In a session without much to talk about, theWall Street's uncertain start (after the umpteenth record yesterday by DJ and S&P 500) depressed the European stock markets today, which closed slightly down. In the background remains a increasingly deteriorated geopolitical framework, due to the escalation of ongoing wars, while China has also decided to test an intercontinental ballistic missile in the Pacific for the first time since 1980. Meanwhile, the stimuli decided to support the dragon's economy are not able to convince the market much. Thus oil falls and gold remains in the maximum zone.
Europe weak, Unicredit and Prysmian shine at Piazza Affari
Business Square loses 0,12%, even though holding on to Prysmian (+2,11%) and the Unicredit (+1,64%), bringing new news every day.
Today the bank revised its 2024 profit targets and its 2025 dividend payout targets, while the CEO Andrea Orcell has kept all avenues open in the game on Commerzbank (+0,86%), from which it is Deutsche Bank pulled out instead (-0,54%). The European debate on this possible marriage is also heating up and the German bank is accelerating a change at the top: on September 30, CEO Manfred Knof will leave to make way for Bettina Orlopp.
In the rest of the continent they are in red Paris -0,5% Frankfurt -0,33% Madrid -0,3% Amsterdam -0,12% London -0,14%.
Sweden cuts rates; Lagarde and Powell expected to speak tomorrow
The decision of the central bank of sweden di cut rates by 25 basis points (at 3,25%), while investors are betting today on a new rate cut by Frankfurt in October and analysts at HSBC agree with this forecast.
Tomorrow the words of the president of the ECB could shed light on the future Christine Lagarde and those of the chairman of the Federal Reserve Jerome Powell.
By the Fed Another 50-basis-point move is being bet on at the November meeting, with the odds rising to 58,2%, according to CME Group's FedWatch tool, especially after a weak U.S. consumer sentiment index yesterday sparked concerns about the health of the labor market.
Weekly jobless claims, August personal consumption expenditure (PCE) data, and GDP data may provide fresh insights in the U.S. over the weekend.
Nvidia runs on the Nasdaq. The chipmaker is the best of the high tech, gaining more than 2,5%.
Euro-dollar stable
In this calm wind theeuro-dollar exchange rate stable in area 1,1177 and also thegold stops its course, albeit at the top levels. Spot gold is currently listed at $2657 per ounce, while the December 2024 futures are at $2681,40.
Oil is back, which is losing about 1%. Texas crude is trading below $71 and Brent below $74.
Piazza Affari, Nexi, auto and oil weigh down the price list
The main list of Piazza Affari is weighed down today by sales on Nexi -3,11%, in a weak digital payments sector at European level.
Automotive has reversed direction from yesterday and is thus falling Stellantis -1,5% and Pirelli -1,21%; Classic Ferrari for sale, -1,24%, worsens the already negative balance in the previous session. In the oil sector they are in the red Saipem -1,26% ed Eni -1,17%, while Tenaris, +0,18%, is saved by Equita which has promoted the stock to 'Buy' and a target price of 17 euros, after the Positive news emerged yesterday at the Investor Day in London. Campari falls -1,34%.
Banks have progressively lost ground in trading, except Bpm bank +0,2% and Unicredit, which remains the superstar of the moment. Orcel, at the Bank of America Financial Conference, reassured investors that the investment in Commerzbank will have no impact on the institution's distribution targets and will still be profitable even without a merger agreement. However, a merger "would add a lot of value" and is also a "test for Europe", for stronger banks that are able to support an economy that must accelerate. The leaders of the German small and medium-sized enterprises sector, which are Commerzbank's main clients, expressed themselves in agreement with the Italian manager.
Returning to Milan: among the blue chips on the rise today there are Diasorin + 1,07% Getting very + 1,25% Inwit +1,2%. Luxury fades: cucinelli -0,12% Moncler -0,65%, the latter also reflecting a critical report from Intermonte.
Spread slightly up; rates falling on primary
Si slightly widens the spread between BTPs and Bunds both with a ten-year duration: 131 basis points, with rates slightly moved at 3,46% and 2,15% respectively.
Meanwhile, rates are falling on the primary market, even in the short term. Today the fifth tranche of the BTP maturing on 28/08/2026 was placed for an amount of 2,75 billion against requests for 4,461 billion and a gross yield, down 38 cents on the previous auction, at 2,51%.
A similar trend was also seen for the 5-year BTP indexed to eurozone inflation, whose yield stood at 1,17%, down 44 basis points. For the 15-year BTP indexed, the yield stood at 1,97 percent.
