The ballet of the markets continues, on the rising note of inflation and the falling (but still high) note of manufacturing. The week ends in the red for European stock markets and October begins where September left off, with stock markets volatile due to uncertainty about prices and the action of central banks. Frankfurt loses 0,7%, Aamsterdam 0,68% and, continuing in this negative ranking, Milano -0,27% Madrid -0,02% Paris -0,04%. Outside the eurozone London -0,82%.
Overseas it moves on a roller coaster Wall Street, sung at the start in the wake of the news of an antiviral from Merck that reduces the risk of hospitalization and death from Covid by 50%, with the share of the pharmaceutical company dragging the Dow Jones. The New York indices run below and above the parity, perhaps worried by Fitch's ratings on the stars and stripes debt. The agency said bipartisan confrontation over raising the federal government's spending ceiling could put pressure on the US's "AAA" credit rating. President Joe Biden has signed an act that allows the government to be financed until December 3, but Republicans and Democrats in Congress continue to fight over the possibility of raising the limit beyond $28.400 trillion to avoid a default.
From the macro front, it should be noted that US consumer spending increased beyond expectations in August, while the index for personal consumption expenditure, the Federal Reserve's reference indicator for inflation, maintained its upward trend. the PCE on inflation in September rose by 0,4% on a monthly basis and by 4,3% on an annual basis, confirming its highest level since 199. The rise in prices is reflected in Europe, as already seen yesterday in some countries. Consumer price inflation in the 19 countries that share the euro rose to 3,4% year-on-year in September, from 3% a month earlier and is the highest since the height of the global financial crisis in September 2008. “We believe there is a high probability that this inflation is less transitory than all central banks, including the European Central Bank, suggest,” says BNP Paribas economist Luigi Speranza.
Faced with rising inflation, there is the fact that the growth of manufacturing, in the bloc's area, while remaining strong, slows down in September. Given that 50 is the line that separates contraction and expansion, the eurozone manufacturing PMI drops to 58,6 (from 61,4 reached in August), the lowest since February. The Italian data is declining, but higher than expected, 59,7 from 60,4 in August; the German one goes to 58,4 from 62,6, the lowest for eight months.
In this context the dollar it slows down slightly and the euro rises slightly, but still below 1,16.
Commodities are little moved, while bond purchases are back. The prices of T-Bonds are on the rise, with the 1,5-year yield falling below XNUMX%.
The Italian secondary school also closed slightly: lo spread between Btp and 10-year Bund at 104 basis points (-0,55%); the yield of the Italian bond is +0,82%, that of the German bond -0,22%.
As far as shares are concerned, there is a certain rotation in purchases in Piazza Affari. It towers over the Ftse Mib, bank Bper +2,41%, which dances almost alone in a predominantly negative sector.
To tell the truth remains on the shields too Mediobanca +0,96%, the fulcrum of great maneuvers that have the ultimate goal Generali +0,11%, which in today's board of directors "verified the effective absence as of today of provisions or supervisory recommendations impeding the distribution of the second tranche of the 2019 dividend, which will be payable starting from 20 October 2021. The shares will be traded without the right to a dividend starting from 18 October 2021, with the date of entitlement to receive the dividend on 19 October 2021".
Banca Mediolanum it appreciates by 1,6%, confirming the distribution of a dividend of 0,75333 euro and will also be able to evaluate, where all the envisaged conditions exist, the distribution of an interim dividend in the fourth quarter of 2021, based on the economic results defined in the end of the third quarter.
Same decision for Unipol (+1,03%), whose shareholders' meeting approved the distribution of part of the extraordinary reserve of existing profits, through the payment of a dividend of 0,28 euro for each ordinary share having the right, for a total of approximately 201 million euro .
Two utilities that were heavily penalized in recent sessions, such as Terna +1,76% ed Enel + 1,17%.
Red is on for farma and auto: Diasorin -3,42%; Cnh -3,13%; Recordati -1,81%; stellantis -1,54%. Among the financial loses Finecobank -1,75%.
Out of the main basket closes a good run Autogrill, +7,61%, after the increase in estimates for the current year.
