Between old and new wars, not always positive quarterly reports and the lens of central banks Business Square advances fearlessly towards the last appointment of the week: US consumer prices. The Italian stock market is starting to achieve a positive weekly result: at 13pm the index is slightly red -0,16% in the middle of a uncertain session, but which takes nothing away from a more than flattering performance in a turbulent setting.
The recovery of today contributes most of all to making the result possible Saipem +4%, the best title of the day together with the other oil companies, led by purchases on Eni afterwards The bills: The six-legged dog ended the third quarter with an adjusted net result that was half that of a year ago but above market expectations thanks to better-than-expected performance from its exploration and production (E&P) division. Eni raised its full-year guidance for Plenitude.
The champion of the list remains Unicredit. Moncler splash
But the excellent weekly performance of the Italian market is linked above all to the performance of Unicredit +2%, also at the center of purchases this morning. The ECB has approved the second 2,5 billion euro tranche of the 2023 share buyback.
They also gain altitude Fineco e Monte Paschi Bank, increasingly lively awaiting sales by the Treasury. On the other hand, the negative phase of luxury continues. He misses out Moncler – 5,5% despite a quarterly result in line with expectations (+7% sales for the quarter: negative assessments on the prospects of SocGen, Mediobanca, JP Morgan and Goldman Sachs which cut the target weigh).
This is not a good time for alcohol consumption
After braking José Cuervo (the tequila held back by the revaluation of the Mexican peso against the dollar and euro), undergoes a robust decline Cointreau in Paris while losing new blows Campari -2%: the outgoing CEO, Bob Kunze-Concewitz, said that the group's strategy will not change with his successor, and this also applies to M&A operations. Stifel upgrades the rating to Buy, target price 12,30 euros.
Also noteworthy is the step backwards of stm -2% after the increase on the day before.
Spreads falling, oil rising
Bond market in timid recovery. The Ten-year Treasury notes at 4,87% awaits the Fed meeting next week. The auction of seven-year bonds had a good outcome last night.
Waist ten-year to 2,85%. BTP to 4,81%. spread 197 bps. Tonight DBRS will express its opinion on Italy's rating. The rating is currently BBB with a stable outlook. Analysts do not see particular risks of revision, after S&P Global confirmed the rating last week.
Finally, the Petroleum, recovering in the first week in the red (-3,3%) after the outbreak of the crisis in the Middle East. Brent oil and WTI up 2%. The US military has struck Iranian targets in Syria, raising new concerns about a widening Israel-Hamas conflict.
Wall Street reopens its doors after the robust performance of Amazon +5%. Today's agenda includes: the Core price data, the indicator most followed by the Fed as well as the University of Michigan's consumer confidence index.
