Positive start to the week for Piazza Affari (+0,92%), which updates its annual highs to 26.815 basis points and stands out in Europe, after the promotion of sovereign debt by S&P and awaiting the earnings season. The opening bell is also tuned on Wall Street on the day of the accounts of tech giants like Facebook, while Tesla proceeds at a rapid pace towards a capitalization of a trillion dollars, following the fact that Hertz has ordered XNUMX cars from the American company for the own fleet.
The auto sector also shines on the Ftse MIb, with the Agnelli galaxy in great shape. Queen of the day is Exor (+5,81%), after press reports on the reopening of the dossier to get to sell PartnerRe to the French of Covea. I'm in pole position too Stellantis +3,94% e Ferrari +4,1%. Bene Pirelli +2,65%. Oil stocks, in particular, are confirmed in cash Eni +1,66% e Tenaris +2,06% with the black gold showing no signs of fading. Brent gains about one percentage point and trades over $86 a barrel.
Instead, it lands at the bottom of the Milanese price list Unicredit, -1,72%, at the end of a volatile session, in the wake of theinterruption of negotiations with the Treasury for the purchase of Mps(-2,38%). It is the latter that pays the highest price (especially on subordinated bonds) for the failed agreement which brings the problem of the future of the oldest bank in the world back to center stage. According to the European Antitrust spokesperson “it is the responsibility of the Member State to respect the commitments made and to propose ways to do so. It is therefore up to Italy to decide how to exit MPS ownership, taking into account the commitments undertaken in 2017".
The other banks are cautious. Banco Bpm, after an effervescent start, limits earnings to 0,34%. For many observers, the bank led by Castagna is the possible candidate for a merger with the bank led by Andrea Orcel. But the CEO of the latter, speaking to employees, said that the institute's primary objective “is not to carry out mergers and acquisitions: these operations can become accelerators of our strategy, if the right conditions are in place. But our priority is, and always has been, to build solid foundations for our future, bringing out all the value and potential we have within".
Utilities lose share on the back of a string of recent gains: A2a -1,09%; Hera -1,03%; Enel -0,93%.
The secondary closes in green, enhanced by the judgment of S&P, which confirmed the BBB but improved the outlook from "stable" to "positive". The spread between 103-year BTPs and Bunds with the same duration falls to 2,72 basis points (-0,92%) and the BTP rate falls to +0,96% (from +0,11% on Friday), while that of the Bund remains at - XNUMX%.
Germany, on the other hand, is dealing with a rise in coronavirus infections which raises some concerns about the future just as the confidence of German entrepreneurs is declining. In October, the Ifo index stood at 97,7, down from 98,8 points in the previous month of August. This is the third consecutive drop. The index that measures only current conditions is also 100,1, down from 100,4 points in the previous month of September. A sentiment that finds confirmation in the forecasts of the Bundesbank, according to which the German economy is destined to suffer a sudden setback in the last three months of the year, in which the production sector will be in crisis due to the shortage of supplies and that of demand curbing services.
In this context Frankfurt still appreciated 0,4%; they are lukewarm Amsterdam +0,01% e Madrid +0,15%; goes down Paris -0,3%. London marks progress 0,26%.
On the currency market the dollar recovers, in a week that will be marked by data on US growth in the third quarter and by the monetary policy decisions of the European, Japanese and Canadian central banks. The euro traded down about 0,3% against the greenback to 1,161.
In the spotlight remains the Turkish lira which for the third day in a row updated its historic low against the dollar after President Recep Tayyip Erdogan gave the ambassadors of a dozen countries the green light on Saturday, including the USA, France and Germany.
