The boom of General Bank (+19,12%) puts the turbo at Business Square which closes among the best in Europe with an increase of 1,45% to 20.648 basis points. The speculation on the title was triggered by Bloomberg's rumors about the start of talks between Generali (+ 1,26%) and Mediobanca (+5,89%) for the sale of the subsidiary. However, the other European stock exchanges also performed well, especially those in the euro area, despite the fact that inflation continues to bite the bloc fiercely (+10% in September). Perhaps investors have already priced in a hawkish ECB or perhaps they have decided to adjust their portfolios at the end of the month. For example Milano yesterday it hit its lowest since November 2020, accumulating year-to-date losses of around 26%.
The rest of the continent sees Paris +1,5% in the lead, followed by Frankfurt + 1,14% Amsterdam + 1,12% Madrid +0,91%. Outside the single currency area she is more cautious London + 0,15%.
Among the titles in evidence: the Germans go down Adidas (-4,14%) And Puma (-5,58%) in the wake of the splash of Nike (-11%, worst stock by the S&P500 in New York), who warned that gross margins will remain under pressure throughout the year due to rising discounts and the dollar.
The climate is uncertain a Wall Street, as inflation also appears more resilient than expected overseas.
From the war front tones rise after thepost-referendum annexation of four northeastern Ukrainian regions to Russia.
Stable spreads
The tension on the block's government bonds eased slightly and the spread remains stable. This evening Moody's will publish the update of the rating on Italy and forecasts are for confirmation at Baa3 with a negative outlook.
Il differential between 10-year BTPs and Bunds for the same term, it falls to 242 basis points, with rates of +4,53% and +2,1% respectively.
On the currency market theeuro trades modestly against dollar, around 0,978 cents. Among commodities, the movement is weak Petroleum, like Brent, -0,36%, 88,17 dollars a barrel.
Inflation at 10% in the Eurozone, a new all-time high
THEinflation in the Eurozone it is testing a new all-time high: +10% per annum in September, beating economists' expectations which stopped at 9,7%. Growth is still driven by volatile energy and food prices, but is spreading across all categories. Excluding food and fuel prices, inflation jumped to 6,1% from 5,5% in August, while an even narrower measure, which excludes alcohol and tobacco, rose to 4,8% from 4,3. 2%. These are more than double the ECB's target target of around XNUMX%.
The Stock Exchanges have perhaps drawn some hints of hope from the France where consumer prices slowed down in September: +5,6% per year, against +5,9% in August, according to provisional data published by Insee, according to which the decline is due to the "slowdown" of the increase the prices of energy and services.
In Italy on the other hand, according to provisional Istat data, inflation is running higher than expected at 8,9% on an annual basis. Above all, it is "food goods (both processed and unprocessed) followed by recreational, cultural and personal care services, in a context of growing inflationary tensions that are affecting almost all product sectors". The so-called shopping cart recorded double-digit growth, 11,1% from 9,6%, never so high since July 1983. In August, unemployment fell by 0,1% to 7,8%, while the employment rate stood at 60%.
Piazza Affari in dust with financial stocks
The financial stocks are the best on the Milanese list. In mid-afternoon, there was a sudden surge in stocks Mediobanca (+ 5,88%) and general bank, stopped in volatility after the rumors reported by the Bloomberg agency on a possible move by Generali in asset management. In particular, the Lion would be interested in purchasing the asset management assets of the big American Guggenheim and, among the financing hypotheses of the operation, there would also be the sale of Banca Generali to Mediobanca. Piazzetta Cuccia had already looked concretely at the asset manager but the operation had found the opposition of some members of the Leone on the terms of the deal.
In the sector they file a sitting in money Banca Mediolanum + 4,22% nexi + 3,47% Finecobank + 3,71% Azimuth +3,27%. Well the big banks: Understanding + 2,89% Unicredit +2,63, while there is no redemption for Monte Paschi Bank, -7,37%.
Energies are in no particular order, with the EU failing to agree on the gas price ceiling, but converging on a extraordinary tax on extra profits of gas, oil, coal and refining companies.
I'm in green Saipem +5,11% and Prysmian +4,63%, in red Snam -1,17% Terna -0,32% ed Enel -0,56%. The latter received green light from Moscow the sale of the stake in Enel Russia to Lukoil and the Gazprombank-Fresia investment fund.
Telecom it appreciates by 4,22%, after the crash on the eve, with the market waiting for the Cdp offer to materialize for the group's network.
Timid Stallentis +0,48% and Ferrari +0,87%, after the weight of Porsche's debut.
