The major indices of Borsa Italiana and the main European financial centers started the week with a good rise.
Sul bond front watch out for the opening of the offer for the new BTP Italy at six years old. While on the equity side, the leap of Saipem e Terna besides Atlantia and Eni.
In the Eurozone, industrial production rises beyond expectations. Panetta (ECB): tight yes, but not too much
- In the morning, the data on the industrial production in the Eurozone, climb beyond expectations in September 2022. According to reports from the Institute of Statistics of the European Union (Eurostat), output recorded an increase of 0,9% on a monthly basis after +2% in August (data revised from a preliminary of + 1,5%). The figure is better than market expectations which were for a 0,3% increase.
- The member of ECB Governing Council, Fabio Panetta, speaking in Florence at a conference on the theme “Finding the Gap, underlined how the monetary policy must be tightened to ensure that inflation does not become entrenched, but “in the light of the progress already made in adjusting our political stance, aggressive tightening is not advisable".
- Francois Villeroy de Galhau, governor of the Banque de France, and Joachim Nagel, president of the Bundesbank, have stated that it is necessary to accelerate the Market Union project of EU capital (in English Capital Markets Union) to finance the "green and digital transformations" of the Old Continent.
On the currency market, the exchange rate between euro and dollar remains on Friday night's positions at 1,032. In the last eighth the single currency recovered almost 4% to the greenback on the prospect of a Federal Reserve less aggressive on rates as early as the December meeting. The same movement involved the exchange rate between pound and dollar which at the start of the new week remains at 1,1770 (from 1,1763). Dollar/yen at 139,44 (139,15), euro/yen at 143,85 (from 143,7).
Bad day for oil, with the Brent trading down 1% to $95,07 a barrel, and the WTI which loses 1,2% to 87,86 dollars per barrel.
Il bitcoin it is confirmed above $16.500, after having touched an intraday low of $15.807. The currency is under scrutiny after the news over the weekend of the bankruptcy of Ftx.
Lo BTP-Bund spread it returned to 205 points, with the yield on the ten-year BTP falling to 4,15%.
Halfway through the session FTSE Mib it is up 0,4% to 24.553 points, after fluctuating between a low of 24.512 points and a high of 24.650 points. The FTSE Italia All Share gains 0,36%. Minimum changes for the FTSE Italia Mid Cap (-0,01%) and for the FTSE Italia Star (+0,28%).
Positive European markets
The European stock markets start up again after a brilliant week (+4,9% for the Eurostoxx50) with attention to the recovery of the Chinese economy, amidst measures to support real estate and fewer anti-Covid restrictions, and at the Bali between Joe Biden and Xi Jinping.
Business Square, which has risen by about 18% in the last month, is the best with an increase of 0,67% in the Ftse Mib while Frankfurt and Amsterdam gain half a percentage point, London, Madrid and Paris 0,3%. Just to Paris fly Kalray thanks to an important contract with a big US technology company, which remains anonymous. Shortly after 11 am, the shares of the French company of high-performance processors rose by 23,3% to 20,45 euros. Kalray announced that he has signed 'a key contract with a world leader in the high-tech sector, listed on the Nasdaq, which in 2021 achieved several tens of billions of dollars in revenue with a market capitalization of over one hundred billion dollars. In the last month the Eurostoxx has risen by more than 14%.
In Piazza Affari the reopening of the Atlantia takeover bid stands out
The shares are on the rise Atlantia lining up al price of the takeover bid in view of the extra time starting next Monday. The shares are brought back to the price of 23 euro, equal to the price of the public purchase offer with an increase of 1,16%.
Enel (+1,11%) leads the rise in utilities, but the news regarding it stands out Eni (which shares at 14,34 euros, up 0,45%). It departed from the Coral Sul Flng rig off the Rovuma Basin the first shipment of LNG to Europe. Descalzi: «New and important step».
Terna (+0,13%). The managing director, Stefano Donnarumma, in his speech at the University of Salerno to present the launch of the master's degree within the Tyrrhenian Lab, he said that the EU could also soon approve the connection with North Africa and this would open up a very important scenario in the North-South direction”. Terna's project provides for an electricity connection between Italy and Tunisia through an underground cable to connect the two shores of the Mediterranean.
Saipem (+3,73%). A very positive day for SAIPEM, with a favorable premise for a short-term upward trend following the upgrading of JP Morgan.
Leonardo (+2,88%). Rheinmetall-Expal Systems deal rekindles appeal for i defense titles who did not participate in the recovery of the price lists of the last few weeks: in Piazza Affari Leonardo it rebounds by 2,5% and looking at the other listings, there are several titles in the sector that stand out with Thales which scores +2,7% in Paris, Bae systems +2,6% in London, Hensoldt +2,9% in Frankfurt. Over the weekend, the German group Rheinmetall (+3,7% on the list) announced the signing of a purchase agreement with the Spanish Maxam for the activities of Expal Systems
Telecommunications. Alessio Butti, undersecretary to the Prime Minister, in his speech at the Asstel conference, said he was concerned about the timing of investments in telecommunications within the Pnrr, both for the so-called "grey areas" and for the Italy 5G Plan. As regards the 1 Giga Italy Plan, the goal declared in the Pnrr by former minister Vittorio Colao was to cover a further 1 million residential units with 8,5 Giga networks, 450.000 of which are scattered houses, but Butti says that the plan is wrong.
Well the bankers. Banco Bpm's +1,7% stands out: in an interview with Corriere Economia the CEO Castagna confirmed that the group is not interested in mergers and in particular not in Mps. Unicredit rose by 1,6% and Bper by 1,4%.
The offer has started today of the BTP Italy number 18, the second since the beginning of this year. The titles on offer with a duration of six years, will return to subscribers Italian inflation plus a real coupon currently indicated at 1,60%, less a possible increase on Thursday before placement with institutional investors. Shortly before 13 pm, i.e. a few hours after the start of the placement, demand exceeded 2 billion euro, while the first target of 1 billion euro was passed around 10.30.
