The quarterly season went well, but inflation continues to run and the growth of Covid cases scares Europe. Also, when the bell rings, Wall Street it started down.
It is therefore not surprising that the continental lists archive a flat or mildly negative session and continue to move within a narrow range, which in any case allows them to trade close to historical highs.
Business Square closed with slight progress, +0,07%, 27.824 points, driven by Ferrari + 3,24% Prysmian + 2,76% Campari + 1,48% stm +1,36%; braked by nexi -4,6% Diasorin -4,15% Amplifon -2,72% General Bank -2,31%.
The climate is similar to Frankfurt +0,02%, on the day Angela Merkel launches the pandemic alarm and speaks of a dramatic situation, with an impressive number of deaths. Siemens Health supports the price list with a leap of 5,56%, due to the increase in objectives thanks to the synergy with Varian, acquired at the beginning of the year.
The same Paris, +0,06%, where purchases of luxury stocks continue. What impresses the most, however, outside the Cac 40, is the leap of Crypto Blockchain Industries (+15,73%), which debuted on the stock market just three weeks ago, achieving a cyclopean boom in this period close to 3000% (from 2 euros per share on 26 October to the current 64 euros). The new push came yesterday evening with the announcement of a first sale of NFTs, i.e. non-reproducible digital works. Cbi presents itself on its website as an "investment company in the blockchain-based space" and as the first French player in this sector. The company develops AlphaVerse, a virtual world (metaverse) based on blockchain technology that will open in summer 2022, in which Atari's cryptocurrency will be used as a payment method. A parallel universe to be understood, which is very exciting the imagination of investors.
Madrid loses 0,47%. It's negative London, -0,49%, penalized by the sterling rally.
Overseas Wall Street moved down in the first hours of trading, in light of not exciting macro data in the construction sector and held back by the super dollar, after the inflation data of the past few days. Visa is the Dow Jones' worst stock, as Amazon has decided to no longer accept payments with UK-issued Visa credit cards since January, because the fees would be too high.
In terms of inflation, confirmation of the price race also comes from Europe, where Eurostat confirms that in October inflation in the euro area rose more than double the ECB's target: +0,8% on a monthly basis, +4,1% on an annual basis. A leap that allows Isabel Schanbel, member of the executive committee of Eurotower, to observe the ECB must be ready to bring inflation under control if the rise in prices proves to be more lasting than central bankers' expectations.
At the same time, inflation is also growing in Great Britain, where it reaches a ten-year high: +1,1% consumer prices in October, month on month, and +4,2% per year.
In Canada, on the other hand, last month's pace was the fastest for 18 years: +4,7%. The cost of energy weighs above all, but undoubtedly these are percentages that make central bankers and those who try to anticipate their moves think.
With a Fed that could decide to act on rates sooner than expected the dollar continues to strengthen, although the greenback index looks relatively calm today. L'euro i weakens and the exchange rate moves around 1,13. The pound is on the move, continuing an acceleration that was already seen yesterday, with the exchange rate up on the dollar by around 0,3%, around 1,346.
The race starts againgold: +0,7% spot gold, 1864,30 dollars an ounce.
Instead, move back Petroleum, intimidated by the recovery of the pandemic and by fears of excess supply: the WTI trades below 80, around 79,2 dollars a barrel (-1,8%); Brent $81,25, -1,5%.
We have already mentioned the main increases and decreases among the blue chips of Piazza Affari.
It should be noted that a report by Morgan Stanley contributed to putting a little petrol in Ferrari's engine, which confirmed the "overweight" valuation and raised the price target from 265 to 350 dollars, which implies a potential increase of 35 %.
Diasorin's thud is instead to be attributed in part to the relegation of Kepler-Cheuvreux which cut the rating from buy to hold and the target price from 225 to 203 euros.
Among the banks today stands out Unicredit +0,52%, after a report by Jefferies analysts, who consider the bank in Piazza Gae Aulenti one of the two "top picks" (the other is BBVA) among Southern European banks. Jefferies also raised the target price from 13,40 to 14,65 euro, confirming the buy opinion.
Stay positive Telecom, +0,18%, after the gains of the last two sessions.
In luxury, Aeffe's rally continues +5,56%, while Moncler (-0,17%) gains prevail.
The purchases of Caltagirone do not affect Generali's mood, which remains colourless.
The movements are also contained in the bond market. The spread between ten-year Italian and German returns to 121 basis points (+1,59%), with a rate of the Btp at +0,93% and that of the Bund at -0,28%.
