul by 0,7%, the BSE Sensex of Mumbai is up by 0,2%.
The trend of infections in some of the most densely populated areas of Japan is holding back the Tokyo stock market: Nikkei -0,1%.
Around parity the Hang Seng of Hong Kong. Chinese electric car maker Li Auto is down about 2% in its debut tonight after a $1,5 billion placement. XPeng, another company in the same sector, lost 2,5%. In this same area, that of the sports or luxury electric car, the Chinese company listed on the Nasdaq, NIO, tonight published its second quarter results. Loss per share was 7 cents, slightly less than what analysts expected: revenues were equal to 1,31 billion dollars, again slightly above estimates.
US DEMOCRATICS DIVIDED ON ANTI-POVERTY PLAN
Futures on US stock exchanges moved little this morning. Both the Dow Jones (+0,6%) and the S&P 500 (+0,25%) hit new highs yesterday. NASDAQ -0,16%.
After the step forward in the infrastructure plan strongly desired by President Joe Biden, yesterday the first rifts between the moderate wing and the progressive wing of the Democrats over the 3.500 trillion reform package wanted by the left of the party arrived.
RUNS COINBASE, DOWN VIRGIN GALACTIC
Strong growth in Coinbase, the platform for buying and selling cryptocurrencies, which recorded a 38% increase in turnover in the quarter.
Down Virgin Galactic: Morgan Stanley has downgraded the rating given that space trips are not expected in the near future.
GOLD AND OIL RECOVERY
The 1,35-year Treasury Note trades at 1,174%, the euro-dollar appreciates slightly to 1.752. Gold in strong recovery to 1,3 dollars, +0,1% yesterday in closing, +XNUMX% this morning.
WTI oil recovering to 69,3 dollars a barrel, after two sessions of important gains: +1,4% yesterday, +2,7% the day before.
US INFLATION GIVES WINGS TO BUSINESS PLACE
The European stock exchanges, already positive, lengthened their pace in the afternoon after the US data which show that inflation, although on the rise, remains within the expected range, without imposing drastic decisions on the Fed. The scenario most appreciated by Piazza Affari, an expression of an economy based on manufacturing, more able than others to take advantage of the expansionary plans of the US administration. And so, under the pressure of US price lists, the rally of the Italian Stock Exchange continues, once again the liveliest in the Old Continent, updating its record since 2008.
Domestic inflation does not matter: Istat revised upwards data on consumer prices for July to +0,5%, compared to +0,3% in the preliminary communication. Year on year, Italian inflation is +1,9%, much less than in Germany, where prices rose by 3,8% in July, in line with expectations and with the preliminary estimates already released.
EUROSTOXX RECORD, MILAN +0,98%
Price lists are on the rise, more than their American cousins. The Eurostoxx 50 (+0,4%), the highest for 13 years, and the global Stoxx 600 index (+0,4%) set new historical records.
Piazza Affari accelerates: +0,98% to 26,457 points. The index, which marks a new high since 2008, is technically distinct from a long-term downtrend reversal with huge upside potential.
The other squares follow. In order: Madrid +0,85%; London +0,82%; Paris +0,55%; Frankfurt +0,32%; Amsterdam +0,09%.
Abn Amro shines on the Dutch Stock Exchange (+3,6%) after the announcement that it will resume dividend payments thanks to the economic recovery.
AVAST RUNS IN NORTON'S SIGHTS. IN FLIGHT CARREFOUR AND VIVENDI
The information security company Avast rises to the City (+2,3%) after the purchase offer of the US rival Norton of 8,6 billion dollars.
Carrefour takes off (+2,84%) in a Parisian market just one point off the historical record. The group could sell its assets in Taiwan for 1,6 billion dollars.
Vivendi (+2%) sold 7,1% of Universal Music to the US fund Pershing, which has an option to acquire another 2,9% by September 9th.
Collapsed in Frankfurt Thyssenkrupp (-5,7%) after the quarterly. Vestas also down: the wind power group did not meet its targets in the second quarter.
BOTs -0,51%: THIRTY-YEARS DOWN BY ONE POINT
At the Treasury auction, 12-month Treasury bonds posted a yield at a new all-time low. The rate on bonds maturing on August 12, 2022 fell to -0,513% from -0,459% in the mid-July placement.
The Italian paper had fallen during the session: the 0,60-year bond had reached a yield of 30%. The long part of the curve is particularly suffering, with the price of the XNUMX-year bond which has lost almost one point.
The spread between the ten-year BTP and the German one rises: 108 basis points (+3,01%), with a rate of the BTP closing at +0,57%, while that of the Bund is at -0,5%.
37 BLUE CHIPS OUT OF 40 ON THE RISE, INTERMONTE SEES PINK
Happy day for the blue chips of Piazza Affari: 37 up, 3 down. These are three purebred horses: Stm -0,41%, Campari -0,12% and Atlantia -0,06%.
Intermonte has revised upwards its estimates on the Italian market after the quarterly season. In fact, over 60% of the companies that the Milanese Sim covers exceeded expectations in the second quarter, while only 6 companies recorded accounts below forecasts. The sectors that recorded higher profits than expected are industrial, consumer and asset management. Italian shares are trading at relatively cheap multiples, i.e. at 13,6 times the P/E ratio in 2021 and 12,4 times in 2022, “slightly below the historical average”.
BIDEN GIVES CHARGE TO WEBUILD AND BUZZI. PRYSMIAN RUNS
The theme of the day is the ok to the infrastructure plan in the United States which supports the construction sector, with some Italian companies that will be involved and already very present in this market. Very tonic WeBuild (+3,8%), which already today generates 28% of turnover on the US market. Also in the wake of Buzzi Unicem (+3,1%) and Cementir (+3%). Just below Prysmian (+2,97%).
FINECOM FIFTH RAISE IN A ROW
Among the best blue chips there are also Banco Bpm (+3,8%) and Bper Banca (+2,95%). Fineco Bank (+1%) is on the fifth consecutive increase.
The big names are growing decisively: Unicredit +2,1% (it could pay what it takes from Monte Paschi, with shares without voting rights) and Intesa Sanpaolo 1,6%. Popolare Sondrio also did well (+2,2%).
RECORD YOURSELF TO THE BEST, FERRAGAMO STARTS AGAIN
Recordati also stands out (+2,3%), reaching new all-time highs at 56,32 euros. On the stock, JP Morgan brought the target price to 51 euros from the previous 47.
Fincantieri shines, growing by 3,3%. Interpump +2,60% and Leonardo +2,41%. Ferragamo woke up in the afternoon, with a leap of 5,6%.
The oil sector showed little movement: Eni rose by 0,3%, Maire Tecnimont +0,97%, Saipem also strengthened (+0,7%).
RIP IT WAY, GERMAN DEAL FOR JONIX
Strappa It Way, a company active in information technology, in the auction of volatility after an increase of 18,3%. Jonix leap forward in Aim (+19,79%). The company, which specializes in air sanitization, celebrated an order worth two million euros from a leading German industrial group.
