Business Squarei shows a positive trend in the middle of the session, corroborated by data from GDP of the third quarter which well exceeded expectations. The FTSEMib gains 0,3% to 22.597 points, just below the intraday high of 20.610 points. The FTSE Italia All Share it is up by 0,31%. Opposite trend for the FTSE Italia Mid Cap (+0,37%) and for the FTSE Italy Star (-0,23%).
Il Italian GDP it also grew in the third quarter, with a +0,5%, beating expectations
According to preliminary data from Istat, the Italian economy grew for the seventh quarter in a row in the third quarter of the year, while the Parliamentary Budget Office estimated a -0,2%. The increase is 2,6% in trend terms, compared to a year ago. The acquired growth of GDP for 2022 thus rises to 3,9% from the 3,3% estimated in the Nadef.
In marginal increase it spreads, which rises to +209 basis points, with the yield on the ten-year BTP standing at 4,23% and that on the German Bund at 2,14%.
Campari – Positive session for Campari, which signed an agreement to acquire an initial 70% stake, and in 2031 the remaining 30% stake, of the capital of Wilderness Trail Distillery. The beverage giant explained that the bourbon category will become the group's second axis of development after aperitifs.
Also good UniCredit, which revised slightly upwards its estimates for this year's net interest income (NII) (excluding Russia) following changes to the terms of the European Central Bank's Targeted Longer-Term Refinancing Operations (TLTROs).
Mps celebrates the last day of the capital increase with a +3%.
Mps Bank up sharply in Piazza Affari, on the last day of the 2,5 billion capital increase. From tomorrow until Wednesday the auction of unsold shares will begin on the Euronext Milan market. Finally, on November 3, the rights acquired during this phase can be exercised. At that point the picture will be definitive and Rocca Salimbeni will have the complete list of investors who have trusted it. The securities mark an increase of 3,1%, settling at 1,99 euro.
Giancarlo Giorgetti, economy minister, said: "The current government will work to manage, in an orderly manner, the disposal of the shareholding held by the state in compliance with the commitments with the European Commission, leaving to the market a strong banking entity capable of operating in a diversified and geographically articulated economy like the Italian one”. The Ministry of the Economy holds over 64% of the capital of the Rocca Salimbeni bank.
Saras shines in Piazza Affari, so much so that it boasts one of the best performances on the Milanese market. The shares fly by 10,7% settling at 1,25 euro. Last Friday, the company announced that it had closed the third quarter of 2022 with a comparable net profit of 149,3 million euros (against a loss of 38,8 million a year ago). The profit for the first nine months instead amounted to 449,7 million against the deficit of 109,7 million euro a year ago. Just in Friday's session, the shares had reacted badly to the accounts, with a decline of more than 3%. Also thanks to the news of the resignation of the CEO, Dario Scaffardi, whose position will be assumed from 31 October by Matteo Codazzi.
European stock markets slightly moved awaiting central banks
Seat with little movement for i European lists, with investors who find themselves digesting negative macroeconomic data for the Old Continent and waiting for the decisions of the Federal Reserve (Wednesday) and the Bank of England (Thursday). Among the main European stock exchanges, they move on parity Frankfurt e Madrid, salt slightly London (+0,2%), down marginally Paris (-0,2%).
Linflation in the euro area it rose to a new all-time high (+10,7%), a result even higher than expected and an absolute record: the general growth in prices had never reached the threshold reached in October. The previous maximum was reached last September, 9,9%. Analysts' expectation was that inflation would rise in the month ending today to 10,2-10,3%.
Disappoints expectations GDP of Euroland of the 3rd quarter of 2022. According to Eurostat's preliminary estimate, the Eurozone's GDP rose by 0,2% on a quarterly basis, compared to +0,8% in the previous three months and the +1% indicated by analysts. Over the year, the estimate is +2,1%, after +4,3% in the previous quarter. For the entire European Union (EU-27) an increase in GDP of 0,2% on a quarter (+0,7% the previous year) and +2,4% on a year is indicated, compared to +4,3% previous.
Chinese stocks weak on manufacturing data
Chinese stocks bucked the trend of the rest of Asia and finished weak, weighed down by PMI data showing Chinese manufacturing activity unexpectedly reduced in October due to disruptions from Covid-related lockdowns and as a slowdown in global demand weighed on exports. At the end of trading in Shanghai, the composite index closed down by 0,77% at 2.893 points while in Shenzhen it managed to close positive (+0,4% at 1.886,41 points). Heavier Hong Kong which dropped 1,2% at 14.687,02 points.
Oil down, wheat and corn are up sharply
Oil was down, with WTI trading at $86,5 a barrel (down 1,5%) and Brent at $92,6 a barrel (down 1,37%). Gas was down on the Amsterdam market, with the TTF down by 6,7% to 130 euro/MWh. Wheat and corn are soaring in international markets after Russia suspended an agreement with Ukraine to pass Kiev's grain across the Black Sea.
