The latest chapter of the Trump administration lives up to the most controversial presidency in American history. The now former number one of the States took his leave with a flurry of pardons among which the pardon to Stephen Bannon, the right-wing ideologist, stands out. Meanwhile, the armored capital is preparing to receive Joe Biden and Kamala Harris with a note of worldliness: the ladies are invited to wear a pearl necklace in homage to the new vice president. The financial markets, meanwhile, have focused on the return to the powerhouse of Janet Yellen, a small but indomitable vestal in the war on the recession. Yellen captivated the markets again: yesterday, in her Senate speech, she promised everyone money for a long time, as the benefits of the colossal stimulus plans, right now, significantly outweigh the costs of increasing debt .
THE EURO/DOLLAR REACHES 1,214 AWAITING THE ECB
The former governor of the Federal Reserve has invited senators to think big and support the 1.900 trillion dollar aid project in the pipeline at the White House: the expansionary policy will continue until everyone has a job and inflation is stable above 2%. Such a clear indication is one of the reasons for the umpteenth extension of the lists in Asia and on Wall Street. Europe is missing from the appeal, pending the meeting of the ECB: the disorientation of Italian politics risks blowing up the mechanisms of the recovery plans of the European Union. The euro-dollar moves to 1,214 (+0,2%). Yesterday the European Commission presented the document containing the strategy for strengthening the single European currency, which according to the Brussels leaders is destined to become the monetary reference of the green and ESG universe.
Overnight, the MSCI Asia Pacific index reached an all-time high and then slowed down. Tokyo's Nikkei is down 0,4%. Seoul's Kospi is up 0,2%. BSE Sensex of Mumbai +0,3%.
ASIA PACIFIC INDEX AT HISTORIC HIGH
The CSI 300 index of the Shanghai and Shenzen stock exchanges gains 0,4%. Hong Kong's Hang Seng is 0,3%. Alibaba rises by 4% after Jack Ma's return to the public scene. The founder and president spoke tonight on the importance of education, in a video conference aimed at teachers who work in the most remote and disadvantaged schools in China.
NETFLIX (+12%) FLYS BEYOND 200 MILLION SUBSCRIBERS
Wall Street achieved a record performance after the Stock Exchange. Netflix climbs 12% after announcing that subscribers rose to more than 200 million in the quarter, 37 million more than in 2019. Thanks to the stabilization of activities that has already led to a drastic decrease in cash burned in new TV productions, the company will be able to achieve its goal of a balanced cash flow this year.
Yesterday US markets recorded robust gains: Dow Jones +0,38%, S&P 500 +0,81%. Better the Nasdaq: +1,53%.
GM rose 9,7% after the agreement between the subsidiary Cruise and Microsoft on the development of self-driving cars.
Boeing +3,1%: Europe has reopened routes to the MAXI 737.
OIL RISES, FREIGHTS SUFFER
Brent oil was up 0,4% to $56,2 a barrel. The 2021 oil demand cut communicated yesterday by the International Energy Agency has been almost ignored. Prices are guided by expectations for the second half of the year and next year. Meanwhile, the production cut decided by Saudi Arabia is putting the large shipping companies out of business. Tanker freight rates are negative, so to ease the burden, shipping companies are ordering vessel captains to slow down, in the hopes that once they arrive at their destination, things have turned around and the new cargo can be profitable. Gold up 0,5% to $1.850 an ounce.
In the meantime, the BTPs are kept in a political framework that tends towards semi-serious tones. Conte made it, even if now, technically, leads a minority government.
THE ITALIAN CRISIS AND THE PANDEMIC HOLDING DOWN EUROPE
The Y effect like Yellen does not apply to European stock exchanges. On the contrary, the return of the former Fed president, already loved by the markets as a dove, weighs like a mortgage on the weak dollar on the stock markets of the Old Continent, a circumstance that favors a new drop in inflation in the euro area. But what complicates the accounts of the Eurozone is above all the trend of the pandemic which favored widespread declines in the final. And then there is the Bel Paese: the vice president of the EU Commission, Valdis Dombrovskis, expressed concern about the impact of the Italian political crisis on Italy's recovery and resilience plan.
MILAN -0,26%. AFTER THE COUNT THE PREMIER HUNTS FOR ALLIES
Piazza Affari closed with a drop of 0,26%, on the day of the vote of confidence in the Senate from which "a small government" emerged, as la Repubblica headlines. The Conte government won the confidence of the Senate with 156 votes. There were 140 against: the abstention of 16 Renzian parliamentarians was decisive.
GERMANY CLOSED UNTIL 14 FEBRUARY
Frankfurt loses 0,2%. Germany is preparing to extend the lockdown until February 14 and to impose the use of surgical or FFP2 masks, banning scarves or similar protections.
In Paris (-0,33%) Publicis (-4%) and Arcelor Mittal (-5%) fell back; Madrid -0,66%.
FLAT LONDON: 1610 DEAD IN ONE DAY
London is flat (-0,09%), although it records a record of 1.610 deaths in 24 hours.
RATES DOWN, THE SPREAD FALLS TO 112
Bond market with bated breath awaiting developments in the tug of war underway in the Senate. The day saw a progressive and constant drop in the rates of Italian government bonds along the entire curve and in the related spreads. The 0,58-year reference rate returned to 112%, on the levels prior to the move that triggered the crisis. The spread closes at XNUMX points.
TAVARES SENDS STELLANTIS IN ORBIT. IT'S RAINING BUY
Yesterday the stock exchanges once again lived under the sign of Stellantis, presented yesterday in New York by CEO Carlos Tavares. The stock went into orbit on Wall Street (+10,2%) accumulating two days' gains (the US Stock Exchange was closed on Monday for Martin Luther King Day). At Piazza Affari +2,6%. Among the analysts, the Swiss UBS have also started covering the share, with a target price of 21 euros and a buy opinion. For Equita, the stock is "buy" with a target price of 18,7 euros, ex dividend. Fitch confirmed the 'BBB-' rating with a stable outlook.
In December, registrations of cars of the Fiat Chrysler brands rose by 7,5% in Europe, in line with analysts' expectations.
Conversely, Ferrari is down (-1,8%). The market sells the Red, protagonist of 2020, to go to Stellantis.
A NEW TEST, DIASORIN RUNS AGAIN
The diagnostic company Diasorin rose sharply (+3,4%) as the anti Covid 19 vaccination campaign gets underway. Equita sim reiterated the hold rating and the target price of 169 euros after the company announced the launch of the new quantitative serological test to measure IgG antibodies against Covid-19.
UNICREDIT, MUSTIER'S SUCCESSOR ON FEBRUARY 10
Fight the major banks. Unicredit (+0,2%) is preparing for the decisive squeeze on the list of candidates for the succession to CEO Jean Pierre Mustier to achieve the objective of an indication by February 10, according to three sources familiar with the matter. Among the names in the running, those of the former UBS banker Andrea Orcel emerge strongly, supported by Italian funds and shareholders, and the former CEO of Bnl-Bnp Paribas Fabio Gallia.
Intesa San Paolo down by 0,5%. Down Bper (-1,5%) and Mps (-1,1%).
TIM'S THUD: CDP/OPEN FIBER TIMES EXTENDED
Tim -1,94%. The hypothesis of a postponement of the times for the exercise of the pre-emption by Cdp on Open Fiber weighs heavily.
Prismian +0,7%. Credit Suisse raises the target price to 28 euros.
AGREEMENT WITH AMAZON, LEONE FILM TAKES FLIGHT (+24%)
Leone Film Group snatches out of the main basket, suspended after a leap of 24% following the renewal of the multi-year agreement with Amazon Prime Video for another three years.
