Halfway through the session i European lists, Compresa Business Square albeit to a lesser extent, they are moving slightly lower, still under pressure from Wednesday's "hawkish" statements by the Fed's head, Jerome Powell, which has raised the bar on the maximum rate hike it intends to achieve. There Federal Reserve it raised interest rates by 0,75%, thus bringing the cost of money into a range between 3,75% and 4%. It was the fourth consecutive hike of 75 basis points and the sixth increase in rates since the beginning of the year. The Fed will continue with interest rate hikes until they are in “sufficiently” tight territory.
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Stock exchange latest news, ECB Lagarde: "We evaluate Fed decisions, but everyone has their own pace"
Christine Lagarde, ECB president, this morning underlined that the situation in the United States "is different, despite the simultaneous presence of high inflation" compared to that of the euro area. Therefore “we have to evaluate the monetary policy decisions of the Fed and their impact on the global context, but we are not equal and we cannot proceed at the same pace“. And again: “It could happen, even if it is not yet in our base scenario, that between the end of 2022 and the beginning of 2023 there is a slight recession, but we don't think that would be enough tame inflation and therefore we cannot just let things sort themselves out,” Lagarde said again speaking at the conference “Sustainability and Money: Shaping the Economy of the Future” of the central bank of Latvia. In conclusion: "We have to find the interest rate that helps us reach our target and we will do it" she concluded, underlining that the ECB is focused on pursuing its mandate, which is "to obtain the price stability".
BoE new maxi hike: brings rates to 3%
The Monetary Policy Committee of Bank of England (BoE) raised the interest rate by a further 75 basis points to 3%. The decision, the British central bank points out, was taken by a majority of 7 out of nine members and is aimed at containing inflation to within a 2% increase, while protecting employment and wages. The next meeting has been set for December 15th.
Bank of Italy: revise upwards GDP estimates
La Bank of Italy will revise “slightly” upwards le GDP estimates disclosed in the recent Economic Bulletin in the light of the Istat estimate for the third quarter. The Director General, Luigi Federico Signorini, said it today at Credit Day. According to the Bank of Italy “a slight growth can be expected for 2023, on average for the year, under the basic hypothesis; only in a stressed scenario (with a total block on Russian gas imports) would there be a drop, always on average for the year”.
Coins and Spreads today
Seat in fractional decline for l'Euro / US Dollar, which leaves, for now, 0,49% in the open. Weak session for Light Sweet Crude Oil, trading down 1,45%.
Consolidate the levels of the eve lo spread, settling at +218 basis points, with the yield on the ten-year BTP standing at 4,42%.
European stock exchanges and Asian stock exchanges today
Among the European stock exchange listings slips Frankfurt, with a clear disadvantage of 0,60%, in the red London, which shows a marked decrease of 0,76%, and the negative performance of Paris, which drops by 1,08%.
Closing down for Asian bags which were also affected by the Fed's rate decisions. At the end of the session, the Shanghai Composite index lost 0,19%, settling at 2.997,80 points, while that of Shenzhen lost 0,04%, slipping at 1.967,38 points. The performance of Hong Kong was decidedly worse which, after a positive start on the wave of optimism for a partial revision of the Covid zero policy by China, reversed course and closed down by 3,08%, at 15.339,49. XNUMX points. The Tokyo Stock Exchange will be closed today for Culture Day.
Istat: employed and unemployed grow in September
Today Istat announced that in Italy, the unemployment rate in September it was equal to +7,9%, an increase compared to the previous +7,8% (above the forecast of +7,8%). In September 2022, after two months of decline, employment started to grow again, recording 46 more jobs than the previous month.
The increase - explains Istat - is also observed compared to September 2021, +300 thousand employed, and is concentrated among permanent employees who grow by over 200 thousand in one year. Compared to August 2022, the employment rate goes up to 60,2% (+0,2 points), while the inactivity rate drops to 34,6% (-0,2 points).
In September 2022, compared to the previous month, the employed and unemployed increased, while the inactive decreased.
Piazza Affari today: Ftse Mib loses about 1%%, eyes focused on Stellantis and Telecom Italia
A Piazza Affari today, FTSE MIB it is down (-0,98%) and stands at 22.579 points, interrupting the series of three consecutive increases, which began last Monday; along the same lines, sales spread on the FTSE Italia All-Share, which continues the day at 24.490 points. Negative changes for the FTSE Italia Mid Cap (-0,87%); as well, on the downside the FTSE Italia Star (-0,97%).
Today stellantis announced the data for the third quarter, which closed with net revenues up 29% to 42,1 billion euros, thanks above all to the increase in volumes, favorable net prices and the positive effects of exchange rates. Auto shipments increased 13% to 1,281 million units, mainly due to better semiconductor supplies compared to the third quarter of 2021. The automotive group confirms its guidance for 2022, which expects a double-digit adjusted operating margin and a positive industrial free cash flow.
In the bag the Stellantis title, which shows a loss of 3,31%, following the performance of the whole automotive sector of Italy (-2,26 %), which in turn follows the designed bearish trail from the index European automotive and spare parts sector (-3,36%). In the main list, it moves downwards Pirelli, with a decrease of 2,98%, subdued Ferrari which shows a decline of 1,02%, Iveco Group -2,7 pct
Among the small-caps of Milan, it descends on the market Pininfarina, which suffers with a drop of 3,88%, while Landi renzo loses 2,09%.
Eyes also focused on the entire Italian sector of telecommunications very well tuned and which does not take into account the fractional downward trend of the index of the European telecommunications giants, while the Telecom Italia share excels on the rumors of a state takeover bid.
FTSE Italia Telecommunications it is up 1,82% from the previous close, while the index is weak EURO STOXX Telecommunications (-0,94%)
Telecom Italia: the Stock Exchange is betting on a state takeover bid
Definitely positive morning for Telecom Italy, which trades up 3,92%. After the low reached on 13 October (0,16 euros), the stock has since then gained almost 30%. Underlying the rise are market considerations regarding the appointment of Alessio Butti undersecretary to the Presidency of the Council with responsibility for technological innovation. Butti is the creator of Minerva project, with which it is assumed a takeover bid by Cdp on Tim which would also aggregate the Open Fiber network following the sale of assets.
Bucking Prysmian Group (-0,91 %) world leader in the energy and telecommunications cable systems sector, despite having won an order from the French transmission system operator Réseau de Transport d'Électricité (RTE) for the supply of inspection, maintenance and repair services for the submarine export cable links linking the three offshore wind farms located near the French Normandy coast inland using Prysmian cables.
Utility sector under pressure
Negative exchanges for the Italian utility sector (-1,26%), in line with the weakness shown by the Utilities index of the Euro Area (-1,27%). Among the Blue Chips of Piazza Affari in the utility sector, fractional decrease for Italgas, which trades at a loss of 1,61%. It moves below parity Terna, showing a decrease of 0,94%. Among the Italian mid-caps, sitting down for ERG, which shows a decrease of 2,04%. Moderate contraction for Iren, which suffers a drop of 1,18%. Among the shares of the Ftse SmallCap (-0,33%), subdued Greenthesis, which changes hands with a drop of 2,63%.
THE Eni (+0,44%) communicated that between 24 and 28 October 2022 it had purchased a total of 12.439.005 treasury shares, at the weighted average price of 12,6142 euros per share, for a counter value of 156.908.552,98, 11 euros, as part of the authorization to purchase treasury shares approved by the Shareholders' Meeting of 2022 May XNUMX.
Global fashion sector surpasses pre-crisis levels – Mediobanca study
The report was released today World Fashion System ofMediobanca Studies Area which he indicated in a +26% for global turnover to 497 billion in 2021: the global fashion system recorded a rebound, with all values exceeding pre-crisis levels, with the exception of investments, up on 2020 and down on 2019. In first place for revenues among the world's fashion giants is confirmed lvmh (64,2 billion). Followed by Nike (41,2 billion), the Spanish Inditex (27,7 billion) which controls Zara, the German Adidas (21,2 billion), Essilor Luxottica (19,8 billion), the Swedish H&M (19,4 billion) and the Swiss group Richemont (19,1 billion). First among the Italians Prada (3,4 billion), ranked 33rd, followed by Calzedonia Holding (46th position), Moncler (52th) and Giorgio Armani (54th).
