The European lists close little moved and Wall Street moves slowly, on a day still conditioned by the growth of infections and the risk of new lockdowns, while the mirage of an anti-Covid vaccine seems to be receding with the pausing of the experimentation by two large pharmaceutical companies (Johnson & Johnson and Eli Lilly).
Business Square is positive, +0,25%, mainly thanks to Atlantia +9,16%, with the market rewarding the exclusive negotiation with CDP for the sale of the 88% stake in Autostrade per l'Italia. Asset management securities are also appreciated, such as Azimuth + 2,39% Post + 2,11% General Bank +0,97%. Oil producers raise their heads starting from Tenaris +2,67%, favored by the return of purchases of black gold. The December 2020 Brent contract is up 1,7% to $43,17 a barrel.
Profit-taking penalizes nexi -2,12%; Interpump -1,65%; stm -1,2%.
Banks are mixed. The big ones are moderately negative, Understanding -0,97% and Unibelievet -0,34%. Fine Bpm bank, +0,44% and Bper +0,4%. Red is deep for Mps, -5,46% after yesterday's leap, in the wake of the possible appointment, in the spring, of former minister Pier Carlo Padoan as president of Unicredit. The prospect would have fueled speculation about a change in the institution's M&A strategy, reinforcing the hypothesis of an operation with the Sienese bank. Among the minor titles leap of Webuild,+7,03%, thanks to orders from the United States. Thump of Tiscali, -9,63%, after the surge the day before. As of today, Borsa Italiana has banned the placing of unlimited price orders on the shares of this company.
In dust the titles of the football clubs: Roma +10,59%; Lazio +6,15%; Juventus +2,93%, favored by the decision of the Serie A clubs to enter into exclusive negotiations for four weeks with the consortium formed by CVC, Advent and FSI for the sale of a minority stake in the new media company which will manage the television rights of the championship.
On the secondary it spread between the ten-year Italian and German it rises to 123 basis points, but the decline in the yield of the BTP does not stop and reaches a new low in the session at +0,64%, to close at +0,65%.
Thanks, in large part, to the ECB's ultra-expansive policy, from which voices are raised in favor of an increase in stimulus measures in the event of new anti-Covid containment measures. This is the case of Robert Holzmann, governor of the Austrian central bank and member of the governing council of the European Bank, according to whom: "More prolonged, extensive and stringent containment measures will probably require greater monetary and fiscal expansion in the short term to safeguard prices and financial stability”.
In the rest of Europe the finish is flat for Frankfurt, slightly down for Paris, -0,1%, in green for Madrid +0,62% and in red for London -0,58%.
On the currency market theeuro-dollar trades around 1,176. The pound appreciates (0,9017 against the single currency), while a trade deal between the European Union and the United Kingdom "remains difficult but still possible, if the two sides negotiate intensely over the next few weeks," writes Reuters, citing a source close to negotiations.
On the US front, time seems to be slowing down, pending the elections, while the negotiations for the aid plan are stagnating and the earnings season continues. After better-than-expected data yesterday from JPMorgan Chase and Citigroup, Wells Fargo disappointed analysts by more than halving profits in the third quarter compared to the same period last year, even as revenues, down 14%, exceeded expectations. Bank of America ended the third quarter of 2020 with a 16% decrease in net profit to $4,9 billion; consolidated revenue is more or less in line with forecasts (20,33 billion dollars,
Well Goldman Sachs, which closed the third quarter with a net profit up 94% to 3,5 billion dollars thanks above all to the performance of its trading sector. During the same period, revenues increased 30% to $10,8 billion.
Flat calm also touched the Chinese stock exchanges today, which are however experiencing a particularly happy season, also because Covid, after having left the Celestial Empire, no longer seems to go beyond the Great Wall.
Moral, observe the Financial Times on Bloomberg data, the capitalization of Shanghai and Shenzhen reached 10.080 billion, above the peak of 10.050 reached in June 2015, after which there was a collapse which led to the halving of that value. According to analysts interviewed by the City newspaper, however, the context is now quite different: the rally at the time had been amplified by margin lending which now has much less weight, furthermore the valuations are more consistent with the fundamentals.
