Biden in the White House and a divided Congress is the possible final outcome of these American elections, a result that the markets like and which is probably supporting the rally in these hours. The European stock exchanges file a sharp rise for the fifth consecutive session, also on the strength of some quarterly better than expected. Piazza Affari rises by 1,93% to 19.731 points, they were 17.872 at the close of last Thursday; Frankfurt +2%; Paris +1,25%; Madrid +2,1%; London +0,33%.
Wall Street in turn started in fourth e travel at the moment with increases of more than 2% on all indices. Democratic presidential candidate Joe Biden won in Michigan and Wisconsin and is one step away from reaching the 270 electors needed to become president. However, the Republican majority should be confirmed in the Senate and this could make the battles to reduce the power of Big tech more difficult, favored at this stage also by the need for physical distancing between people due to the pandemic and the increase in online activities.
Furthermore, the attitude of the central banks is keeping up the morale of the lists. The Federal Reserve will make its pronouncement this evening (from which no big news is expected), while the Boe has given a welcome signal by stepping up its asset buyback program to revive the British economy, weakened by the Covid-19 pandemic. The Bank of England has put another £150bn on the table, for a total of £895bn. The dollar is down and reaches a two-week low against a panel of currencies (and a seven-month low against the yen), with the idea that Republicans in the Senate will stymie the large stimulus package wanted by Democrats. The euro appreciates and the cross revolves around 1,182.
On the other hand, US government bonds are running, with rising prices and falling yields. Gold is also surging, which gains 2,3% and exceeds 1948 dollars an ounce. Oil, on the other hand, takes a breath after the recent increases: Brent 40,82 dollars a barrel (-0,99%). In short, a great clear sky over the financial skies, despite the ever-looming clouds of the expanding pandemic and the new restrictive measures decided in Europe. To be weighed are the news coming from Denmark about a coronavirus mutated in mink and which has infected some men with the risk, if it spread, of nullifying much of the work done so far on vaccines.
The good intonation of European price lists has not even been affected by the autumn economic forecasts of the EU Commission according to which the second wave of Covid-19 "has interrupted the rebound of the European economy and in the fourth quarter growth will stall again and then resume in the first quarter of 2021”. Italy will not return to pre-pandemic levels before 2022. And this in a current framework of division into zones, with the most penalized regions in revolt. Today, however, Piazza Affari has been given wings by a series of quarterly reports that have exceeded forecasts. Queen of the list is Tenaris +13,66%, which surprisingly also announced a dividend.
In cash Cnh +4,95%; Moncler +3,99%: Enel +3,3%; Post +3,3%; Atlantia +3,29%; Stm +3,15%; Diasorin +2,83%. The better-than-expected accounts only give Unicredit a boost, +0,17%. In the first nine months the banking giant lost 1,6 billion (but has an underlying profit of 1,06 billion). In the quarter, the group recorded a profit of 680 million (-42,4% on the quarter of 2019) above the consensus of analysts which forecasted 300 million. Underlying net profit for the quarter is 692 million (+31,1% quarter over quarter). However, the CEO Jean Pierre Mustier leaves little room for imagination about a possible wedding: "We do not comment on rumors and speculations - he maintains - Let me reiterate that our plan to 2023 is based on the assumption 'without M&A'".
Bene Intesa +2,47%, while the quarterly results do not support Bper -2,17%. The red of 451 million euros in the third quarter weighs on Mps, -2,53%. Italgas -1,35% and Nexi -1,04% fell. The Italian secondary still closes with dust: the spread with the German ten-year bond drops to 126 basis points (-2,58%) and the BTP rate falls to 0,63%.
