Europe besieged by Covid and worried by the social and economic problems induced by the new restrictions does not offer positive cues to the financial markets which close another session today with a sharp drop: Milano -1,53%, back to a one-month low at 18.654 points; Frankfurt -1%; Paris -1,8%; Madrid -2,2%; London -1,1%. The climate is also nervous a Wall Street, where the indices are contrasted, Il Dow Jones loses 0,5% after yesterday's crash, but the Nasdaq 0,5% salt. On the other hand, the pandemic situation is as negative in the US as it is in Europe and the elections are looming without Democrats and Republicans having found an agreement on the new aid plan. Even the vaccine disappoints: the results on phase 3 of the anti-coronavirus by Pfizer (-1,6%) in fact, they will not arrive as Donald Trump had hoped for by November 3rd. On the other hand, house prices continue to rise in the USA: according to the Standard & Poor's / Case-Shiller index, the figure for the twenty largest cities rose in August by 5,2% on an annual basis, after +3,9% of the previous month.
In such a particular situation, China, largely free from the pandemic, is also taking center stage on the markets thanks to Ant, the company that manages the digital payments of the Alipay app and is headed by Jack Ma, the billionaire founder of Alibaba. The initial public offering for the debut on the Hong Kong and Shanghai stock exchanges is a success for the "ant" which closed reservations for Hong Kong shares even a day early, with subscriptions of 17,2 billion dollars on that list (according to Reuters sources).
Europe currently has open wounds, but at least the first funds allocated in response to the health emergency are starting to arrive: the EU Commission has in fact disbursed a total of 17 billion euros to Italy, Spain and Poland in the first tranche of financial support to the Member States under the sure tool. As for the Next Generation Eu 'package', Commissioner Paolo Gentiloni then observes that "more can be done to respond to the economic emergency due to the second wave of the pandemic without however calling into question what has already been decided".
Among the raw materials, the Petroleum: January 2021 Brent contract up 1,74% to $41,52 a barrel; while Texan crude (December 2020) gains 2,3%, still below $40 (39,42). Gold wakes up, rising by 0,3 to 1908,6 dollars an ounce.
On the currency market, theeuro dollar, with the change standing around 1,182.
On Piazza Affari, the losses on banking and industrial stocks weigh above all. Italian banks have taken the road of sales despite the return to profit in the third quarter of Santander (-1,33% in Madrid) and the good performance of Hsbc (+3,4% in London) with the accounts better than forecasts, which had supported the sector in the morning.
The black jersey is up to Bper, -6,25%, after the early conclusion of the stock exchange offer of the option rights not exercised during the capital increase. The sitting budget is also heavy for Unibelievet -3,94%; Banca Mediolanum -3,35%; Mediobanca -2,63%, the latter on the day of presentation of the quarterly report, with a net profit down by 26,1%, but above market expectations (200,1 million, against forecasts of 140). Piazzetta Cuccia also announced that "in the light of the recent EBA provisions and the uncertainties of the period" it will abandon the dividend target in absolute value and return to a payout indication.
And again on the dividend front, the ECB's Supervision will decide on the removal of the recommendation not to distribute the coupon only after having available the new macro estimates, on 10 December. This was stated by the president of the Supervisory Board of the European central bank Andrea Enria answering a question in the hearing before the Econ Commission of the European Parliament.
New collapse for Ps, -5,08%.
Among the industrial stocks, the declines of Pirelli -4,51% and Leonardo -4,2%.
Purchases reward on the other hand Campari, +1,7%, thanks to the performance of the first nine months of the year better than forecasts: in the third quarter revenues rose by 12,9% and in the nine months they fell by 2,8% to 1,28 billion , but still exceeded estimates by 1,23 billion.
Bene Finecobank + 2,04% Inwit + 1,36% Diasorin + 1,06%.
The bond is stable: lo spread between 10-year BTPs and Bunds with the same duration, it rises to 131 basis points (+0,86%), with rates slightly down (0,7% for the Italian ten-year).
On the primary side, the Treasury today auctioned 750 million euro of indexed BTPs maturing in May 2026, at a gross yield of -0,15%. Requests amounted to 1,164 billion euros. The Ctz is also being issued, maturing in September 2022 with a yield of -0,265% for 2,5 billion euros.
