The new lockdowns decided by the big Europeans such as Germany and France and the data on infections that do not improve even in Italy, combined with the tensions over vaccines, from AstraZeneca to the USA to the blocking of exports of doses produced in the EU, continue to annoy investors, who they see the outlook worsening global economic recovery. The European indices are therefore all down, with banks, auto and retail under pressure. The hypothesis launched by Treasury Secretary Janet Yellen that the US increases corporate taxes to finance the future infrastructure plan, bringing the tax rate back to 28% (after Trump’s cut from 35% to 21% ).
Leonardo surprisingly postpones the IPO of the subsidiary Drs
Leonardo – Finmeccanica announced that the US subsidiary Leonardo US Holding has postponed the initial public offering of shares in Leonardo Drs, Leonardo’s indirect subsidiary. The stock, after not having made an opening price with a theoretical decrease of 10%, entered trading, to be stopped again at -8%. “Despite the interest of investors during the roadshow, within the defined price range, adverse market conditions did not allow for an adequate valuation of Drs,” the company said in a statement. For analysts, this is negative and unexpected news.
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Sales also on banking, from Banca Pop Er to Unicredit. On the other hand, luxury is saved with Moncler and pharmaceuticals.
Tokyo down 2% on fears of a resurgence of the pandemic
A day in sharp decline for the Tokyo Stock Exchange, worried, in the wake of Wall Street, by the resurgence of the Covid-19 pandemic in the world, which cools expectations of an imminent and rapid recovery of the world economy. The nnew containment measures decided in Europe andincrease in infections they seem to have changed investor sentiment. At the end of a session dominated by the minus sign, the Nikkei index of 225 leading stocks left over 2% on the ground at 28,405.52 points (-2.04%) and the index of the main list, Topix, lost 2% , 18% at 1,928.58 points. The negative market valuations thus depressed, among others, the prices of the securities airline companies in light of the new containment measures announced in France, Germany and the Netherlands which lengthen the time for the resumption of tourist flows to the old continent. The automotive sector is also suffering from the shortage in the supply of semi-conductors worldwide: Toyota lost 2.2% to 8,120 yen, Honda 1.6% to 3,246 yen and a slip for Nissan at 581 yen (-4%). Red-Ggz
On the other hand, oil rebounds, after the decline on the eve of the weak prospects of global energy demand: the WTI in May traded at 58.5 dollars (+ 1.2%) and the Brent at 61.6 dollars (+1, 4%).