In the afternoon, the tension on Milan eased which, after a morning in the red, managed to reduce losses and close the session just below parity (-0,07% to 19.268 points) reinvigorated by the leap of Intesa Sanpaolo which is also celebrating on the Stock Exchange the best nine budget months of the last ten years.
On Ecofin day, the other European Stock Exchanges are also weak on the Italian maneuver, which are looking overseas with one eye: the attention of the markets is in fact concentrated on the United States where the mid-term elections are underway, considered a real referendum on the Trump administration exactly two years after his arrival in the White House.
At the end of the day Frankfurt loses 0,09%, Paris (-0,5%), Madrid (-0,24%). Cade London (-0,89%). The slowdown in the eurozone economy certified by the IHS Markit survey also affects the performance of the continental price lists. The euro zone PMI fell to 53,7 in October from 54,7 in September. It is the weakest performance since the beginning of 2017.
A Wall Street the results of an electoral round are awaited which could change the face of Congress, substantially complicating President Trump's life. According to investors, the tenant of the White House could lose control of the Chamber, while maintaining the majority in the Senate. But investors in New York are not forgetting the Federal Reserve either, which postponed the start of its two-day meeting by one day, at the end of which rates should be confirmed at 2-2,25% on Thursday. In this context, the Dow Jones and the S&P 500 are both up 0,3%. The performance of the Nasdaq (+0,28%) was similar despite the sharp decline of the Marriott hotel chain (-4,8%) which was unable to satisfy analysts' estimates with its quarterly turnover.
The wait for the outcome of the US vote also conditions the trend of dollar: the exchange rate with the euro is at 1,1416. Go down the Petroleum: Brent at 72,12 dollars per barrel (-1,44%), Wti at 62,19 dollars (-1,44%).
Returning to Italy, the Minister of the Economy, Giovanni Tria, returned to Rome, leaving the Ecofin early, at the end of which the Austrian Minister of Finance, current president, Hartwig Loger summed up the position of those present: "All 'Italy has been asked to be constructive and we expect there will be some movement”. In the morning, however, the number one on via XX Settembre tried to send a reassuring message to the markets in view of November 13, the day on which Italy should bring a "new" Maneuver to Brussels: "There are naturally some disagreements but what it doesn't mean that we can't have a constructive dialogue,” the minister said in the morning. However, his words did not alleviate the nervousness about Italian government bonds with the spread recovered at the end of the session to 299 basis points from 290 yesterday and the yield on the ten-year BTP rose to 3,422% (+3,2%).
In Piazza Affari the attention is all for Intesa Sanpaolo (+1,28%) which engages fifth gear in the afternoon in the slipstream to the publication of the accounts: in the quarter the net profit of the bank led by Carlo Messina grew by 28,2%, bringing the result for the first nine months to over 3 billion euro. By virtue of the results achieved, the CEO confirmed the targets for 2018, promising shareholders "very generous dividends".
The banking institutions that will be busy publishing the accounts for the first nine months in the next few days have been challenged: Bper (-0,74%), Ubi (-0,61%), Bpm bank (-0,9%). You save Unicredit, which closed up 0,6%.
Today's best headline is though Campari which earns 3,65% despite the decline in sales in the first 9 months of 2018. Investors appreciated the gross profit figure, which stood at 249 million, up 4,7%. On the shields Mediaset (+2,38%) which exercised the put option to sell the company R2, the Premium operating platform, to Sky. Well too stm (+ 1,28%) and Italgas (+1,77%.
On the other side of the fence it is red again Classic Ferrari for sale (-2,13%) the day after the quarterly. In the galaxy it goes down too Cnh (-1,17%), cautious fca (-0,22%). Among the worst Saipem (-2,08%), Buzzi Unicem (-1,83%) And Pirelli (-1,26%).
