At the end of a week of gains, the European stock markets are today filing a session in no particular order, which found some bullish cues with the start of Wall Street, in tune, despite the thud of Amazon (-11%) and farewell to Twitter's Nyse. To support the courses they contribute Apple ed ExxonMobil after accounts better than expected. In particular, the oil producer recorded a record quarterly profit, comparable to that of the Cupertino Apple.
Closing Business Square limits losses to 0,27%%, between profit taking, quarterly and ashock inflation close to 12%. This is the highest figure since 1984. However, government bonds are stable and yields at auction have fallen.
In the rest of Europe they are slightly decreasing Amsterdam -0,28% Madrid -0,03% and London -0,31%, while Frankfurt e Paris they rose by 0,25% and 0,46% respectively.
There are many quarterly reports of the day that color the titles differently: Volkswagen loses 2%, also due to the devaluation of Russian assets; in deep red Air France-Klm -14,34%; Well Danone +3,16% ed Eni + 1,66%.
weak euro; oil falls while gas rises
The euro remains just below parity with the dollar, following the ECB's decision to raise rates by 75 basis points. Measure widely expected by the market.
They retreat i oil prices, alarmed by new anti-Covid restrictive measures in China. Brent is down 1,47%, 95,53 dollars a barrel.
Il gas salt and at mid-day, TtF futures marked a rise of 4,3% to 112 euros per megawatt hour.
Shock inflation in Italy, but Germany avoids recession
In Italy, inflation reached the shock level of 11,9% in October, the highest since March 1984. Istat speaks of an "extraordinary acceleration" driven by energy goods, both regulated and unregulated. But also the so-called shopping cart - made up of the most purchased goods such as food, household and personal care goods - rose to 12,7% from the previous 10,9%.
In the macroeconomic field, the fact that the Germany it avoided a recession, recording GDP growth of 0,3% in the third quarter (against expectations at -0,2%). However, prices are also hitting hard in Berlin, where inflation reached 11,6% in October.
The ECB warns that the price increase in the bloc could go beyond the ECB's own projections to 2024.
In addition, the economies of the euro area are slowing down France e Spain.
Also in Euroland and in the EU, confidence in the economy and expectations of employment are falling.
They appear positive, but to be interpreted in a Fed key, i US data released today in the pre-market, after yesterday's pleasant surprise, with GDP increasing at the annualized rate of 2,6% compared to the previous three months, against expectations for +2,3%, after two negative quarters.
From today's data it appears that personal incomes and consumer spending have increased more than expected and PCE inflation, although on the rise, has been lower than expected; lastly, labor costs are in line with expectations.
Diasorin rebounds in Piazza Affari, but sales still hit Stm
Among the blue chips of Business Square shines Diasorin +2,79%, hit hard by sales yesterday after the release of quarterly data. In the health sector it also shines Recordati + 1,78%.
Eni it is tonic, thanks to the July-September numbers higher than expected. "The results were good and better than expected" commented Banca Akros, noting in particular that the Global Gas and LNG portfolio business recorded an "excellent" performance.
In the oil sector, the superlative earnings of the previous day improve Saipem, +1,06%, while going down Tenaris -3,16%.
Among the banks it still stands out today Bpm bank + 1,16%.
Space is made in the industry Leonardo 1,64%.
In the lower part of the Ftse Mib there are Moncler, -2,31%, Iveco -2,02% and more stm -2,17%, weighed down by the tragic week of US Big Tech and by the cautious indications on the last part of the year released yesterday.
Still wasting nexi, -1,36%, amid plans for the new government's cash cap and debt problems in a phase of rising rates.
Stable spread, falling rates in auctions
The Italian secondary closed stable, at 208 basis points (+0,49%), but rates are on the rise: the BTP decennial marks +4,16%, while the Bund of the same duration is at 2,08%.
Yields were down on the other hand treasury auctions, which placed 6,5 billion Btp. In the 5-year auction, expiring on 2027 December 2,75, the entire amount offered of €4,1 billion was assigned (more than €1,49 billion requested, with a coverage ratio of 64), at a gross yield of down 3,48 basis points to 10%. 2033-year BTPs, maturing on 3,75 May 4,8 (1,30 billion, against a request for over 4,24 billion, with a coverage ratio of 46) with a yield down to 6%, -15 basis points. Finally, one billion Ccteu TV over 2026 years, maturing on 2,155 April 2,16. The amount requested was 2,54 billion, with a coverage ratio of XNUMX and a yield of XNUMX%.
