After the start in the red, the European stock exchanges rebound in anticipation of Mario Draghi's press conference. In Milan, the rise gradually gathered speed: at 12, two hours before the speech by the president of the ECB, the index rose by 45% over 1,6 points. Even the rest of Europe is not following the decline in Wall Street and Asia: Paris +18.780% rebounds from its 1,18-month low, Madrid +19%, Frankfurt +1,16%. Only London moved little.
The euro appreciates, bouncing from last month's lows against the dollar, the cross this morning is 1,141.
An albeit modest breath of fresh air for BTPs: the yield differential between BTPs and Bunds on the 10-year stretch stands at 310 basis points from 323 at the end of yesterday's session.
In parallel, the ten-year rate, December 2028, drops to 3,49% from 3,61% at the last closing. The two-year BTP yields 1,232% from 1,29%. The day after the publication of data on oil inventories in the United States, which rose more than expected, Brent-type crude is at its lowest level in the last two months at 76,2 dollars the barrel (+0,1%).
Tomorrow, Russia could raise rates to encourage capital inflows and thus compensate for the hemorrhage in crude oil prices. It is very unlikely that Moscow will be able to buy large lots of BTPs to help the yellow-green financial institution. Saipem + 1%. Eni + 0,7 %
Great recovery of bank stocks. After a cautious start, the sector index is up 2,5%. Leading the race is Mediobanca +4,9%. The bank will announce the results for the quarter during the day. Understanding +2,5% ed Unicredit advances by 2,7%.
Some industrialists are on the rise: Prysmian + 3,92% Pirelli +3,55% They also shine in the automotive sector Brembo +3,45% and Fiat Chrysler +2,8% over 14 euros.
Reverse course too stm +1%, after negative start e yesterday's blow -10%.
Same script for Moncler +1,87%, from -4% at the beginning of the session. The down jacket group closed the third quarter with a turnover of 379 billion euros, up 15% year on year. Overall, the result is in line with forecasts, the +21% of the retail channel, at 206 million euros, is above expectations, but the revenues of the wholesale channel have disappointed. The company says the fourth quarter is off to a good start, especially in China.
Weak Mediaset -0,6% and Telecom Italy -1,5%.
Heavy among utilities A2A -3,15%. Italgas -0,66%.
