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The desire to toast had already been there for a few days. Now that the victory of Joe biden It is official uncorking. To make the bags euphoric, the news was added in oLatest Phase 3 Vaccine Testing Results they are developing Pfizer (+ 15%) and German biotechnology bioNtech (+ 2nd%). Opening with the turbo for Wall Street. The Dow Jones grows more than 5% me the S & P500 sets a new all-time record to 3,623 points.
Frankfurt earns more than 5.5%, Paris 7.6%, Madrid l’8%, London 5.3%. In Milan Piazza Affari has risen 5.4%. They fly Leonardo, Unicredit, Eni and Pirelli, all with gains greater than 12%. Banks are also favored by new all-time low recorded by ten-year BTPs, whose performance has fallen below 0.62%. This morning the placement of the second tranche of the future BTP, tool designed to collect resources against the Covid emergency. Subscriptions have exceeded so far and 2 billion euro, to subscribe to the new title there is time until next Friday.
To join the investment bank afternoon party Goldman sachs issued a statement in which it was decidedly more optimistic, than the average of analysts, about the recovery of the most important economies worldwide. Analysts led by the chief economist Jan Hatzius emphasize that the recession caused by the COVID-19 coronavirus pandemic will be followed by a V-shaped shot (thus with a steep descent followed by an equally steep ascent, ed) much more than in previous postwar business cycles, “Which were mainly caused by financial shocks.” For the global economy, Goldman Sachs predicts what it calls in its report V-shaped recovery (Accine), or a recovery modeled by the V (vaccine) For the entire world, the outlook is for a GDP contraction in 2020, equal to -3.9%, compared to the -4% expected by analysts of the Bloomberg consensus; for Italy, the forecasts are for a fall in GDP, in 2020, equal to -8.7%, better than -9.8% expected on average by analysts; For 2021, estimates point to a recovery of Italy’s GDP equal to + 6%, better than the average of + 5.5%.
The bags celebrate the to eliminate even the slightest uncertainty about the outcome of the American elections and the fact that the battle announced by Donald trump you look like a desperate defense attempt with wet powders. Few seem willing to follow the outgoing president in a series of legal skirmishes that are unlikely to lead anywhere. In short, the worst-case scenarios hypothesized on the eve of the vote seem avoided. Not that the stock exchanges had a particular preference for the Democrat, they simply feared the continuation of a condition of uncertainty. The wave of relief has spread to all latitudes. Tokyo finished with 2.1% this morning, Hong Kong by 1.2%. The Chinese Stock Exchange Shanghai with + 1.8%. The new US presidency is unlikely to completely renounce the anti-China policy of its predecessor. There are structural frictions between Washington and Beijing that go far beyond the moods of those sitting in the oval studio. However, a Democratic White House opens up a few more opportunities for one stress softening between the two countries. So much so that the yuan, the Chinese currency, peaked against the dollar for more than two and a half years.
Oil also rose sharply (+ 9%). The rebound appears to be driven more by widespread enthusiasm and hopes for a more sustained economic recovery than medium-term valuations. In theory, the Biden presidency shouldn’t be particularly in favor of barrel values. The Democratic candidate has promised to provide resources for a transition to renewable sources, it is also possible that the attitude in the against Iran it is less controversial than that of the Trump administration. This would mean for Tehran the possibility of increase your oil sales in the market, further increasing the supply at the expense of prices.
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