L'Trump effect on the European stock markets today joins the October decline in consumer confidence German car companies and the disappointing quarterly results from Switzerland Richemont (-6,14%). The latter has sent the luxury sector at a continental level, both sectors are also highly exposed to the Chinese market and the Beijing's new stimulus plan (1.400 trillion dollars to refinance local government debt) was not enough to bring back optimism and to compensate for the concerns for a New season of tariffs from the White House towards China and Europe.
The end result is another weak session in the Old Continent: Paris -1,17% Zurich -1,22% London -0,88% Frankfurt -0,79% Amsterdam -0,5% Madrid -0,13%.
Business Square gets by with a loss of 0,48%, in yet another day full of quarterly results, which had an opposite impact on Unipol (-6,12%) ed Ps (+ 3,11%).
Wall Street heads for best week of the year
Overseas the situation is completely different: Wall Street moves cautiously, but in tune after the new records reached the day before. The star-spangled stock market took flight on Wednesday after the presidential elections and absorbed the expected 25 basis point rate cut from the Fed and the governor's words Jerome Powell. The central bank president said that the US is “approaching neutral rates” and that, for this reason, “it may be appropriate to proceed more slowly with cuts”. The election result “will have no effect” on the Fed’s policy in the short term” and Powell will not resign, not even if Trump asks him to.
Lower rates, favorable fiscal policies, deregulation and a solid economic environment are fueling the Bull, which also grazed today on the improving US consumer confidenceThe preliminary estimate for November, drawn up by the University of Michigan, actually came in above expectations.
In this context Wall Street is on track to close out its best week of the year.
Dollar on the rise
Powell's caution and political stability strengthen the dollar, which today resumed its rise against major currencies. Theeuro gives way around 0,5%, for a cross against the greenback in the 1,075 area.
Instead, they turn red again raw material and in particular the Petroleum, which saw prices fall sharply after concerns eased over the impact of Hurricane Rafael on oil infrastructure in the Gulf of Mexico.
The Brent January 2025 futures are down 2,6% and are trading at $73,67 per barrel; the December WTI contract is down 2,92% to $70,25 per barrel.
In 'bond T-Bond prices are moving higher for the second day in a row, with rates falling. The 4,279-year is currently at XNUMX%.
Piazza Affari, turbulent flight with the quarterly results
The flight of Piazza Affari also ran into the turbulence in some quarterly reports, which have depressed or supported some stocks.
Ps It was the most volatile stock, changing sign several times despite the accounts being above expectations. The stock also benefited from Barclays's price target improvement to 7 euros (from 6,7), which confirmed its recommendation as “Overweight”. Analysts wrote that the results were stronger than expected and provide a higher base for projections for the fourth quarter and next year.
In the banking sector, however, the Sienese institute has practically danced alone. The quarterly trend has been unfavorable Bper -4,38% and they are also in the red Popular of Sondrio -2,3% and Bpm bank -2,36%.
The black jersey of the day goes to Unipol, which this morning has announced falling profits due to staff departures.
There are also strong drops for Azimuth -5,36% and Iveco -3,94%, recently rewarded for above-estimate accounts.
Go down stellantis -3,7%, in line with the rest of Europe and the discouraging news recently arriving from Germany.
In the Agnelli galaxy Cnh collapses in New York (-9,42%) which reported lower-than-expected earnings in the quarter and cut its 2024 earnings forecast due to weak demand and dealer inventory reduction.
In Milan luxury suffers above all with Moncler, -3,69%, not particularly brilliant in recent times. Bad also cucinelli -1,67%.
The quarterly report also goes into the red Recordati -1,06%.
Among the biggest increases of the day there is Pirelli, +2,78%, which has convinced with his numbers. Well Saipem + 2,15% Inwit + 1,93%.
They bounce A2a + 1,82% Getting very + 1,97% Prysmian +2,2%. Confirmed in money Leonardo + 1,48%.
Stable spreads and declining rates
European bonds also closed a positive session. spread between ten-year BTPs and Bunds of the same duration is little changed at 129 basis points, but yields are falling. The Italian bond near the close is indicated at 3,66%.
