The apparent e partial course correction of the government on the manoeuvre economy encourages Piazza Affari which closes positive, +0,84, 20.736 points. Banks are on the upswing, with the exception of Bper (-1,3%) thanks to the spread down: the 3,31-year yield falls to 283.00% and the differential with the Bund to 4,52 points (-300%), after exceeding XNUMX points yesterday.
For now, there is nothing certain about the maneuver and an update note to the Def has not yet been published. However, starting at 18 pm, a new summit should be held at Palazzo Chigi and the overtures of executive representatives were enough to induce the European Commissioner for Economic and Monetary Affairs Pierre Moscovici to underline that: "the fact that there has been a revision of the trajectory of the deficit compared to the initial indication is a sign that the Italian government understands European fears”. In the face of pressure from the markets and from Brussels, consideration is being given to reducing the deficit/GDP ratio from 2,4% in 2019 to 2,2%-2% in 2020/2021.
The slight improvement in the climate also warms up the other continental lists, with the exception of Frankfurt which is closed for holidays: Paris +0,43%; Madrid +0,7%; London +0,48%; Zurich + 0,97%.
Wall Street opens higher and the Dow Jones updates its highs again. Financial and technological stocks are in cash, while bonds are losing share, with the yield on T-Bonds rising (over 3% on ten years). Even the dollar recovered ground after a morning in which the euro prevailed. At the moment the single currency is slightly below yesterday's close, in the 1,152 area. The greenback is also supported by data from the ADP employment report, pending the official payrolls due out on Friday, which are important for measuring the depth of the US economy and therefore the probability of a further Fed rate hike in December. The private sector jobs created in September would be higher than forecasts: 230 against the estimated 185. A speech by Governor Jerome Powell is also expected for the second day in a row, at 22 pm Italian, while the Federal Reserve policymaker, Charles Evans, argues that raising interest rates to a "slightly restrictive level" of 3 or 3,25, XNUMX% would be consistent with the strong US economy and its rate of inflation.
On the raw materials front, the Petroleum is uncertain, after the worst-than-expected US weekly inventories data. Brent crude rose by 0,34% to 84,64 dollars a barrel; Wti flat at $74,06. Gold down slightly, back below 1200 dollars an ounce.
Today's best blue chip is in Piazza Affari Recordati, +3,65%, which could target possible acquisitions. Press rumors speak of a request for financing lines for around 500 million euros for this purpose.
Also in the light Azimuth, + 2,9%, Leonardo +2,79%; Cnh +2,74%; A2a +2,63%. On the sales side, the worst stocks are Luxottica -0,91% (in line with the post-merger EssilorLuxottica holding in Paris -0,9%); Moncler -0,8%; fca -0,7%; Finecobank -0,22%. Among the banks the only negative is Bper -1,3%. The best is Bpm desk, +2,13%, on which Berenberg raised the recommendation to hold.
Outside the main price list, we report the recovery of Creval, +5,16% which, writes Reuters, "obtained from the MEF the Gacs State guarantee on the senior tranche of the securitization of bad loans for a total of 1,6 billion gross, thus completing the entire process of the derisking operation called 'Aragon '”.
On the rise Astaldi, +3,51%, but this is a rebound compared to the heavy losses in recent sessions.
Subdued debut finally on the London Stock Exchange for Aston Martin, the car company made famous by agent James Bond. The shares closed down 4,74% from their £19 offering price to £18,10. A highly anticipated IPO, if only because it is the only car company listed in Great Britain.
