The rebound in Paris (+0,44%) is not contagious today Piazza Affari, which closed down 0,72% At 42.349 basis points, still weighed down by banking stocks, following press rumors about the government's possible request for a contribution in the next budget law. Deputy Prime Minister Matteo Salvini also spoke out on the issue, stating that, for economic growth, "everyone must do their part," especially those who "earned €46 billion" last year.
At a general level the the climate remains wait-and-see on the markets Wall Street is moving cautiously positive just hours after Nvidia's (flat) quarterly results, which will be released at the close of the US stock market. The rest of Europe is negative: Frankfurt -0,53% (with a drop in German consumer confidence to -23,6 points in September and a decline in the Ifo employment barometer in August); London -0,12%; Madrid -0,66%. Amsterdam is gaining 0,31%.
The sell-off in oats continues, with the spread between Italian government bonds and German Bunds also widening.
On the CAC 40 in Paris, luxury stocks are gaining ground, offsetting the continuing discontent among bank employees, while French President Emmanuel Macron tried to stem the haemorrhage triggered by fears of a government crisis by stressing that “France is a solid country with a solid economy… but we must take the reins of our destiny into our own hands.”
The stock market has taken a breather today, but French paper remained under pressureThe spread between 82-year OATs and German Bunds of the same maturity closed at 5,24 basis points (+3,52%), with yields at 2,7% and 10%, respectively. Risk aversion also penalized BTPs today, which in turn saw the spread with their 91-year counterparts widen to 4,72 basis points (+3,61%), while the yield is at XNUMX%.
The rupee stems losses on the day of US tariffs reaching 50%. The euro is weak.
On the foreign exchange market, the rupee is trying to digest the start of the 50% tariffs on Indian goods which will enter the US. The doubling of customs duties is due, at least formally, to New Delhi's massive purchases of Russian energy. The Indian currency, however, limited the damage to a loss of 0,12%, at an exchange rate of 1,1397.
The greenback appears well-matched against a basket of currencies, as the clash between the White House and the Fed continues, after the case of Lisa Cook, the governor "fired" by Donald Trump and who has decided to take legal action. This prospect, on the one hand, could damage the US's reputation in the markets, but on the other, raises hopes for a more accommodating policy from the central bank, should the number of governors closest to Trump increase to three and pending a change of guard at the bank's top management.
The euro slips, which is trading against the dollar at 1,1588 (-0,46%), while Bloomberg writes that the European Union is seeking to speed up the legislative process by the end of the week to eliminate all tariffs on U.S. industrial goods, a request made by President Donald Trump before the United States lowers duties on the Union's automotive exports.
Among the raw materials oil is being recovered, which assesses the repercussions of U.S. tariff policies on Russian crude. Brent appreciated 0,91% to $67,31 a barrel (+0,91%), while WTI rose to $63,98 (+1,15%).
Piazza Affari, luxury and utilities in the spotlight, Diasorin collapses
On a grey day in Milan the green of luxury stocks shinesMoncler +2,33%, Cucinelli +0,97%, Ferrari +1,17%. Also coming from the world of designer labels is news that Giorgio Armani has purchased La Capannina in Forte dei Marmi, the historic venue that has been livening up the evenings of this exclusive Tyrrhenian destination for 96 years.
Returning to the blue chip of Piazza AffariAmplifon, up 2,04%, and utilities, starting with Terna, up 1,45%, and Italgas, up 1,57%, are the standouts today. The list of decliners begins with Diasorin, down 5,84%, losing more than yesterday's gains thanks to Morgan Stanley's upgrade. Today's trading session saw the stock suffer from JP Morgan's underweight recommendation.
I bank stocks They are practically all in the red. Among the worst performers, MPS -2,69%, BPER -2,69%, Intesa -2,53%, Banca Mediolanum -2,28%. However, Unicredit limited the losses to -0,3%, after Citigroup reinstated coverage with a 'buy' rating and a target price of 74 euros following the upward revision to its earnings estimates, taking into account the contribution of the increased stakes in Commerzbank and Alpha.
The Stellantis's downward slope -2,84%, putting its autonomous driving plans on hold. Outside the main stock market, Fincantieri appreciated +1,46% (€18,77 per share), which during the session updated its record to €18,92, with a market capitalization of over €6 billion. Avio, which designs, develops, and manufactures propulsion systems, performed well, +4,84%. The new orders announced today with the EU and the US were the driving force.
