Mixed close for European stock exchanges: the rally of the banks favors Milan (+0,56%) and Madrid (+1%), where the weight of credit institutions on the list is greater, but it does not save Frankfurt (-0,95%) and Paris (-0,27%). Zurich also lost 0,6%, despite the leap of UBS (+2,65%), back from one quarterly beyond expectations, with results that have whetted the appetite for the industry across the continent. Flat London +0,4%. Wall Street is currently on the rise and aims at a political agreement between Democrats and Republicans for the green light to the new aid plan for families and businesses. Talks between Nancy Pelosi and Steven Mnuchin resumed on Tuesday and the Democrat, speaker of the House, is convinced that there are no alternatives: either it closes during the day or the aid will arrive after the November 3 elections. Optimism also supports US government bonds, which are recording declining prices. In the stock market Procter & Gamble stands out (+1,7%) after a quarterly with sales up by 9%. In times of the coronavirus, purchases of cleaning products have grown by 30% in recent months, both for personal hygiene and for the home. We are all sicker, but at least cleaner.
On the foreign exchange market, the euro appreciates against the dollar and brings the exchange rate back above the threshold of 1,18. Commodities moved little: the December 2020 Brent future trades at 42,6 dollars a barrel; gold at $1909,69 an ounce.
Returning to Piazza Affari, the Ftse Mib is dominated from above Banca Popolare dell'Emilia-Romagna, +9,75%%, stopped in the afternoon also in the volatility auction due to excessive increases. The Modenese institute hit rock bottom last week, with the capital increase for the purchase of the Intesa branches and now, with the chapter on the increase closed, it goes back up with the rights that are no longer listed as of today.
He also ranks in pole position Banco Bpm, +3,08%, pole star of a new season of aggregations in the sector, although according to Il Sole 24 Ore a merger with Credit Agricole, well seen by the experts, should pass the scrutiny of the Italian government thanks to the special powers conferred by the so-called golden power. It also finds its place among the top ten blue chips of the day Unicredit, +2,32%, while outside the main basket it recovers some of the lost ground (-13% in the last four sessions) Banca Monte Paschi di Siena, +1,32%. Meanwhile, in the banking sector, the fear of the pandemic increases the saving trend of Italians. According to the Abi data deposits last month grew by 6,1% compared to September 2019 and a large part of the increase comes from bank deposits: 1.682 billion, +125 billion compared to last year.
In the industrial sector, they stand out Leonardo +3,34% e Pirelli +3,81%. Well also fashion with Moncler +3,13%. It is appreciated among oil companies Tenaris +2,33%. Well the utilities with Hera, +2,11% and Snam +1,75%.
Sales are sinking instead Atlantia, -3,17%, after two sessions in cash (+9% overall). Press sources write that the offer presented by Cdp, with the Macquarie and Blackstone funds, for 88% of Aspi does not contain a valuation of the motorway company and this creates uncertainty on the outcome of the operation. If in doubt, then go to the collection.
The session is particularly bad for Prysmian -1,64%; Fincobank -1,44%; Telecom -1,42%; Interpump -1,4%.
The debt market is stable. On the secondary side, the spread between the 10-year Btp and the Bund fell by 1,09% to 132 basis points, with the rate on the Italian bond unchanged at 0,71%.
Meanwhile a new Btp Futura is about to arrivededicated to retail. This was announced by the director general of the MEF, Alessandro Rivera, explaining that the maturity has changed, going down to eight years from the ten of the first issue, but not the premium put in place "to entice savers". The characteristics of the security will be disclosed on 6 November and subscription will be possible until 13 November. The premium for those who hold Futura to maturity may vary between a minimum of 1% and a maximum of 3%, depending on the growth rate of Italy's nominal GDP. Furthermore, Italy is not afraid of EU competition on the debt market, on the day of first issue by Brussels for funding destined for Sure loans. “The EU Commission – says Rivera – has closed the first placement of a new season that begins with Sure and will continue with the Recovery Fund”. The Brussels auction was "a remarkable success" with orders for 230 billion out of the placed amount of 17 billion.
