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Hello. The European Union may maintain a ban on American travelers, infections are soaring in American hotspots, and there are several potential M&A deals on the horizon. Here’s what moves markets.
The European Union could maintain a ban on American visitors to the block during their meeting on Wednesday, as Europeans are still barred from entering the United States due to travel restrictions against viruses. The image of Covid in Europe is mixed. Italy reported the lowest number of new infections since February, but Germany saw its infection rateincrease amid localized epidemics. The UK, meanwhile, has finallyplans to reduce social distance signs to one meter two and pubs, cinemas and museums can all reopen on July 4. It is a bet for Prime Minister Boris Johnson, a bet on reviving the economy with the risk of reducing restrictions could lead to a second wave of infections.
Virus cases in the United Statesare thriving in hot spots, including California, Florida, Texas and Arizona, and “crawling” in New Jersey, throwing the process of reopening local economies into disarray. American infectious disease specialist Anthony Fauci said the country plans tostep up testing and discouraged linking a stable death rate to an increase in the number of casesyoung people. None of this will calm the nerves of a possible second wave for an economy that may need morefederal aid to cities and where people need to starttap into the money they saved during the lockdown. The misery that spreads through the U.S. economy also poses a significant threat to President Donald Trump.chances of re-election.
Offers, offers, offers
A handful of news on European mergers and acquisitions to consider for Wednesday. A multitude of private equity firms line up to bidUnilever tea business and there can be a lot ofcontenders for Borsa Italiana SpA if London Stock Exchange Group Plc were to sell the Milan-based exchange operator to appease regulators. Volkswagen AG wouldexploring an offer for the car rental company Europcar Mobility Group, while Schneider Electric SA and Emerson Electric Co. are part of the groupsconsidering an offer for the industrial software group supported by SoftBank Group Corp. OSIsoft LLC. And the Benetton family in Italy isseeing the interest of international funds for its participation in the wireless tower operator Cellnex Telecom SA.
Expectations that new stimulus measures are underway continue to drive up European and American stocks,more optimistic about European assets, pushing biotechs tooutperform FAANG and get closer to creating a new member of the1 trillion dollar market capitalization club. Yet warnings abound. Traders Have Faith Using Government Bonds As Coverfades, others areworried about the assessments, some worriedzombie companies and there are concerns about the growing risk that emerging marketsbecome addicted to the stimulus. More broadly, some notable economists are calling for arethink capitalism in its entirety.
To come up…
European equity futures are trending lower and US futures are mixed after equities in Asiadrift on light volumes. The gold continuesrally despite the continued appetite for risky assets and is approaching the $ 1,800 per ounce mark difficult to break through. German IFO survey and French manufacturers’ confidence data to come afterthe recovery in economic activity observed in the PMI on Tuesday, even if it indicates a sluggish recovery accompanied by an increase in unemployment. Also look at the customersstand out from the German payment company Wirecard AG after its spectacular fall.
What we have read
This is what has caught our attention in the past 24 hours.
And finally, here is what interests Cormac Mullen this morning
Investors looking for evidence of the fear-missing mentality prevalent in the current stock market should keep an eye out for the unusual widening gap between a sentiment gauge and an action on US stocks. While bearish readings from the American Association of Individual Investors have reached a historically high level, the demand for downside protection via the options market remains very moderate, according to the put options ratio of the Cboe. This suggests that investors are swallowing their fears and continuing to maximize their exposure to any upside. As Citigroup’s Tobias Levkovich describes, he is a concerned investor who does not put his money where he is. Still, bullish and bearish signs were clearly evident in Tuesday’s trading. The Nasdaq 100 closed at a record, but gold reached its highest level in eight years.
Cormac Mullen is a multi-asset journalist and editor for Bloomberg News in Tokyo.
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