The leap in Italian inflation has frozen Business Square, interrupting the positive cycle of four upward sessions. The stock index, already negative, slipped 1,4% below after therecord price increase: +11,9% in October, the highest since March 1984, driven by energy prices (bills +25%) but also by the shopping cart, which rose by 12,7% to 1983 levels. Then the index reduced the decline below 1%. The other lists of the Old Continent are also in red, held back by some quarterly reports including Volkswagen (-2,9%), against declining profits and sales ed Air France (-10.5%). The German economy unexpectedly grew in the third quarter. GDP increased by 0,3% over the previous quarter.
In Milan stm leaves another 5,8% on the ground after the lackluster accounts of Apple Lossless Audio CODEC (ALAC),: Intermonte has decided to increase the target price to 44 euros. Also in sharp decline nexi-4,5% which certainly does not benefit from the government's decision to expand the use of cash to the detriment of more advanced and transparent payment systems.
For the Btp record week, spread slightly up today
even the XNUMX-year BTP felt the pinch, jumping 4,19% from 3,98% last night. However, the balance for the week remains largely positive, the future grew by 5,8%. The spread on the 2011-year Bund, protagonist of the best week since 200, it dropped yesterday to within a step of 204 basis points. Today he's back but slightly to 250 basis points: just two weeks ago he was equal to 2012 points. We need to go back to Mario Draghi's "whatever it takes" (July XNUMX) to find an equally positive week for the BTPs.
One wonders if the positive reaction to therate increase by the ECB can withstand the impact of domestic inflation. For now, a partially optimistic view resists: "Future interest rate hikes by the European Central Bank will not necessarily be 'gigantic' hikes," he said. Francois Villeroy de Galhau, ECB board member and governor of the Bank of France, host of an event on the Boursorama financial portal. With closed markets, the Dbrs agency will decide on the review of the rating, ira BBB (high) with a stable outlook.
The tech quarterly in the US, the Musk show, disappoint
Pending the macro data on US inflation, the quarterly results of Apple and Amazon push the future of the Nasdaq down by 1,2%. Dow Jones futures -0,5%. Elon's first moves are the ones to hold the court Musk after buying Twitter. The European Union has already let him know that "we set the rules". The tycoon who has already fired four top managers replies: "the bird is free".
In Milan Eni bucking the trend, Tim in the red
Eni's race continues in Piazza Affari +2,85% which, among other things, has announced its intention to issue a "green" bond aimed at retail, almost a novelty for an oil group.
Also up sharply Leonardo +1,6%, among the few blue chips earning today. The quotation rises to the maximum for a month. Since the beginning of the year, the stock has gained +28%, second best performance among the 40 components of the FTSEMIB, surpassed only by that of Tenaris (+ 70%).
Highlights too Ivy + 2,6%. Italgas +0,3% expects to conclude the acquisition of 49% of Eda Thess from Eni "in the coming weeks", said CEO Paolo Gallo during the conference call with analysts on the quarterly report.
In red Tim -1,65% just a few hours from the board which should give its go-ahead to the request by CDP and Macquarie to postpone the deadline for reaching an agreement on the sale of the ex-monopolist's network. The new deadline for a non-binding offer is November 30, with the aim of reaching a definitive agreement within the first quarter.
