Stock market week yes closes in red and in a climate of growing uncertainty which is also affected by so-called four witches, used to describe the day on which stock and index futures and options contracts expire. There are two common denominators of the latest Stock Exchange sessions: the concern for the possible recession forecast by the World Bank for 2023 and the wait for the decision on interest rates that Federal Reserve will communicate next week. To these factors is added theinflation: after the US which disappointed expectations, today Eurostat confirmed the estimates of a 9,1% annual increase in consumer prices in August. For Italy the percentage is 8,4%.
The closure of the European stock exchanges
The European stock exchanges closed today's session in largely negative territory. The worst is Frankfurt (-1,7%), followed by Amsterdam (-1,49%) And Paris (-1,26%). Madrid it loses 1,3%, closely followed by Milan. Business Square at the end of the day it was down 1,14% to 22.110 basis points, weighed down by the collapse of Telecom Italia and by the declines in industry and cars.
FedEx collapses on Wall Street
Across the ocean, Wall Street is in the red as it closes its worst week since June. The Dow Jones 1% of its value, the S&P 500 1,2% below 3.900 points, but the worst index is once again the Nasdaq (-1,6%). Investor eyes are all up FedEx. The shipping giant, one of the largest in the world, has launched a profit warning that is generating strong fears about the performance of the US economy and putting the entire sector under pressure, which is also declining in Europe. In mid-afternoon, the stock is in free fall (-23%), after the forecast of disappointing quarterly results and the decision of the new CEO Raj Subramaniam to close several operating offices (90) and 5 corporate headquarters, also grounding some planes cargo. FedEx's profit warning also weighs on its rival Ups, which drops more than 6%. In deep red (-4%) also Boeing.
In Piazza Affari, a thud of Tim and Mps, Ariston runs
In Piazza Affari it collapses Tim which, targeted by the sell-off from the outset, expanded its losses during the day, closing the day down by 7,73%. The shares are at historic lows and trade at 0,1837 euros per share (after even touching 0,182). The sales were triggered by the downgrade made by Barclays analysts who brought the recommendation to "underweight" with a target price of 15 cents. Even HSBC analysts yesterday cut the recommendation on Tim bringing it to "hold" from "buy" with a target lowered from 0,40 to 0,20 euros per share.
Tim's crash also weighs on the other titles in the sector, with Inwit which drops more than 2,87%.
As heavy as in the rest of Europe (Volkswagen -1,5%, Mercedes-Benz -0,8%), the automotive sector, despite the positive data on registrations in August: Cnh (-4,33%), Ferrari (-1,81%), Iveco (-1,73%), stellantis (-1,59%).
It's still in the red Moncler (-2,65%), while FedEx's profit warning is also a ballast Poste Italiane (-1,86%).
On the Ftse Mib only 6 titles are saved: Banco Bpm (+1,15%), Enel (+0,46%), Bper (+0,2%), Unipol (+0,14%), Campari (+0,37%) and Terna (+ 0,15%)
Outside the main price list, it is necessary to report the exploit of Ariston (+15,17%). The company announced the acquisition of German Centrotec Climate Systems for 703 million euros in cash and approximately 41,42 million in newly issued shares. It falls Ps (-5%) following the approval of the shareholders for the 2,5 billion capital increase which should start in the autumn.
Euro below parity with the dollar, gas down sharply
On the currency market the exchange euro Dollar it travels above parity at 1,0098. Mini bounce of Petroleum after the crash the day before: Brent in November rose to 92,1 dollars a barrel (+1,4%), Wti in October to 85,78 dollars a barrel (+0,8%).
While we continue to discuss the Price cap, in Amsterdam the price of gas it stands at 189,7 euros per megawatt hour, down by more than 11%. Finally, on the secondary side, the yield of the 4-year benchmark BTP remains above the XNUMX% threshold, while the spread closed stable at 227 basis points.
