Red is also in fashion on the stock market in October. All the European stock exchanges open the month with lows: the Crédit suisse scares the finances, the economy slows down and the tender for Banca Generali stops. And so the Eurostoxx index falls by 0,7%, Piazza Affari reduces the initial loss to just under half a point, better than Frankfurt and Paris. The distrust of the markets in the success of central bank anti-inflation therapies probably explains the pessimism.
Stock market latest news: Crédit Suisse loses 7%
The shadow of the “Lehman” effect contributes to aggravating the situation. The Swiss credit it leaves more than 7% on the ground in the wake of the alarm aroused by the collapse of the institute's CDs on the London market. CEO Ulrick Koerner has written to his closest collaborators to reassure them about liquidity and capital. But it is probable that only an injection of fresh media will restore calm.
Brake signals also for thereal economy. In truth, the PMI indices record a slight rise (from 48 to 48,3) in the Italian figure, but the economy of the Bel Paese, according to the latest forecasts by the Treasury, probably contracted in the third quarter and will continue to do so in the two subsequent quarters.
On the macro front, it is worth mentioning the Brent oil up 4,5% ahead of Wednesday's OPEC+ meeting. The will to cut production of one million barrels per day.
The sprint of Tenaris +6,3% despite Mediobanca's cut of the target price to 19 euro. On the shields too Eni +2,3% and Saipem + 1,9%.
Uphill start for i BTP on the bond market. 4,52-year yields fluctuate around 4,59% after a high of XNUMX%, slightly higher than on Friday. During the week, the ECB council will deal with budget reduction (QT), a crucial issue for the resilience of Italian governments. In addition, data on Pepp's reinvestments for August and September are expected from Frankfurt in the coming days, after those for July had shown significant support from the central bank following the resignation of the Draghi government.
On the other hand, the yields of the British gilts after the partial retreat of Prime Minister Liz Truss sui Tax cuts for the super rich: the British pound is up 0,3%. Over the weekend, S&P confirmed its UK debt rating at AA, the outlook drops to negative from stable.
little moved theeuro-dollar at 0,979. In September, the single currency lost 2,5%, 6,5% in the third quarter.
In Piazza Affari Banca Generali disappoints, utilities are on the rise
In Piazza Affari it disappoints General Bank – 4% after Friday's exploit. But analysts are in any case looking carefully at the prospects opened up by the dossier, as supported by Equita both for Generali - 0,93 which could greatly benefit from the expansion in the US market with the purchase of Guggenheim Partners (thesis supported by Equita) and for Mediobanca +0,83% - which, with the purchase of Banca Generali, would rise to second place in the Italian asset management ranking.
Companies on the riseenergy, Stoxx index +1,7%. Positive too utility. On Friday, EU energy ministers reached an agreement on cuts in consumption and on the extraordinary tax on energy companies, but an agreement on the price cap was not reached (Germany strongly opposes it and reiterates that the priority is the reduction of demand ). A new meeting is scheduled for 11-12 October.
Enel up 1,4% Russian President Vladimir Putin issued a decree authorizing Enel to sell a controlling stake in its Russian subsidiary to Lukoil LKOH.MM and the Gazprombank-Frezia investment fund.
Avanza Tim +1,4% on the wave of the blitz by Vodafone which announced the acquisition of Nowo, the fourth Portuguese operator, present on both fixed and mobile lines, with around 250 mobile customers and 140 fixed customers (3% market share about).
Widespread declines among blue chips: Moncler -3,5%. Stifel lowers the target price to 50 euros. Campari-3%. Amplifon -3,5%
