Business Square it is the only one in Europe that closes slightly today rise, +0,29% (27.507 basis points), encouraged by the fact that the ECB left rates unchanged (to 4,5%), after the record series of ten consecutive squeezes.
It was the banking sector that found points of optimism during the session, together with stm (+4,97%) driven by the quarterly, while the spread drops slightly below 200 basis points.
Regarding the unanimous decision of the European Central Bank, President Christine Lagarde, at a press conference, emphasized the fact that thesaving of the block shows signs of weakness and it will continue like this for the rest of the year (the risks are oriented towards the downside), even if it is not yet time for the ECB to pull out all the stops or to lower the cost of money. Lagarde does not even rule out new increases, although many observers believe that Eurotower's aggressive policy has come to an end. The president also reiterated that the ECB will maintain reinvestments under PEPP until the end of next year.
US GDP beyond expectations
The general climate of the financial markets appears colder in the rest of Europe, where Frankfurt drops -1,08%, London -0,84% Paris -0,37% Amsterdam -0,41% Madrid -0,27%. New York is also in the red, despite the leap in US GDP in the third quarter: growth was 4,9% (against expectations of +4,7% and +2,1% in the previous quarter), thanks to consumer spending (+4%), in a context of high interest rates, inflationary pressures and uncertainties due to the international situation. The good news, read in key Fed, is actually a little scary, as a strong economy (with high wages) leaves room for new monetary tightening. The market is betting that the central bank will not touch the cost of money next week (and probably not even December), but it is not able to make predictions about the future and President Jerome Powell last Thursday warned that "new increases cannot be excluded."
In this context date back i US government bond prices, even if yields remain high (ten-year 4,9%).
Il dollar is strengthened, while theeuro it retreats to the 1,054 area.
The price of the Petroleum: Brent -1,7%, $88,6 a barrel.
Wall Street held back by mega caps
Wall Street moves weakly and the Nasdaq (-1,51%) is in correction, after yesterday's difficult session. What is making itself felt is the negative impact of the mega caps, which are publishing their accounts. After the splash of A (Google), also down 2,17% today, falls Meta -3,49%, which last night positively surprised for profits and revenues and even for 2024 prospects, but announcing that it could suffer a slowdown in fourth quarter sales due to the conflict between Israel and Hamas. Back up ecosystem (-3%), after the gains of the day before.
In Europe, Siemens and Mercedes crash
The weight of the quarterly reports is also felt on the continental stock exchanges, where Frankfurt appears weighed down by Siemens Energy (-34,82%) And Daimler (Mercedes Benz) -6,57%.
The German energy company announced that wind power subsidiary Siemens Gamesa's orders and revenues in fiscal 2024 are expected to be lower than market forecasts and that cash outflows will be higher, while it is considering measures to strengthen your budget. The car manufacturer, however, disappointed with its quarterly results (-7% profit) and with sales (-4%), even though those of electric cars rose by 66%.
Bad in Paris Bnp Paribas (-2,55%).
Piazza Affari, Campari in black shirt
The Business Square deals with the quarterly reports of many blue chips. He's definitely not toasting today Campari, -6,78%, which disappointed with revenue growth below consensus. After all, the title is negative (although in line with expectations). Saipem -5,32%. Reacts positively to the quarterly (after an initial slip), Stm, while Mediobanca it lost 1,04%, despite the record net profit of 350 million (+34%, compared to the third quarter of 2022). Piazzetta Cuccia propose to the shareholders not to pay the tax on extra profits and to allocate the capital to reserves, as they have done Unicredit (+ 1,47%) and Understanding (+0,59%). Mediobanca will hold a meeting in two days to renew the board and will have to choose between the list presented by the outgoing board of directors, which confirms the name of the CEO Alberto Nagel, and that of the first shareholder Delfin.
In the banking sector it is also in light today Mps Bank + 2,6%.
In the automotive sector Stellantis drops 0,6%, which yesterday announced the purchase of approximately 20% of Leapmotor (-10,87% in Hong Kong).
