THEinflation slows down in the euro zone and in the United States, bringing back some optimism on stocks and bonds and slightly softening the bitter balance of the financial markets for the month of September.
Le European markets close on the rise, but far from the day's highs, perhaps held back by the volatile performance of Wall Street. However, government bond yields are definitely falling.
Business Square it appreciated by 0,29% to 28.243 basis points, Frankfurt 0,41% salt, Paris + 0,37% Amsterdam + 0,39% London + 0,09% Madrid -0,03%.
The tug of war over the US budget depresses Wall Street
Overseas Wall Street, strong at the start, moves mixed at the end of the morning with the absence of good news for the agreement between Democrats and Republicans on a bipartisan stopgap spending bill aimed at giving legislators more time to negotiate an agreement for the entire year. This could trigger a partial blockade of public administrations next week, an event that could have consequences on the country's economic growth. Among the various stocks it stands out on the Dow Jones (-0,11%) Nike (+6%) which has exceeded expectations on profits for the quarter. Furthermore, the sportswear giant dresses many of the golf champions who are competing in the Ryder Cup in Rome these days, with global visibility given that the event is followed by hundreds of millions of people on TV.
On the currency market the dollar retreats against a panel of currencies and the euro recovers ground, changing around 1,0575.
It moves negative Petroleum, after recent progress: Brent -0,5%, 92,64 dollars per barrel; WTI -0,6%, 91,14 dollars per barrel.
Inflation at two-year lows in Euroland
According to a preliminary estimate, the inflation rate annual rate in the Eurozone fell to 4,3% in September, the lowest level since October 2021 and lower than forecasts of 4,5%. The core figure fell to 4,5%, the lowest value since August last year.
Even in the USA, but in August, things went better, in this case especially due to underlying inflation.
THEPCe indicator, the one most monitored by the Fed to guide its monetary policy, rose by 0,4% on a quarterly basis against +0,2% in July and +0,5% expected. On an annual basis, the index recorded an increase of 3,5%, compared to +3,3% in the previous month, in line with market expectations. The 'core' component, stripped of volatile elements (energy and food), moved more slowly than expected on a cyclical basis: +0,1% versus +0,2% in July and +0,2% estimated by operators. On a year-on-year basis, growth was 3,9%, in line with market forecasts, decelerating from +4,3% in the previous month.
For the market, the two realities seem to converge towards the same possibility, that is, that the central banks, the ECB and the Fed, do not proceed with new increases.
Government bond yields fall; the spread narrows. Btp Guaranteed Value 4,1%, then rises to 4,5%
The hypothesis of more cautious central banks It also takes shape during the day in the performance of government bonds, which sell prices rising and rates falling.
In the US the decade goes back from recent peaks and shows a yield of 4,53%.
The session was also favorable to the Italian card: lo spread between 10-year BTPs and Bunds of the same duration it narrows to 193 basis points, after having even briefly exceeded 200 basis points yesterday. The good news is that rates are going down. The Italian decennial it stops at +4,77% from 4,91 yesterday and the German stock drops to +2,84% from +2,96%.
Meanwhile, the Mef has announced the guaranteed minimum rate for the new one Btp Value, in issue from Monday 2 October. For the first three years it will be 4,10% while for the two remaining years, the fourth and fifth, it will rise to 4,5%.
Piazza Affari, Diasorin and Prysmian stand out; purchases of luxury stocks
Shopping on goods has returned to Piazza Affari luxury titles. On the Ftse Mib is in the spotlight Moncler, +0,99%, already recovering yesterday. Outside the main basket it did well Brunello Cucinelli, +3,97%, with the “Buy” from Goldman Sachs. The improvement in the stock market also favored the French fashion houses. lvmh marks +1,57% in Paris, despite Le Monde writing that the patron Bernard Arnault is under investigation for financial transactions with the Russian businessman Nikolai Sarkisov. At the center of the investigation would be the fact that Sarkisov purchased properties in an Alpine resort through an operation for which Arnault, through one of his companies, had provided a loan.
Returning to Milan, it stands out on the main price list Diasorin +2,25%, followed by Prysmian +1,82%, rewarded for new contracts worth 1,1 billion in Germany and in the running to obtain the order for the new submarine interconnection between Tuscany, Sardinia and Corsica.
Progress for Campari + 1,78% Inwit + 1,72% Amplifon + 1,7%.
Among the biggest declines of the day are the big names in the oil sector, such as Tenaris -1,77% Eni -1,06% and Saipem -1,5%. Red colors Bpm bank -1,8%, in a challenged banking sector that has progressively lost ground, but with Unicredit up 1,02%.
In the industry they retreat Iveco -1,53% Cnh -0,82% and Leonardo -0,8%. Under observation Generali Insurance +0,12%, after the IVASS inspection which made some observations on governance.
