The ECB is ready for new measures against the recession and European stock markets are appreciating. Business Square it closed up by 0,85% to 19.429 points, pushed by the banks, while on the secondary market the Italian 0,78-year bond returned to an all-time low, +XNUMX%. It goes down too spread with the Bund, 129 basis points (-1,94%). The fact that, twice, Montecitorio failed to give the quorum on the extension of the state of emergency does not affect the appeal of Italian government bonds.
After a volatile start, they shut down in progress Frankfurt +0,62%; Paris +0,5%; Madrid +1,4%. London does not share the same fate, which remains flat. The climate appears uncertain a Wall Street who seems to have run out of enthusiasm for the sudden improvement of President Donald Trump and for the effectiveness of the anti-Covid treatments that have been administered to him. “I feel good” – the president tweeted and “I can't wait to have the debate on Thursday evening, October 15 in Miami, with his opponent Biden. The attention in these hours is actually directed above all to the Fed and to the words of its president Jerome Powell, in his speech to the National Association of Business Economics. Powell, almost in opposition to Trump, calls for prudence and to follow the advice of experts in the fight against the coronavirus, while he urges the long-awaited aid plan. The United States could run "tragic" risks - he says - if little is done to support the economy and the recovery would risk being weak, even if at the moment the economic rebound has been stronger than expected. But the Fed has no plan or desire to use negative rates.
On the other hand, the pandemic remains a serious global problem. The Monetary Fund points it out: The risks on the recovery – claims the director general of the IMF, Kristalina Georgieva – “remain high. And several countries have become more vulnerable. Their debt levels have risen due to the fiscal response to the crisis” and the “heavy loss of production and revenues. We estimate that global public debt will reach a record high of around 100% of GDP in 2020."
The fear that a second wave could cripple the hoped-for V-shaped recovery also in the euro area pushes the president of the European Central Bank Christine Lagarde, in an interview with the Wall Street Journal, to say she is ready to launch new monetary stimulus, without excluding a new cut in interest rates in order to support the economies of the area.
In this context theeuro-dollar it is flat, in area 1,178. Among the commodities, gold appears little moved, while the Petroleum is still recovering after yesterday's blaze. December 2020 Brent futures gain 2,6% and trade at 42,36 dollars a barrel.
In Piazza Affari, even today, the securities of the sector are well bought, such as Eni +3,41% and Tenaris +2,75%. The best performances are from industrial stocks such as Pirelli +6,46% and Leonardo +5,37%. Toned the banks: Bpm bank +5,61%; Unicredit +5,49%; Banca Mediolanum +5,31%: Bper +4,17%. In insurance the availability of Generali (+2,53%) to absorb the possible withdrawal of shareholders opposed to the transformation into a joint-stock company of Catholic (+4,93%) boosts both titles.
It's back in the top ten again today Post + 2,38%.
Profit takings turn the session red Nexi, -3,22%, after yesterday's leap following the agreement for the wedding with Sia, while the market is questioning the possible acquisition of the Danish Nets.
Sales Hit Regulated Utilities Sector: Italgas -2,74%; Snam -1,89% Terna -1,23%. Down Amplifon -2,86%.
Among the football clubs, the shares of As Roma (-9,66%), on the day of Consob's go-ahead for the takeover bid of Romul and Remus Investments, alias Dan Friedkin.
