Today's rally in crude, propelled by possible OPEC+ cuts, puts some fuel in the World Stock Exchanges and contributes to the positive closing of the European lists and to the matching launch of Wall Street October thus opens under the banner of cautious optimism, after a black September in Europe and the USA.
Milan stands out in Europe
Business Square it is number one in Europe with an increase of 1,57%, which brings it back to one step away from 22 points. Well the energetics and the banks, even if General Bank it leaves 3,99% on the ground after Friday's flare-up.
The Italian secondary school closes a session in green: lo spread it fell by 232 basis points (-4,57%), with rates decreasing for the 10-year BTP to 4,2% and for the Bund with the same duration to +1,89%.
In tune with Milan it is appreciated Madrid +1,27%, while they mark fractional increases Amsterdam + 0,81% Frankfurt + 0,72% Paris + 0,55% London + 0,22%. Zurich, +0,21%, holds the impact of Credit Suisse (-0,93%), which recovered after the morning panic over the restructuring plan which should arrive with the third quarter results at the end of October.
Rising oil prices offer support Moscow Stock Exchange despite the progress of the war and on the day of the approval by the Duma of the treaties for the annexation of the Ukrainian regions of Kherson, Donetsk, Zaporizhzhia and Lugansk.
Overseas the Brazilian star shines (the São Paulo Stock Exchange gains over 4%), which looks positively at the election result, where, surprisingly, the right-wing candidate Jair Bolsonaro managed to bring his rival Luiz Inacio Lula da Silva to the ballot.
It goes down in New York Tesla, -8,46%, which announced lower-than-expected EV deliveries in the third quarter as logistics challenges overshadowed its record deliveries.
U-turn on taxes in GB
The climate cleared during the day also following the correction of the British Prime Minister Liz Truss's tax plan, which canceled the cut of the maximum rate of 45%, a move that had sparked the distrust of the markets. The choice brought back purchases on the pound and on British government bonds, also giving breath to the bonds of the euro area, which today are seeing declining yields despite the not very encouraging data of the PMI manufacturing indices in the month of September.
Oil on the rise, OPEC+ ready to cut
The petroleum type Brent it appreciates by 4,24% to 88,75 dollars a barrel and Texan crude rises by a similar percentage to the 82,60 dollars area following reports that the Organization of the Petroleum Exporting Countries, plus Russia, are considering to cut production by one million barrels a day, it would be the largest cut since the pandemic began in 2020.
Suthe currency market the U-turn by the British government favors the recovery of the pound against the dollar, around 1,125. The euro also moved slightly up against the greenback and traded around 0,9816 cents.
Manufacturing: Europe and the USA at different speeds
Macro data for the day show that Europe and the US are moving at different speeds in manufacturing.
La the euro area is in contraction, while the United States are confirmed in expansion-
The E19 PMI index is below the Piave line of 50 and drops to 48,4 in September from 49,6 in August. In Germany it falls to 47,8 from 49,1. In Italy it rises slightly to 48,3 from 48.
The stars and stripes manufacturing expansion continues: in the definitive reading for September, it settled at 52 points, above the 51,5 in August and the 51,8 points of the preliminary figure.
Piazza Affari rises with Tenaris, utilities do well
On the Ftse Mib, the main index of Piazza Affari, oil stocks such as Tenaris +6,99% ed Eni +3,04%. The easing of bond tensions favors the recovery of utilities: Enel + 3,15% Snam + 3,16% Terna + 2,43%.
The banks close a positive session with Bpm bank +3,3% and Unicredit +2,39%. The spotlights don't go out even on Mediobanca +2,83%, after the rumors about the possible purchase of Banca Generali. Today there was a meeting of the core of the historical shareholders which locks down 10% of the capital, but the issue seems not to have been discussed. In a note, Piazzetta Cuccia underlines that “the Participants in the Consultation Agreement, who met today under the chairmanship of Angelo Casò, examined the documentation made public on the items on the agenda of the next Ordinary Shareholders' Meeting of Mediobanca and completed the appointment of the Committee, pursuant to art. 2 of the Agreement, which is therefore composed as follows: Angelo Casò (Chairman), Massimo Doris and Alberto Pecci”.
Outside the main basket, MPS recovers 3,65%, after the heavy losses of the last eighth period also caused by the reverse stock split. In the meantime, the start of the expected capital increase of 2,5 billion has been postponed from 10 to 17 October.
Among the blue chips it remains lively Telecom, +3%, in view of the possible presentation of a non-binding offer from CDP for the network.
Discounts start at General Bank, after financial sources allegedly denied at the moment the existence of concrete negotiations between the institution of Piazzetta Cuccia and the parent company of Banca Generali, Generali Ass (colorless).
They go down Amplifon -1,86% Campari -1,84% Ferrari -1,02%.
