Lists in green, bond yields rising, spreads falling. The ECB succeeded on Thursday in squaring the circle: on the one hand, raising rates, forcing banks to withdraw from subsidized loans and anticipating the debate on budget tightening, on the other, convincing the markets that the bank is ready to act against the recession. More a sensation than a concrete gesture, for now, but which probably anticipates a similar attitude on the part of the Fed. The US squeeze, moreover, has already achieved a result: deflate the accounts of Big Tech, from Facebook Thursday below 20% as well as Amazon after the accounts. It wavers, but holds, alone Apple Lossless Audio CODEC (ALAC),, thanks to the sales of the "old" Macs, which are healthier than the iPhones.
Piazza Affari: a poker of increases, yields below 4%
- Unhoped-for gifts for the Meloni government rain from the price lists: lo BTP/Bund spread slips towards 200 points (minus 50 in a month) and the 4-year yield travels below 5% (almost 2% a few weeks ago), in line with the run of XNUMX-year Bunds, below XNUMX% after an uninterrupted run for months.
- It is not surprising in this context that Milan is confirmed as the leader in the price list + 0,90% at 22.590, ahead of the other squares, up in the afternoon after the opening of Wall Street.
- European stock exchanges opened lower, EuroStoxx 50 index futures indicated -0,3%.
- Euro/dollar at 0,985. Up and down session yesterday for the cross, in reaction to the news coming from the ECB. The weekly balance is against the dollar, -1,3%.
America avoids recession, on Treasuries
A radiant day yesterday also for overseas bonds. The 3,92-year Treasury Note traded at 4,01%, from 2,6% yesterday. US Treasury Secretary Janet Yellen sees no signs of a short-term recession in the US economy, which is recovering after six months of contraction, as evidenced by GDP growth in the third quarter (+XNUMX%). "Now I see no sign of a recession in our economy," she told CNN, emphasizing its strength, including in the labor market. However, Yellen acknowledged that "inflation is very high, unacceptably high" and predicts it will take a couple of years to bring it down.
Runs the old economy: Caterpillar + 8%
Double-speed trend for the stock market. The Dow Jones +0,61% advances on the wave of the accounts of the old champions: Caterpillar rises by 8% after the accounts. Down instead S&P 500 -0,6% and Nasdaq -1,63% under the pressure of sales on the myths of the new economy. The future of the Time Square stock market marks a further decline today.
Amazon – 17% burn 100 billion of value
Last night, after a session of passion for Half -20%, operators mercilessly rejected Amazon - 13% after (and another -5% before): The data for the fourth quarter are better than expected, but not so the indications for the fourth quarter, the most important for the year. In the October-December period, revenues are expected to grow between 2% and 8%, or, at 140-148 billion dollars, the consensus was 155 billion.
Apple resists thanks to the old Mac, Musk buys Twitter
Staggers but remains standing Apple. The title of the Apple fluctuated between down and up in the afterhours, after closing down by -3%. The stock is slightly positive this morning. In its fourth quarter, the company narrowly beat earnings per share estimates, at $1,29. Revenues rose 8,1% year-over-year to $90,1 billion: the consensus was expecting $88,9 billion. Chief Financial Officer Luca Maestri warned that growth in the next quarter, the most important of the year, will be lower than the previous one.
Everything is ready for theyet another Elon Musk show who just has completed the purchase of Twitter. And he did not deny himself: first of all he fired four top managers, including the CEO Parag Agrawal. The media report that one of the fired people was escorted out of the San Francisco headquarters, where Musk had arrived with a large sink with a cryptic meaning (sink stands for sink but also for "sink". "I buy Twitter - said Musk - because it is important for the future of civilization to have a digital common square where a wide range of ideas can be discussed in a healthy way without resorting to violence”.
The BoJ does not change course: Tokyo inflation at 3,4%
The last of the samurai, the Bank of Japan, is not giving up. The only one in the world (except for Turkey) keeps rates in negative territory. The dollar boom caused inflation to rise to 3,4% as it hasn't been in decades.
Brake your index finger Nikkei -0,4%, +1,2% during the week. Down also the Chinese squares: Hang Seng of Hong Kong -2,3%, -7% per week. CSI 300 of the price lists Shanghai e Shenzen -1%, -4% per week. Seoul Kospi -0,5%, +2,8% per week.
Petroleum down 1% at the start of the session from +2,3% yesterday. Brent trades at 96,30 dollars a barrel.
Il European gas yesterday +3% to 107 euros, but for now the balance for the week is negative by -5%. It could be the fourth in a row downwards.
In Piazza Affari on the day of Eni, Juve in the storm
Today spotlight on Eni accounts which ended the quarter with 5,77 billion euros of operating profit, the consensus was 4,95 billion. The BoD approved the distribution to the shareholders of the second of the four tranches of the 2022 dividend, in the amount of 0,22 euros. Payment is set for November 23rd. It approved the possible issue, by 31 December 2023, of one or more bonds to be placed with the retail public in Italy for a total amount not exceeding 2 billion.
Pirelli. HSBC lowers the target price to 4,90 euros.
Mount Paschi. The symbolic interventions continue: the Board of Directors of the Crt Foundation approved a 5 million euro intervention as part of the capital increase. The Turin institution therefore joins the other two foundations, Cariplo and Compagnia Sanpaolo, which this week decided to contribute 10 million each in the operation which will end on Monday.
Tim. The board should give its go-ahead to CDP and Macquarie's request to postpone the deadline for reaching an agreement on the sale of the ex-monopolist's network, say two sources close to the situation. The new deadline for a non-binding offer is November 30, with the aim of reaching a definitive agreement within the first quarter.
The position of the is aggravated Juventus. The FIGC federal prosecutor's office has asked the Turin prosecutor's office for the documents of the investigation into which the club and its top management are being investigated for alleged false accounting, to evaluate a possible request to revoke the company's acquittal sentence, together with ten others. in the sporting proceeding on capital gains.
Generali exercised the early repayment option on a subordinated bond maturing December 2042, currently outstanding for 467,6 million euro.
