A start over parity for EU stock exchanges is expected, despite the continuous increase in coronavirus cases in the US with Florida which reported 15,299 new infected yesterday, the highest number for a single US state since the pandemic began.
The good intonation expected for European listings follows the widespread hikes in Asia this morning (Nikkei + 2.1%) thanks also to 50 billion yuan that the Chinese Central Bank injected into the banking system) and Wall Street on Friday where the Nasdaq it touched a new all-time high at 10,617 points. Wall Street futures are also set higher for today with gains between 0.5% and 0.7% for the Nasdaq, S&P and Dow Jones indices. The US stock exchange has largely ignored coronavirus concerns, with two consecutive weeks of earnings.
Meanwhile, the markets are starting to focus their attention on the season of accounts of the second quarter of 2020 of the listed which is about to open to understand which companies have succeeded and contain the impact of Covid on the financial statements. The first to publish the data will be the US banks JP Morgan, Citigroup and Wells Fargo tomorrow. However, significant macro data are not expected for today. It should be remembered that on Friday evening Fitch confirmed the BBB- rating on Italy.
In the meantime, a busy week for the Conte government opens in Italy. Today, the premier meets Angela Merkel, at the helm of the rotating presidency of the EU Council at Meseberg Castle, in view of the European Council of 17 and 18 July. Conte’s goal is to conclude the agreement on the 750 billion recovery fund that would give Italy over resources for over 170 billion. The opposition of the so-called frugal countries, starting from Holland and Austria, remains to be overcome, and therefore the agreement does not necessarily close at the European Council next weekend.
Conte will return to Rome tomorrow for the Council of Ministers, who should decide whether or not to withdraw the concession to Autostrade per l’Italia, the subsidiary of Atlantia, after the group sent a new proposal to the Ministry of Infrastructure on Saturday to meet the conditions laid down. by the government: a 3.4 billion indemnity package, in addition to the 14.5 billion of investments already decided in the industrial plan, a tariff reduction program, and the willingness to drop below 50% for Atlantia. Aspi’s offer divides the executive and today a pre-summit is scheduled for tomorrow at the Ministry of Infrastructure to try to find a common position. You have to decide whether to accept Aspi’s proposal, perhaps with some filings, or proceed directly to the revocation of the concessions.
In the meantime, in an interview with Fatto Conte he defined Aspi’s offer as embarrassing. “The truth is that the various settlement proposals sent by Aspi are not satisfactory. The state has the duty to evaluate them for the scruple of protecting the public interest in the best possible way. But now we must close the dossier and avoid protracting further uncertainties “.
“Precisely in order to complete the procedure, a technical meeting took place on 9 July with the Aspi dealer,” said Conte, “there the government technicians exposed the minimum and absolutely mandatory contents that must characterize the settlement proposal because can be brought and discussed in the Council of Ministers. And on Saturday a largely unsatisfactory, if not embarrassing, response came: anything but a full and unconditional acceptance of the government’s requests “.
And to the press the premier said that “the Benettons have not yet understood that this government will not accept to sacrifice the public good on the altar of their private interests. They have benefited from unreasonably favorable conditions for them: this may be enough. I will bring the question of revocation in the Council of Ministers and we will decide collectively, but we are not available to grant further benefits “.
On the currency front at 7:45 am the euro / dollar rises 0.3% to 1.133, the dollar / yen exchange rate is at 106.89, + 0.01%, and the sterling / dollar cross is at 1.267, + 0.36%.
Among commodities, oil is slightly down. the WTI sells 0.72% to $ 40.26 and Brent marks a drop of 0.67% to $ 42.95. Dow Jones Newswires, citing internal OPEC sources, reports that a group of crude producers led by Saudi Arabia is pushing OPEC and its allies to increase oil production starting in August thanks to signals that demand is returning to normal levels following coronavirus lockdowns. Gold advanced 0.389% to $ 1,808 an ounce.
In Piazza Affari, in addition to the focus on Atlantia, Astaldi should also be followed because before the start of the session, Kpmg communicated the impossibility of issuing a judgment on the 2018 and 2019 financial statements of the company for the “significant uncertainties on business continuity already reported by the directors in the management reports and in the explanatory notes to the financial statements.