Yields on US government bonds are up, while Wall Street travels downwards and the European stock exchanges close down.
Business Square loses 0,59%, 20.612 points: good for Telecom, insurance companies and banks; negative luxury and automotive. Outside the main list they remain in the spotlight Astaldi (+21,82) and Salini Impregilo (+ 0,4%), for a possible interest of the latter towards the company in composition with creditors.
The budget is heavy a Paris -1,47%; London -1,2%; Zurich -0,85%. Better Frankfurt, -0,35% and Madrid -0,5%. Wall Street opens weak and moves in the red, with the Nasdaq down more than one and a half percentage points. The giants of communication such as Facebook, Alphabet, Netflix, Snap lose. The financials are positive. The shareholder base suffers from the yields of T-Bonds, in the wake of the good performance of the American economy and the consequent optimism of the Fed, which suggests further monetary tightening. The American 3,2-year yield is close to a XNUMX% yield and is infecting European government bonds.
The yield of the 10-year Btp Italia rises to 3,33%, even if it is spread with the Bund, it falls to 279.10 basis points (-2,14%) due to the greater tensions on the German ten-year bond, whose yield rises to 0,533%. The session on the Italian paper is also conditioned by expectations on the maneuver, while a ballet of figures bounces from one to the other of the government representatives and the update note to the Def arrives in parliament, after the government communicated the new target for the deficit/GDP ratio, confirming 2,4% for 2019, falling to 2,1% in 2020 and 1,8% in 2021.
Euro recovering against the dollar, in the 1,151 area. The weakening of the greenback favors gold, which climbs back to 1201,27 dollars an ounce (+0,33). Fractional decline in oil: Brent 85,24 dollars a barrel (-0,69%); Wti 74,56 dollars a barrel, (-0,94%).
In Piazza Affari it shines Telecom, +2,12%, which rebounds after updating the all-time low two days ago, while some analysts have revised the target price downwards, also due to the high cost of the recent 5G auction. The company will disclose its third quarter accounts on Nov. 11. Tomorrow, however, there will be no meeting in Paris promoted by the first shareholder, Vivendi.
Good insurance, in particular Unipol +1,88% and Unipolsai + 1,84%.
Banks seem to be recovering, despite Deputy Prime Minister Luigi Di Maio announcing maneuvering interventions inspired by the philosophy that "taking away some privileges from bankers" serves to "restore some rights to citizens". In cash Understanding +2,15%, today's best blue chip, e Unicredit + 0,64%. Ps recovers 1,31% after losing more than 12% in two weeks.
Sales penalize Moncler, -5,61%, like other luxury stocks globally, due to press rumors about possible checks by the Chinese authorities on buyers.
Pirelli -3,32%, following the fact that Camfin's lock-up commitments (not to sell) expire today. Some shareholders will leave but the holding company will not dissolve and Marco Tronchetti Provera & C, Fidim, Massimo Moratti and Finanziaria Alberto Pirelli have undertaken to remain in the shareholding structure for another three years with an overall share of more than 11%. However, UBS cut the rating on the stock to neutral from buy with a target price of 7,6 euros.
Sales penalize Brembo -3,39% stm -2,62% Prysmian -2,7%
