I quarterly accounts of some large American banks, starting from JP Morgan (+4,44%), have today given new life to the stock markets which, in Europe, have awakened from their torpor thanks to the positive trend of Wall Street and to the umpteenth record touched by the Dow Jones in the American morning.
Le uncertainties in the Middle East (Israel Attacks UN Mission in Lebanon Again), the wait for the hoped-for stimulus from Beijing (expected to be presented tomorrow) and the counting of the damage from Hurricane Milton are weighing on sentiment, but the first US quarterly results have lightened spirits.
Thus Business Square closes a session with a 0,68% increase, consolidating above the psychological threshold of 34 thousand points reached yesterday and reaching 34.308 today. The result was achieved thanks to the push of Mps (+3,09%) and despite the heavy falls of Telecom -4,31% and Stellantis -3,56%. In particular, the Italian-French car manufacturer announced a management reorganization and confirmed that the ad Carlos Tavares will leave at the end of the mandate in 2026. Meanwhile the manager introduced himself in parliament hearing, before the productive activities committees of the Chamber of Deputies and the Senate, asking for a new round of state aid to overcome the deep crisis in the automobile industry.
In the rest of Europe: Frankfurt + 0,87% Paris + 0,48% Amsterdam + 0,51% Madrid +0,55% and London + 0,2%.
Wall Street buoyant, amid inflation and quarterly data
Wall Street, which started off quietly, is moving in fractional growth after the publication of the accounts that open the new quarterly season. In particular, JP Morgan has positively surprised both for profits and revenues and are buoyant by virtue of the accounts Wells Fargo (+ 6,22%) and BlackRock (+2,89%). The latter presented assets under management at a record level for the third consecutive quarter.
On the contrary it is heavy Tesla (-7,15%), which has disappointed with his robotaxi, providing no details on how quickly it might ramp up production or face potential regulatory hurdles.
In the macroeconomic sphere, September producer price data were expected today, which would complete the inflation picture after yesterday's slightly above-expected consumer price data. Today's index is unchanged, consolidating the idea that the US central bank will proceed with a 0,25% cut in November and probably another in December. The possibility of larger cuts seems to be zero.
Slow moving oil
Among the raw materials the Petroleum is down today, but is on track to close out its second consecutive week of gains, with investors weighing on the one hand the impact on US demand of the damage caused by Hurricane Milton, and on the other a possible large interruption in supply if Israel were to attack Iranian oil facilities. Texas crude, November 2024, is trading around $75,28 a barrel (-0,75%), while Brent, December 2024, is trading at $79,03 (-0,47%).
The is gaining ground again , for the second session in a row, after several days of losses. At the moment, spot gold is trading at 2657,65 dollars per ounce (+1,05%).
On the foreign exchange market theeuro is slightly recovering on dollar, 1,095.
Piazza Affari, money on Mps and Brembo
Among the best blue chips of Business Square today there is Ps, supported by rumors about a possible consortium to build a core of entrepreneurs that guarantees stability and Italianness. The name of Enrico Brands, number one of Banca Finint and Save Aeroporti, as head of this group ready to acquire a significant minority share of the bank (between 7,5% and 11%).
The sector is also lively, with Bper +1,91% and Understanding +1,06%. She is shy Unicredit, +0,2%, while Reuters writes that "Germany is working to block a possible takeover of one of the country's largest banks by an Italian rival, a position that puts Berlin on a collision course with Rome and European regulators". This was reported to the agency by "several sources close to the government and regulators".
Utilities are highlighted with A2a +3,02%, while at a distance they are found Italgas + 1,51% Hera + 1,31% Enel + 1,2%.
The automotive sector is mixed. In the face of Stellantis' losses, Classic Ferrari for sale in fact it earns 2,6%.
Outside the main basket, a rally session is archived Brembo, +4,9%, on the announcement of the largest acquisition in its history. The company has in fact signed an agreement with Tenneco (which is part of the portfolio of funds managed by Apollo global management), for the acquisition of 100% of the capital of Öhlins Racing, a company that operates in the production of premium high-performance suspensions for motorcycles and cars in the original equipment, motorsport and aftermarket segments. The consideration is 405 million dollars (about 370 million euros) in the absence of cash or financial debt. The operation will be paid using available liquidity.
Stable spreads
It is confirmed to be slightly moved spread between Italian and German 129-year government bonds. As the close approaches, the spread is indicated at 3,56 basis points, with rates at 2,27% and XNUMX% respectively.
