Halfway through the session, Piazza Affari shifts into gear (+0,87%) and yes approaching 34 thousand points, improving the opening performance. The main European stock exchanges they are kept in positive territory, supported by solid Eurozone macroeconomic data, with Milan in the front row thanks to the strong rise in banks. Ftse Eb (+0,8%) is led by Monte dei Paschi, which gains ground after the sale of 15% of its share by the Treasury, which reduces public participation to 11,7%, and the purchase of 5% of the Sienese institute by Bpm bank. An acceleration that has rekindled the banking risk, with the market already in turmoil over the takeover bid of the Milanese bank led by Giuseppe Castagna on Soul Holding. The tranche sold by the Treasury was in fact purchased by Banco Bpm, Anima, together with Caltagirone e Dolphin, the Del Vecchio family holding. A picture that excites investors, with the banks' rally pushing the Piazza Affari index. Other European markets are also doing well: Frankfurt salt of 1,1%, Paris earns 0,95% and London is growing by 0,47%, driven by Burberry Rallying Despite Weak Accounts.
On the macroeconomic front, Eurostat has published data on Eurozone GDP for the third quarter, showing a growth of 0,9% on an annual basis and of 0,3% compared to the previous quarter, a sign of economic stability for the area. In the meantime, the financial community awaits the next data from the United States, in particular producer prices, and the intervention of the Fed chairman, Jerome Powell, to understand the next moves on interest rates.
Eurozone industrial production falls more than expected
La industrial production in the Eurozone has suffered a harder blow than expected in September 2024, falling by 2% on a monthly basis, the sharpest decline since January, and exceeding market forecasts that indicated a 1,4% contraction. The sectors most affected were energy, which saw a 1,5% backlash after the +0,3% in August, and capital goods, which slipped by 3,8% after the previous increase of 3,8%. Also noteworthy is the slowdown in the production of durable goods (0,5% against 1,9%) and the growth of non-durable consumer goods (+1,6% compared to +0,2% in August). At the national level, the Germany suffered a significant decline of 2,7%, while French e Italy saw reductions of 0,9% and 0,4% respectively. In contrast, the Spain recorded a 0,9% increase. On an annual basis, industrial production fell by 2,8%, amplifying the already disappointing -0,1% of August.
Mps boosts banking sector, Tim also does well
A Milan, the banking sector is in turmoil: Ps flies at +12,55%, Bpm bank at +2,31%, it reached its highest level since 2016. Driven by the banking risk also Popular of Sondrio (+ 3%), Intesa Sanpaolo (+ 1%) and Bper (+2%) which successfully concluded a 500 million euro bond issue, with orders exceeding 3 billion. Also good Telecom Italy (+4,47%) which recorded growing revenues and profitability and foresees a “return to dividends for shareholders”, as stated by CEO Pietro Labriola in a conference call with analysts. Also in the green Saipem (+0,4%) which announced an important $1,9 billion deal with TotalEnergies for a submarine development in Suriname.
A2A earns more than 2% thanks to CEO Renato Mazzoncini, who confirmed a 22 billion euro investment plan until 2035, with the aim of a 4% annual growth in the dividend and a net profit that could exceed XNUMX billion.
The stellantis (+2,10%) is making headlines, temporarily suspending orders for the 500 model in Algeria due to record demand. STMicroelectronics instead it recovers 2,19%, after having closed at the bottom of the list the previous day.
The decrease is reported Iveco (-2,9%), nexi (-1,05%), Interpump (-0,9%) ed Leonardo (-0,75%).
Other markets
On the front of you change, dollar further strengthens compared to theeuro, with the exchange rate falling to 1,051, the lowest in more than a year. ECB Vice President Luis de Guindos said that inflation appears on track to approach the 2% target. Petroleum is stable with Brent at 72 dollars a barrel and WTI at 68 dollars, while gas natural gas in Europe is rising sharply, exceeding 45 euros per megawatt hour (+3,65%).
The 4,45-year US Treasury Note is at 0,04% (-3,60%), while the XNUMX-year BTP yield stands at XNUMX%, with a spread down slightly to 123 basis points.
Bitcoin Rallying
Bitcoin is unstoppable, trading above 91 thousand dollars and marking an increase of more than 40% in the last month. Yesterday it reached a new record at 93.462 dollars, supported by optimism about a possible more liberal regulation in the US and by expectations of further monetary easing by the Fed.
