A few hours after the records on Wall Street and the Asian Stock Exchanges, European stock markets decide to take a break with their eyes and thoughts already turned to Washington where tomorrow, October 30th, the Federal Reserve should launch a new rate cut. While awaiting the decisions of the American central bank, the stock exchanges can however console themselves with the good news coming from the USA on tariffs. Indeed, Donald Trump has stated that a pre-agreement between the United States and China could arrive even before the APEC summit in Chile, scheduled for mid-November.
In the middle of the day Milano, the best stock exchange in Europe in 2019 with an increase of 24%, travels just below parity, scoring -0,04% at 22.686 points. Along the same lines Paris (-0,07%), more backward Frankfurt (-0,22%) And Madrid (-0,55%). Down London (-0,47%) awaiting Westminster's decision on early elections. The House of Commons rejected Boris Johnson's proposal on Monday about a possible vote on December 12, but today it could approve a proposal presented by the Liberal Democrats and the Scottish National Party which plans to call elections three days earlier than Downing Street requested. i.e. December 9th. To pass the motion, he will need a simple majority. We recall that Brussels has conceded to London yet another flexible postponement of Brexit, now scheduled for January 31st.
In Piazza Affari the shares of the Ftse Mib proceed without particular jolts. On the rise Campari (+1,65%) which published its 9-month accounts with a pre-tax net profit down by 1,7% to 245 million, an adjusted profit up by 10% to 259 million and revenues up from 8,6% to 1,3 billion. Well too A2a (+2,26%), the banks led by were positive Bpm bank (+ 1,15%) and Bper (+ 0,6%).
The profit-taking affects the stocks of the Agnelli galaxy: Cnh (-1,65%), Exor (-0,9%), fca (-0,47%). In industry it is in red Leonardo (-1%), while in fashion they deflate Moncler (-1,35%) And Ferragamo (-1,4%) after yesterday's strong movements due to the fibrillation that caused the sector toLVMH-Tiffany affair.
At the bottom of the main list there is though Saipem (-2,21%) with the prices of Petroleum which continue to decline. At 12.00 Brent dropped 1% to 60,96 dollars a barrel, WTI lost 1,2% to 55.14 dollars.
Milan's attention is also focused on debut on Newlat's Star Food, the Italian agro-food company that sells Buitoni rusks, Delverde pasta and Polenghi milk. In the middle of the day, the stock remains anchored to the placement price of 5,8 euros, with a capitalization of 230 million euros. All in all, the debut is judged positively by analysts who take into consideration the flops of the last few weeks by the Ferretti and Rcf freshmen who ultimately had to cancel the listing process. As revealed by the Sun 24 Hours, the De Benedetti family (father and sons) has also decided to invest in Newlat, currently grappling with strong disagreements on Gedi.
Turning to bonds, the Treasury collated 6,5 billion in the morning Bots at 6 months, to a slightly higher yield to -0,213% from -0,224% of the previous placement in September. Demand was good, standing at 10,6 billion euros, with a supply-demand ratio of 1,64. The yield on the Italian ten-year bond fell by 0,7% to 1,086 points, while the spread travels at the levels of the eve, settling at 143 basis points.
On the currency, theeuro. The single currency changed hands at 1,1077 against the dollar compared to last night's quotation of 1,1102. The pound moves back, but slightly, at 1,2856 dollars.
