During the night, at the end of a river meeting, the leaders of the European Union reached a general agreement on the containment of the price of gas and electricity: “The European Council has reached an agreement on energy. Unity and solidarity prevail” EU Council President Charles Michel exulted on Twitter. In reality, for now it has only been agreed to work on measures to contain energy prices for households and businesses. The news has not yet been digested by operators, but prudence prevails: futures of theEurostoxx -0,7% travel in negative territory waiting for the next ones ECB rate hikes. In practice, moreover, there is still nothing: the ball passes to the Ministers of Energy. It will take 2-3 weeks, Emmanuel Macron promises, then there will be interventions on prices (yet to be defined) and on financial solidarity between states to intervene on bills. The road remains uphill, but at least a disastrous fracture has been avoided.
Advertising-based services collapse: sos Facebook
- Derivatives on the US Stock Exchanges also showed little movement after a gray session (S&P 500 -0.8%, Nasdaq -0,6%) marked by the decline of Tesla -6,6% but also by the expansion of IBM +4,7% and AT&T +7,72% after the accounts.
- But the real negative surprise, which casts a sinister light on platforms (see Facebook) that base their success on advertising, came after the Stock Exchange: Snap's collections plummeted, as did the prices down tonight by 15% (4 billion capitalization ). From the beginning of the year -77%. A wake-up call for Meta, Pinterest or Google itself.
- The rise in bond yields continues: The 2008-year US Treasury Note hits a new high since 4,25 at the yield level, at 4,13%, from 75%i. The market is resigning itself to another XNUMX basis point rate hike in November as well.
Spread down, the Treasury plays the Btp Italia card
- The rate hike is also discounted by the European stock exchanges. The latest alarm signal comes from the increase in producer prices in Germany (+45,2% in one year). Thus the yields on BTPs rose (4,72% on ten-year bonds) but not the spread, which fell to 233 points due to the parallel increase in German paper.
- The general picture has convinced the Treasury to break the delay: the 14th edition of Btp Italia will be launched on November 18, lasting 6 years, the loyalty bonus confirmed.
Luxury glitters on bags. Fly Hermès
- The Milan price list +1.07% is the best in the Old Continent. The race for techs continues in Amsterdam +1,03%, fueled by the Asml accounts.
- Even more surprising is the state of grace of luxury driven by purchases in America. Double-digit rise for Brunello Cucinelli, Hermès shatters every record in Paris. Comment by Gachoucha Kretz marketing guru of the Parisian HEC: "After Covid, a sort of consumer revenge has taken place: I am mortal, life is short".
The Yen remains at a 32-year low, Chinese stock exchanges flat
La quotation of the yen it remains above 150 against the dollar. For the first time since time immemorial, Japanese inflation reaches 3% under the pressure of imports. Tokyo's Nikkei -0,3%, -0,7% the weekly balance, but if you look at it from Italy, including the exchange rate effect, it goes to -2,3%.
Little did she move Chinese bags on the day Xi Jingping will announce the names of the members of the new Party Plenum, the control room of Chinese power. Hong Kong's Hang Seng -0,2%, -2% per week. CSI 300 of the Shanghai and Shenzen lists +0,2%, -2% for the week and -3,3% the performance in euro. Seoul Kospi -0,2%, +0,1% per week. Mumbai's BSE Sensex +0,5%, +2,7% the week.
Energy: volatile session ahead
Il gas it went back up to 122 euros per megawatt. But today could be a very volatile session after the general agreement on the containment of gas and electricity prices. It seems that Germany has accepted the principle of price cap, writes the Financial Times tonight.
Petroleum up to 93 dollars +0,6%. The week presents a positive balance of around +1,5%.
Piazza Affari at full throttle, the rating of Eni and Generali drops
In the spotlight today utility stocks after the EU step forward on energy: Enel, A2A, Iren.
The ratings of:
- Eni. RBC reduces the target price to 14 euros.
- Intesa San Paolo. Citi lowers the target price to 2,50 euros.
- Generali. Barclays cuts the target price to 16 euros.
In the rest of the list:
- Mondadori. The subsidiary Mondadori Media has an option to sell (put option) the business branch relating to the Grazia and Icon brands to Reworld Media.
- Cy4gate, a company active in cyber intelligence and cyber security, expands into France with a new acquisition. This is 55% of DIATEAM, a share taken at a consideration of 10 million euros.
