The week opens with uncertainty for the European Stock Exchanges, who after a positive start, are slowing down in view of the important events of the next few days. The main factor is the Petroleum, which fell sharply after Israel's retaliatory strike on Iran over the weekend avoided hitting oil and nuclear facilities and thus did not disrupt energy supplies.
Investors' eyes are already focused on the US presidential elections scheduled for November 5, but above all on the rain of macro data and the quarterly results coming up during the week. The spotlight is also on theChinese economy pending the publication of the important PMI indices measuring manufacturing and services activity for the month of October, which will be announced on Thursday.
Weekly appointments
The week that started today is dense with macro data. Preliminary data on eurozone third-quarter GDP, consumer confidence and economic sentiment are due on Wednesday, while data on inflation, flash GDP and employment are expected for Germany. Also on the agenda for Wednesday are Spanish GDP, preliminary Italian GDP and the UK budget. Thursday will be the turn of eurozone inflation, Italy and France. The same meeting will be held on Japanese central bank and it will be clear how it will act in terms of monetary policy, also in light of the political instability that emerged from Sunday's elections.
On the corporate front, attention will be focused on quarterly of 5 of the Magnificent 7 destined to impact market sentiment globally. Alphabet, parent company of Google, Microsoft, Meta, Apple and Amazon will present their quarterly results on October 31.
European stocks mixed, eyes on Philips and Volkswagen
In this context, Europe is travelling in contrast with the Stoxx 600 which fell by 0,17% after closing last week in the red for the first time after three positive weeks.
The benchmark index was particularly weighed down by the sharp decline in the energy sector, which fell by 1,9%, in the wake of the fall in oil prices.oil. Both Brent and US West Texas Intermediate touched their lowest levels since October 1st at the opening and were down almost 6% by mid-morning. In particular, WTI was down 5,85% at $67,58 a barrel, Brent was down 5,72% at $71,7.
Returning to the price lists, Amsterdam is the black jersey (-0,75%), closely followed by London (-0,27%) And Frankfurt (-0,24%). Business Square tries to stay afloat and at mid-day it marks -0.05% at 34.762 basis points. It rises by 0,1% instead Paris, despite Moody's lowering France's outlook to negative. It remains positive Madrid (+ 0,3%).
On the stock market, the crash of Philips (-18,1%) after the Dutch medical device manufacturer lowered its sales forecast for 2024. Eyes also on Volkswagen (-0,8%) which, according to the works council of the German car giant, will close at least three factories in Germany. Cuts are also planned at other sites, the unions underline, announcing that "No one is safe". According to the German newspaper Handelsblatt, the restructuring of the Volkswagen brand also includes a 10% salary reduction, as well as a salary freeze for the years 2025 and 2026. The plan aims to save 4 billion euros.
Eni down at Piazza Affari, financials up
Milan opened the session up by about one percentage point, before later falling back and turning negative, while the spread stands at 121 points, practically stable compared to Friday, and the 10-year BTP yield is at 3,54%, up from 3,5 on Friday.
On Friday, Dbrs – like Fitch the week before – raised the outlook on Italian debt to 'positive'. However, the rating is not enough to support the list, weighed down above all by oil stocks, falling with crude oil prices. And so Eni It is placed at the bottom of the list with a decrease of 2,44%. Saipem loses 1% e Tenaris 0,88%.
At the top of the Ftse Mib there is instead nexi (+ 1,13%), followed by Recordati (+1,03%). Among banks it is buoyant Pop Sondrio (+0,73%), above parity also Ps (+0,12%) after Fitch's decision to raise the rating to 'BB+', with a positive outlook. Below par (-0,39%) Mediobanca on the day of the shareholders' meeting.
