European stock markets close today a cautiously positive session, supported by purchases in luxury and oil stocks, while the September composite PMI in the euro zone improved, even if manufacturing slowed.
Piazza Affari appreciates by 0,13% At 42.477 basis points, with Moncler (+2,42%) and Brunello Cucinelli (+2,61%) among the strongest blue chips on the opening day of Milan Fashion Week. Mediobanca, on the other hand, fell 5,91%, following the successful outcome of its takeover bid for MPS (+0,48%). Paris, rich in designer labels, leads Europe with a gain of 0,54%, followed by Frankfurt +0,4%, Amsterdam +0,43%, and Madrid +0,5%. London remains colorless.
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Meanwhile Wall Street moves in no particular order in the American morning, after the 360-degree intervention of the President of the United States Donald Trump at the UN He did not spare criticism of the Old Continent: Migrants and green ideas, he said, will be the death of Europe. Meanwhile, the market is waiting for Fed Chairman Jerome Powell to speak later today.
The European macro page offered some mixed signals this morning: in September the eurozone composite PMI It rose to 51,2 points from 51 in August, remaining in expansion territory. However, manufacturing fell below the 50 threshold to 49,5 points (from 50,7), while the services index surprised positively, rising to 51,4 points (from 50,5 and expectations of 50,6).
Finally, international tensions remain at the forefront, with drones infesting European skies more than mosquitoes this season. This time, the airspaces of Denmark and Norway were affected, which they stopped flights for hoursSuspicion has once again fallen on Russia (which denies it), so NATO warns that it will use all means to defend itself against any violations.
Gold hits new highs as Riksbank cuts rates
In this context, it is not surprising that gold is further updating its highs and touching $3800, while the dollar remains weak as it awaits a more accommodative monetary policy from the US central bank. The euro-dollar exchange rate remains close to 1,18.
Meanwhile, in Europe, the Swedish central bank surprised the market today with a 0,25% cut in its key interest rate to 1,75%. Riksbank policymakers said the decision was aimed at supporting economic activity and bringing inflation back to its target level in the medium term.
Oil runs, after Trump once again called for a ban on Russian black gold. Brent crude is trading at $67,70 a barrel (+1,85%); WTI crude is at $63,61 (+2,14%).
Wall Street is uncertain as Powell's announcement is awaited. Boeing and Kenvue jump, while Nvidia gains.
Wall Street is moving in a mixed mood in the American morning, waiting for the Fed's number one Jerome Powell to speak later, preceded by a series of contrasting statements from the various governors and with the market betting 90% on a further rate cut of 25 basis points in October, following the same decline a few weeks ago. In stocks, profit-taking weighed on Nvidia (-2,09%), following yesterday's rally following the announcement of a $100 billion investment in OpenAI.
Boeing appreciates by 2,81% and DJ (+0,4%) is buoyed by the words of US Ambassador to China, David Perdue, who said Washington and Beijing are in the final stages of a "massive" deal on the US airline's aircraft. Kenvue, +4,48%, the manufacturer of Tylenol, also rebounded after dropping 7,5% the day before, following Trump's yesterday linking autism to the use of childhood vaccines and the use of the popular painkiller by pregnant women.
Piazza Affari: Saipem Stellantis and Stm take the top spot. Mediobanca collapses.
On the main Milanese price list Today's best stock is Saipem, up 3,64%, in a well-positioned oil sector boosted by rising crude prices. Eni, up 1,71%, and Tenaris, up 1,95%. Stellantis, up 3,15%, rebounded after the previous day's losses that rocked the auto sector across the continent. Ferrari also appreciated, up 2,04%. Stm, up 2,69%, remains prominent in a well-positioned tech sector.
Among the utilities that are gaining ground, RBC's upgrade to "outperform" status is particularly supportive of Italgas (+1,72%) and Terna (+0,62%). The day's biggest declines began with Mediobanca, after Siena successfully closed its offer, registering over 86% acceptances. There are several question marks surrounding the future of Piazzetta Cuccia, relating to its new governance, its potential merger into Montepaschi (which would preserve the brand), and a potential delisting.
On a weak day for the sector Banco Bpm also falls back, down 1,89%, while rumors continue to circulate about the bank's planned merger with Credit Agricole Italia. Unicredit is down 1,37%. Also in the red are Leonardo (-2,17%), Telecom Italia (-1,9%), and Poste Italiane (-1,16%).
Stable spreads
The secondary market closed flat, with the spread between 10-year BTPs and Bunds of the same duration. it is indicated at 83 basis points, with rates stable at 3,57% and 2,75% respectively.
