Le European stock exchanges they close one swinging seat, which in the end is almost flat, while Wall Street it moves slowly in the middle of the day: prudence is therefore the prevailing sentiment among investors these days, after all how can you blame them with the Middle East in flames, while there is hope for the visit of US President Joe Biden to Israel tomorrow.
Business Square recorded an almost zero change, -0,08%, despite the rebound of Telecom (+3,69%). A few lengths from Milan, they stop Frankfurt + 0,07% Paris + 0,11% Madrid +0,13% and Amsterdam +0,19%. It appears more toned London +0,61%, favored by the decline in the pound, in the face of a slowdown in wage growth which gives rise to hopes of a slowdown in inflation and a break in the BoE's tightening.
A high degree of volatility also dominates other markets today with the gas which after remaining in decline for almost the entire session is now gaining around 1%, for a price just over 49 euros per MWh. The script is reversed for crude oil: the December 2023 Brent future is currently losing 0,4% to 89,30 dollars per barrel; the WTI contract, same expiry, drops by 0,47% to 84,87 dollars per barrel.
THEeuro, down this morning, recovers a change with the dollar close to 1,059.
Nvidia collapses in New York; quarterly in chiaroscuro
In addition to the complex geopolitical framework, there are also macro data and central bank policies, US quarterly reports and the White House's decision to tighten the rules on sales of chip for the 'artificial intelligence to the China. The latter is a hard blow especially for Nvidia that on Nasdaq today it loses almost 5%. The news also reverberates on other techno titles such as stm, which loses 1,45% in Milan.
With regard to quarterly Goldman Sachs fell 1,8% in New York after showing profits plummeting 33% in the quarter. A striking figure, yet higher than expected thanks to the better-than-forecast performance of bond trading activities.
Bank Of America instead it rose by 1,8% with positive results and better than the experts' estimates. However, the rosiest estimates of the hypotheses do not save from sales Johnson & Johnson -1,48%.
In Europe it disappoints Ericsson (-5,92%) after disappointing guidance. Bad too Nordic Semiconductor (-20,71)% which disappointed expectations.
Macroeconomic data raises fears of further rate tightening
The day's US macroeconomic data raises fears of further tightening of monetary policy. By now the markets have accustomed observers to this sort of reverse reaction.
Retail sales in September have in fact exceeded estimates (+0,7% from +0,3% expected) and suggest that third quarter GDP growth will be better than previously thought and industrial production will also grow more than expected , +0,3% from -0,1% in August.
In Europe, the statement by ECB chief economist Philip Lane is sobering, according to which "if sufficiently large or sufficiently persistent inflationary shocks occur, we must be open to doing more".
Tensions in the bond sector; the spread rises
Thus tensions returnbond. T-Bond prices are falling and yields are rising, with the 2007-year Treasury returning to its highest level since 4,82 above XNUMX%.
In the euro area, the Italian paper suffers above all, mirroring a country with a cyclopic debt.
Lo spread between 10-year BTPs and Bunds of the same duration it goes back above 200 basis points (+2,22%), with rates rising to +4,89% and +2,88% respectively.
As regards Germany, we note the leap in the ZEW confidence index in October of -1,1 points, up compared to the previous -11,4 points (the forecast was -9,3 points).
Piazza Affari, Telecom rebounds
On the main list of Business Square bounces Telecom Italy, after the almost double crash the day before. Equita believes that "the negative reaction of the stock yesterday is linked to the uncertainties still inherent in the operation, both on the valuation aspects and on the path to completing the operation".
Some oil stocks are highlighted such as Tenaris + 1,41% Saipem +1,09% and some financial stocks are well in tune.
Between these Mps Bank +1,38%, which should be privatized next year. They also go up Finecobank + 1,71% Bpm bank +1,32% and Bper +0,92%. Among other things, KPW raised the target price of seven Italian institutions, improving its already positive view. However, Mediobanca retreats -2,07%.
Three of the best blue chips of the day stellantis +1,04%. Well Leonardo +0,881%, on which Morgan Stanley raised the target price to 15,20 euros from 11,20 euros.
Among the titles in red we find Amplifon -2,74% Prysmian -1,82% Iveco -1,66% and Ferrari -1,61%.
