The stock market engine is now running at full speed and Piazza Affari is first in Europe, with the banks in great shape, Mps is stellar, +22,18%. The automotive sector instead takes off with Ferrari (+6,81%). The price lists: Ftse Mib +2,56%, Dax 30 +1,93%, Ftse 100 +1,7%, Cac 40 +1,91, Ibex 35 +1,45%. The spread of the Italian 155.50-year bond falls to 2,39 points, -XNUMX% compared to the Bund.
Even Wall Street is once again optimistic and the three main listings, at launch, record increases well in excess of one percentage point. For the S&P 500, this is it first day up after nine straight downs, the longest negative time series since December 1980. Markets cheer for the "acquittal" of Hillary Clinton by the FBI. The candidate deemed most reliable returns to the lead in the polls and everyone celebrates a day before the elections: the Asian, European and American stock exchanges. The dollar appreciates against the main currencies and gains 0,44% against the euro, while gold falls by 1,83%. However, some analysts, burned by Brexit, warn against toasting too soon.
In any case, in Milan, the good news comes not only from across the ocean, but also from home companies.
Mps, always up and down in recent weeks, scores the best performance (+22,18%) and in its wake Mediobanca leaps by 4,32%. The whole banking sector shines: Intesa San Paolo +5,88%, thanks to the excellent quarterly accounts; the CEO Carlo Messina was beaming: we are "among the most efficient banks in Europe with a cost/income ratio of less than 50% against an industry average of 65%". Unicredit did well, +4,9%, in view of the November 10 deadline for the binding offers for Pioneer, for which, according to Reuters, Amundi and Poste Italiane, but also Ameriprise Financial are in the competition.
The automotive sector roars with Ferrari (+6,77%), which travels to "an Ebitda of one billion" euros "as quickly as possible", according to the words of the CEO, Sergio Marchionne, who announces: the first hybrid of the reds will be launched "in 2019". In the wake of FCA +5,22%, Brembo did well, +4,73%, after the excellent results for the quarter.
Soft debut for Italgas, which loses 0,7%, after the demerger from Snam. The reference price determined by Borsa Italiana is 3,998 euros; closing is at 3,97. Snam achieved an increase of 4,23% (defined reference price 3,78, closing at 3,88 euro).
Finally, the European Central Bank announces that it will intensify the pace of bond purchases, as part of the quantitative easing programme, in the first part of December, before a temporary suspension during the Christmas holidays, between 22 and 30 December, to avoid possible market distortions. Shopping will resume regularly on January 2nd.
From the monthly data on Qe provided by Frankfurt it appears that, in October, the ECB and the Bank of Italy bought Italian public sector securities for 12,323 billion euros, up from 11,808 billion in September. The total number of Italian public sector securities purchased since the beginning of the program thus rises to 188,482 billion. The average residual life of the portfolio goes down to 9,07 years from 9,15 at the end of September.
