Even today, the Bull remains in the financial arena, despite the crash of Microsoft and Alphabet, the first US technological giants that presented disappointing quarterly results overnight. The Central Bank of Canada contributed during the day to give investors confidence by raising rates less than expected and boding well for the Fed and the ECB. In addition, some large European banks (Unicredit + 4,31% Barclays -0,57% and Deutsche Bank +1,11%) then showed gains beyond the estimates thanks to the growth in rates in the period in question. After some uncertainty, the continental lists thus reach the finish line in progress, adding another positive session to the first two of the week.
Business Square it appreciates by 0,45% and consolidates at 22.389 basis points, driven by the institute led by Andrea Orcel.
It's even more toned Frankfurt +1,14%, followed by Madrid + 0,99% London + 0,71% Paris +0,41%. Very slightly down Amsterdam, -0,09%, market rich in technological stocks. The decline of Asm International -7,37% which sees the new US export restrictions as a burden on its sales in China. Bad Heineken (-4,92%) which recorded a slowdown in sales.
Wall Street, after a weak start, is also trying to bring the Nasdaq (-0,2%), despite the negative trend of tech. Energy stocks lead the general comeback.
BCE falcon? Canadian bank more dovish than expected. Euro in parity with the dollar
The attitude of the central banks remains the compass that guides the mood of investors in recent months. Tomorrow the word will pass to the ECB and there will hardly be any surprises on the expected increase of 75 basis points. For the future (especially after the November meeting of the Fed), however, a new window opens in the light of the choices of the Central Bank of Canada which today decided to raise the cost of money by 50 basis points to 3,75%, against expectations at 4%, even if inflation remains "excessive" and "interest rates will continue to rise".
The hypothesis that the Federal Reserve slow down after the November meeting is slowing down the dollar, while expectations on the ECB galvanize the euro which today trades at par against the greenback with an increase of more than 1%.
Purchases return to government bonds both in the euro area and in the US.
Stable spreads; auction yields fall
The Italian secondary, which remained in the red for most of the session, is finally unchanged. The spread between ten-year BTPs and Bunds with the same duration closed at 221 basis points (-0,11%), with rates slightly down to 4,32% and 2,11% respectively.
They are down too the yields on the Italian primary: 2,5 billion were assigned for short-term BTPs, with a yield of 2,88% BTP-i, 750 million ten-year bonds, a yield of 2,22%; BTp-i, 750 million over 5 years, 1,09% yield.
On the energy front, the gas goes back over 100 euros; The Petroleum Brent type marks an increase of 2,2% to 95,60 dollars a barrel
Piazza Affari toasts with Unicredit and oil; Tod's sinks after the takeover bid fails
Queen of the list is Unicredit, which has closed the first 9 months of the year with a profit of 4 billion (from 3 billion last year) and which in the third quarter beat analysts' expectations with a profit of 1,7 billion including Russia (1,3 billion excluding Russia). The guidance is also higher than forecasts and analysts highlight the excellent indications provided by the institute on the capital front, in addition to the good trend in revenues, especially from trading, the drop in costs and lower provisions. It is losing share in the sector Bpm bank -0,75%.
Flat Ps -0,16%, just under two euros.
The three blue chips of the oil sector occupy the upper part of the FTSE Mib: Saipem +2,96%; Tenaris +2,26%; Eni + 1,32%.
In the industry they are in the spotlight Leonardo +1,78% and stellantis 0,9%. Well the utilities starting from Terna +1,04%. In the sector, among the minors, he also shines Iren (+2,89%) after the rumors, reported by Il Sole 24 Ore, according to which the group is studying the sale of a minority stake to a financial partner in the gas distribution business.
I quarterly results they don't help amplifier, -4,19% and profit taking penalizes Campari -1,27% Azimuth -1,11% Moncler -1,08%. Weak stm, -0,77%.
Out of the main basket the loudest thud is that of Tod’s (-19,44%) after failure of the takeover bid launched by the owners with the aim of removing the title from the list (see article by Ugo Bertone). “We acknowledge that part of the market considered the Offer to be lower than its expectations” says Della Valle, but “those who have decided to keep their shares having read the reasons for the offer mean that they share our vision”.
