Great booster for Business Square, driven by the results of some quarterly above expectations and by the banks, while the others European stock exchanges they travel in negative territory waiting for the US data on inflation, crucial for understanding the Fed's next moves. Meanwhile, the ECB has confirmed further interest rate hikes. With the latest rate hike of 75 basis points, the Governing Council "has made significant progress along the path of removing monetary accommodation" – reads the economic bulletin -. The board has made this decision and plans to raise interest rates further to ensure the timely return of inflation to its target. ECB by 2% in the medium term".
Halfway through the session, Piazza Affari confirmed itself as the best in Europe, with the FTSE MIB which gains 0,50%, continuing the positive series that began last Friday. While the main European lists are all in red: Frankfurt loses 0,23%, London 0,37%. It moves below parity too Paris, showing a substantial drop of 0,72%, Madrid by 0,58% and Amsterdam 0,62%.
On the market you also look at the cryptocurrency earthquake after Binance canceled its plans to acquire the FTX exchange, being at risk of bankruptcy. Bitcoin has come to fall below the threshold of 16 thousand dollars, at its lowest since November 2020.
ECB: "Risks on growth, but rates will continue to rise"
Despite positive signs on the world stage, the ECB signals that economic activity in the euro area “is probably slowed down significantly in the third quarter of 2022″ and expects “a further weakening for the rest of the year and the beginning of 2023″.
The ECB note that the three consecutive hikes have made "significant steps forward" to reduce the monetary stimulus, but rates will have to rise further. And, referring to the commitment to reinvest the government bonds purchased with the pandemic program until the end of 2024, the Bank says it is ready to "adapt all its instruments" if necessary to reduce inflation.
Weak euro: oil falls but gas rises
Il exchange euro Dollar still finds itself hanging in the balance, with the greenback pushing above parity. With a drop of 0,66%, it reaches 0,9947 against 1,0012 in the previous session.
Still weak the Petroleum, with Brent at 92,22 (-0,5%) after the surprise increase in American stocks and fears about demand in China. On the other hand, the gas price which returns above 113,5 euros per megawatt hour.
It holds Piazza Affari thanks to the quarterly reports and the banks
At the top of the ranking of titles we find Telecom Italy which turns positive (+5,02%), after the initial uncertainties. The shares had opened down 4% but quickly recovered and were also stopped in the volatility auction. He runs Poste Italiane (+2,57%) after the third quarter accounts. To tow Business Square there are also banks: Bpm bank (+ 2,56%), Bper (+ 2,26%), Mediolanum (+ 2,16%).
Well with the quarterly also Generali (+1,72%). While shoulder strap Gvs (-19,95% to 3,92 euros) after the accounts. The Bologna-based company – one of the world's leading manufacturers of advanced filtration solutions for the medical, laboratory and automotive sectors – closed the third quarter of 2022 with a normalized net profit of 58,9 million euros (against 59,5 million in 2021).
Among the major stocks the biggest declines are accused by Tenaris which drops 3,12%, followed by Saipem (-2,78%) And Recordati down 2,37%. Under pressure too Ivy (-2,06%).
The spread goes up
Noticeable worsening of spread, which reaches +211 basis points (+4,79%), while the 10-year BTP has a yield of 4,29% and the 2,19-year Bund +XNUMX%.
