The rally of Saipem (+12,5%) and increases in oil and utilities buoyed the mood of Business Square. The Ftse Mib travels above parity (+0,16%), waiting to see what will happen at the political level next the start of the consultations, while yields on the Italian 2013-year bond continue to rise, touching the highest level since XNUMX, only to fall back during the morning.
European stock markets cautious
In the meantime, even on other European markets, the day continues in the name of caution: Madrid and Paris remain afloat while Frankfurt it slipped by 0,7% after the negative data on producer prices, which rose in September by +45,8% on an annual basis and by +2,3% on a monthly basis. Below parity (-0,2%) also London, after the umpteenth political turmoil that puts more and more at risk the survival of the Government led by Liz Truss.
Among the shares, the declines of Volvo (-5,2%) And Nokia (-7,5%). Both published quarterly reports below expectations.
Wall Street: futures down
The futures of are down Wall Street after the publication of the Beige Book which signaled the cooling of the economy. Most economists now take the recession and returns for granted Treasury bonds has risen to a 14-year high.
In the afternoon, new macro data will be released: the weekly unemployment benefits data, existing case sales, the leading index and the Philadelphia Fed index. Meanwhile, a difficult session is expected for Tesla (-5,8% according to the futures) which ended the quarter with growing profits and revenues, respectively to 3,3 and 13,8 billion dollars. However, the revenue figure is below analysts' expectations, while deliveries are at risk given the logistical difficulties.
Yields still growing, the price of gas rises
European bond yields continue to rise. In the morning, the 10-year BTP rate reached 4,85%, the highest since 2013, before falling back to 4,76%. Stable it spread with the Bund, at 237 basis points.
The price of the gas (+3,95%) on the Amsterdam Stock Exchange on the day of the European Council called to give the green light to the "dynamic" ceiling. Also on the rise petrolium: Brent (+1,47%) at 93,77 dollars a barrel, Wti (+1,8%) at 86,03 dollars.
The best and worst titles
In Milan the scene is all for Saipem which gains more than 12 percent after the maxi-contract worth 4,5 billion dollars awarded by Qatargas for the North Field Production Sustainability Offshore Compression Complexes – Epc 2 project off the north-eastern coast of Qatar. This is the largest offshore contract in terms of total economic value in the company's history.
Among the best titles too Unipol (+ 1,99%) and amplifyn (+1,87%). Oil purchases: Eni (+ 1,94%), Tenaris (+ 1,5%).
Most of the utilities are also in green: Italgas (+ 0,8%), Snam (+ 0,6), Ivy (+0,5). It's an exception Enel which is placed at the bottom of the list (-1,24%) together with Telecom Italy (-1,4%). Asset management sales: Azimuth e General Bank both lose 0,9%.
Outside the Ftse Mib, the performance of Brunello Cucinelli (+6,8% after the accounts).
