The disappointing accounts of Microsoft and Alphabet (formerly Google) slowed tonight the upward push which, for the third day in a row, characterized the stock markets, supported by the rebound in bonds. But, on the eve of the discounted rate hike by the ECB, operators see the light at the end of the tunnel.
• Thus i rise Asian lists, but the braking of the Big Tech (-7% both the software giant and the king of online advertising) make themselves heard on futures: the derivative on parity on the Eurostoxx, slightly down on the S&P, down by 1,5% on the Nasdaq.
De Felice: inflation is slowing down
Also Gregorio De Felice, prudent chief economist of Intesa Sanpaolo, shares a note of optimism on the trend in interest rates. “The first signs of a slowdown in inflation are starting to appear – he said at the presentation of Mario Deaglio's report on the global economy: demand is more contained and the price of gas is back below 100 euros”. Hence the prospect of a declining 2023, at least from the middle of the year onwards.
The race for bonds has started, Piazza Affari has been at the top for a month
• The effects can be seen in the bond rally, driven by the US wind: lo spread between ten-year BTPs and Bunds with the same duration, it fell by 221 basis points, with rates of +4,37% and +2,16% respectively.
Under the spotlight Unicredit, Tod's remains in the list
• Spotlight on bank accounts today. This morning Mario Orcel will illustrate the data of Unicredit: the bank has improved its forecasts for 2022, a year that should close with a net profit exceeding 4,8 billion, excluding Russia.
• Meanwhile, the effect of the rate hike has already pushed up the accounts of the other European credit capitals: the profits of Deutsche Bank they're at their highest since 2006, too Barclays today should exceed expectations, despite the problems related to the mortgage crisis in the UK.
• Business Square scored an increase of 1,4% to 22.289 points, up to a month. Since the beginning of the year, the loss is still large: -18,50%. The market seems to appreciate the first exits of the Meloni government.
• The Milanese list will not lose one of the historic freshmen in the luxury sector: the voluntary takeover bid by the Della Valle family on Tod’s. Only 12% of the share capital decided to accept the offer (40 euros). The behavior of the City's investment funds was decisive, as they unsuccessfully requested an increase in the offer.
US Treasuries are flying, together with GM and Coca-Cola
The rally of the US Treasury bonds (the 4,09-year trades at 12%, XNUMX points less) supplied Wall Street yesterday with the fuel needed to continue the rally: Dow Jones + 1,07% S & P 500 + 1,63%. Nasdaq even +2,22%.
The positive effect of the accounts of Coca-Cola (+ 2,5%) and Gm (+3,8%) was thwarted in the after hours by the disappointing quarterly results of the big names.
Slow down advertising on the web, good cloud
A in the July-September period, it recorded an increase in advertising revenues of 2,5% to 54,5 billion dollars: the consensus was expecting 57 billion. The stock came to lose more than 5%.
Microsoft has obtained a good result from its cloud division in terms of growth, +20%, but below expectations. The effects of the strong dollar were significantly seen: group revenues rose by 11% to 50,1 billion, at constant exchange rates the increase would have been 16%.
Spotlight on tonight Apple Lossless Audio CODEC (ALAC), and Facebook (formerly Meta) which could pay dearly for the disappointing performance of the Metaverse.
Elon Musk meanwhile he reassured the bankers: he will proceed with the purchase of Twitter over the weekend.
The Boj defends government bonds, China recovers
• They rise in the wake of Wall Street le Asian bags, including Chinese stocks struggling to recover after Monday's crash.
• Asia trailing yesterday's S&P500 [SP500.OTC] close +1,1%.
• Nikkei of Tokyo +1,1%. The central bank, awaiting Friday's meeting, accelerates bond purchases. Hong Kong's Hang Seng +2%, Shanghai and Shenzen CSI 300 +1,6%, Seoul's Kospi +0,9%. India's stock market is closed for the Diwali holiday, which this year coincides with the appointment of the Hindu Rishi Sunak as head of the British government.
Brazil, Bovespa under braking: the right fears Lula
The trend of the Stock Exchange of Brazil in the week preceding the hard-fought vote for the presidency. LBovespa index it closed 1,2% down, in the first two days of the week, the decline was 4,5%: to find such a negative sequence you have to go to the beginning of 2021. The shock caused by the case weighs heavily Robert Jefferson. The former parliamentarian at the head of a far-right formation fired a machine gun at the agents who came to arrest him for having violated the custody restrictions in his residence previously ordered by a judge in the days before. The episode slowed the outgoing president Jair Bolsonaro in the polls, at 45% of projections in the last three weeks, Lula is at 54%.
Gas stable, Germany does not give in on the roof
WTI oil down 0,5%, Brent at $92,80. The API estimates that US crude inventories rose by 4,5 million barrels last week.
European gas +0,6% to 99,80 euros. “Joint purchases” of gas “in the EU are the most efficient way to keep gas prices low,” said German Economy and Environment Minister Robert Habeck, arriving at the Energy Council in Luxembourg. Storage in Europe is intensified with the aim of arriving at winter with the gas depots full. As of 23 October, the EU had reached 93,61%. France at 99,69%, Germany at 97,53%, Italy at 94,8%. 100% UK stock only.
Cariplo Foundation in Mps. Pirelli flies in the wake of Michelin
Mountain of the Shepherdshi- The Board of Directors of the Cariplo Foundation has approved a 10 million euro investment in the capital increase, and other entities could decide on a possible intervention in the next few days. Yesterday, on the last day of trading, rights closed down by 87,5% at €0,025.
Pirelli. Michelin , which presented preliminary data for the quarter last night, beat analysts' expectations. The company cut its cash generation estimates.
Prysmian. Rival Nexans has raised its 2022 EBITDA estimates.
stellantis. Mercedes Benz closed the third quarter with an operating result better than expected.
