Business Square opens the week with a fractional decline, -0,46% (25.930 points) weighed down by the collapse of Mediobanca (-3,19%) and of Enel (-2,47%), in a contrasting European context and with Wall Street showing little movement due to the festivities of "Columbus Day and Indigenous Peoples Day", with the Nasdaq which however on the eve of the quarterly reports tries to recover (+0,3%). Bond market closed.
The oil rally contributes to disorienting the price lists, which on the one hand rewards the stocks connected to it, on the other penalizes the companies forced to pay more and more for energy, while starting from Wednesday we will see how the quarterly accounts are going of large US companies, starting with the banks.
On the foreign exchange market, theeuro-dollar in area 1,1575. Black gold futures are currently up around 2%: il Brent it moves close to 84 dollars a barrel, while the WTI trades around 81 dollars. In China, thanks to the floods that caused the closure of the mines, futures on coal are at new highs.
The increase in raw material prices therefore continues to weigh on inflation and fuel doubts about the transience of this trend and the consequent behavior of central banks. Also today in Europe the governor of the Dutch central bank and member of the ECB governing council Klaas Knot invited investors not to underestimate the risks of inflation that could lead Frankfurt to tighten monetary policy, while the chief economist of Eurotower Philip Lane observed that “calibrating the volume of asset purchases plays an important role in ensuring that the monetary stance is accommodative enough to achieve the timely achievement of our 2% inflation target over the medium term”.
In this context, yields on government bonds in the area are rising: the 0,91-year BTP reaches +0,17%, while the Bund rises to -XNUMX%, with the spread up slightly to 108 basis points.
All while Istat reports that, in the month of August, Italian industrial production decreased at the economic level (-0,2%), even if it grew by 1,1% on a quarterly basis. Intesa Sanpaolo sees Italian industrial production slowing down also in the fourth quarter, with the baton of growth passing to services.
On the other hand, the bottlenecks in supplies are holding the bite to the recovery and not only in Italy. For example the British online fashion retailer ASOS The stock lost nearly 13% today as higher logistics costs and supply chain disruption weigh on 2022 profits, which could fall more than 40%, according to outgoing chief executive Nick Beighton.
The collapse of the title did not fold London, which archives a session up by 0,68%. Slight progress too Amsterdam +0,23% and Paris +0,16%. With Milan, however, they close down Frankfurt -0,09% and Madrid -0,66%.
On the Ftse Mib of Piazza Affari, oil stocks such as Tenaris +2,38% and Saipem + 0,75%. Eni gains 1,25% and regains 12,006 euros per share, returning to pre-pandemic levels. On the six-legged dog stock, Equita raised its estimates for 2021 and 2022 in light of the rise in Brent and gas prices, bringing the target price to 13,5 euros (+4%) and confirming the 'buy' judgment.
Well the car with Ferrari +1,36% and stellantis +0,91%, which will announce the third quarter numbers on 28 October.
The session is negative for banks and utilities.
In the first sector, the most affected by sales are Mediobanca e Bpm bank -2,3%. Off the main list, however, it goes into orbit Banca Carige + 9,33%.
Among other financial stocks Generali it appreciated by 0,53%, after the Fitch agency revised the outlook on the Lion of Trieste upwards, bringing it from "stable" to "positive". The experts confirmed both the company's Insurer Financial Strength (IFS), i.e. the rating on financial solidity, which corresponds to "A-", and the Issuer Default Rating (IDR), the rating on creditworthiness, which remains “BBB+”.
Among the utilities, the thump of stands out Enel, which probably suffers from the removal of the title from Blackrock's iShares S&P Global Clean Energy, the ETF that aims to replicate the performance of the S&P Global Clean Energy index which brings together the main listed shares of companies operating in the energy sector on a global scale 'clean energy.
Leaving the perimeter of the Big Caps, Dry (+4,55%) closes a session up following the announcement this morning of a binding agreement to acquire 100% of the German Garz & Fricke Holding.
Tod’s it lost 0,74%, not affected too much by the change at the top announced on Friday after the markets were closed, with the announcement of the farewell of the CEO Umberto Macchi di Cellere and the powers assumed by Diego and Andrea Della Valle. The figure of a third managing director has been canceled and that of the general manager has been introduced, who will be Simona Cattaneo, with a curriculum in the luxury sector.
