Piazza Affari starts the week in contrast with the other European price lists: among the main ones, the FTSE is the worst and the only one together with Frankfurt in negative territory. In the end it closed with a loss of more than half a percentage point, at 19.295,83 points. While the other Stock Exchanges are wary after the start of US sanctions against Iran (which, however, "save" some countries including Italy, as regards oil imports) and awaiting the important midterm election on Tuesday 6 November in the States, two burdens weigh above all on Milan: first of all yet another clash on the Italian manoeuvre to the Eurogroup, which is only the prelude to another one meeting of Minister Giovanni Tria scheduled for Tuesday for Ecofin. "We are awaiting an answer by November 13, and I hope we will have an answer," said the European Commissioner for Economic Affairs, Pierre Moscovici, criticizing the Italian measure once again. Tria's mediation has not yet completely reassured the markets, given that the exponents of the majority have already repeatedly said that the budget law, which will increase public debt without significant impacts on growth, will not change one iota.
Then the bad day of the banks, last Friday, also weighs on the Ftse Mib promoted by the Eba exam (apart from some smaller institutes including Carige) but today below the critical lens of Goldman Sachs. The US broker points the index on the drop in profits, the higher funding costs and the progressive expiry of the ECB's (four-year) Tltro loans, which ensured the Italian system significant funding at very low costs. Among the worst stocks Bper -3,4%, Banco Bpm -2,14%, Intesa Sanpaolo -1,51%, Unicredit -1,8%. The Btp Bund spread, however, regained its breath and fell below 290 basis points. The price of oil continues to rise: Brent is now at 74 dollars a barrel, Wti at 64. Saipem and Eni benefit from this, in contrast with gains of 1,28% and 0,6% respectively. Among the energetics in positive territory too Snam +0,84%, which presents its new industrial plan on Wednesday 7 November in San Donato. The best stock is Campari +1,56%, FCA also does well +1,2%. On the other hand, the other industrialists suffer, among the worst in the Ftse Mib with Stm losing almost 4%, CNH Industrial and Brembo losing more than 2%. The euro appreciates against the dollar and breaks through the threshold of 1,14.
The session on Wall Street began in a mixed way. The Dow Jones Industrial Average and the S&P 500 opened slightly higher for the fourth time out of five while the Nasdaq Composite is down for the second time in a row due to the weight exerted by tech stocks and in particular by Apple (-2,2 %): The iPhone maker continues to suffer on last week's disappointing outlook coupled with a record year. The group has also raised concerns about the performance of the iPhone, which will no longer provide the number of units sold. Capitalization has fallen below the one thousand billion dollars won last August 973,6nd (worth XNUMX billion). Investors are at attention on the eve of midterm elections with which the Democratic party could regain control of the House while the Republican one will almost certainly retain control over the Senate. We then look at the Federal Reserve meeting which this week should leave rates at 2-2,25%.
