European stock markets recover ground after yesterday's slide and close higher, while Wall Street, fluctuating in the first few minutes, tries to rebound on the day in which the important Fed meeting kicks off, which will end tomorrow and which will be able to say something about the times of tapering and on US economic forecasts to 2024.
Milano it appreciates by 1,22% to 25.353 points, in line with Frankfurt + 1,41% Paris + 1,5% Amsterdam + 1,03% Madrid +1,19% and London + 1,13%.
The case Evergrande, the risk of bankruptcy of the Chinese real estate giant, which caused a wave of global sales yesterday, is certainly not archived, but the fever appears to be decreasing given that the president of the Chinese giant has guaranteed that all savers will be reimbursed. Waiting to know the developments of the situation and see if Beijing will contribute to stem the defeat, as Hong Kong seems to believe (today timidly optimistic with a closing up by 0,51%), the European stock exchanges focused on a more robust than expected, also estimated by the OECD. The improvement for the eurozone this year is a full percentage point (+5,3%) and the economy will be more vibrant by 0,2% (at +4,6%) in 2022 as well. For Italy the estimated rebound for the current year is +5,9%. (The Spanish Central Bank also raises its growth estimates for the Iberian peninsula, given that the trend in the third quarter is similar to that of the second).
By updating its global outlook, the OECD also recommends prudence to governments and central banks: it is too early – it maintains – for them to withdraw the exceptional support granted to economies despite the peak in inflation.
These are precisely the assessments that the FOMC will be faced with in these two days: galloping inflation, but probably transitory at this rate and employment which, despite "clear progress", is not yet at optimal levels (especially in the light of the latest data) . Furthermore, many unknowns weigh on the future, as demonstrated by the Black Monday that shook the markets, taking into account the fact that the pandemic has not yet been eradicated. According to an analysis by Intesa Sanpaolo's Studies and Research Department, the current Fed meeting will be a watershed for US monetary policy. The Committee should officially open the discussion on the reduction of securities purchases, without, however, giving precise indications on the ways and timing of tapering. The breakthrough for the purchasing program is expected to be discussed in September, announced in detail in November and launched in December.
In short, there still seems to be some time ahead. In this context the dollar stays in the window against other currencies. L'euro trades on yesterday's levels in the 1,172 area. The prices of T-Bonds are contrasted (after yesterday's strong increases, linked to the search for a safe haven in the face of the uncertainty created by the Evergrande case) and gold appreciates. Spot gold gains about 1% and moves around 1781,50 dollars an ounce.
With the opening of the US markets, the Petroleum, which soon finds its way up both with Brent contracts and with US crude oil.
The sector is also animated by news from Royal Dutch Shell, which is very lively in London. In fact, the company has agreed to sell all assets in the Permian Basin, the most active oil field in the United States According to Bloomberg, the giant also estimates that production from two of its main plants in the area will not resume until the new year, due to a loss of 300 barrels per day.
In the wake of a positive session, the securities of the sector in Piazza Affari, in particular Saipem +3,22%, which signed a memorandum of understanding with Saudi Aramco aimed at exploring the possibility of establishing a new company in Saudi Arabia for the execution of engineering and construction activities in the industrial sector.
At the European level, the psychedelic debut of Universal Music Group, which recorded a mid-session rise of 38% in Amsterdam on its first trading day. Instead, the owner's shares were sold with both hands in Paris Vivendi, which spun off the major American producer, among others, of Lady Gaga.
Returning to Piazza Affari, the biggest increases of the day on the main list, in addition to Saipem, are for amplifier +4,89%; Post +2,84%; Finecobank +2,83%. The banks are positive after the declines on the eve.
Effervescent Generali, +1,52%, while the “Del Vecchio-Caltagirone” pact is approaching the share of the first shareholder of the Lion, namely Mediobanca. In fact, Francesco Gaetano Caltagirone still raked in Generali shares on the market, rising to 6,27% of the company's capital, if we also consider the shares held in Acqua Campania, an associated company that bought up the stock at the beginning of September. In this way, the pact established by Delfin (Leonardo Del Vecchio) and the newly entered Fondazione CrT reaches 12,43%, ever closer to the 12,93% of the first Mediobanca shareholder.
In red are only three blue chips. The biggest losses are borne by Telecom .
stellantis loses 0,16%. Today is the news that Mike Manley on November XNUMX will leave the role of 'Head of Americas' of the group to assume the position of CEO of AutoNation, the largest American car dealer, based in Florida. In a note, Stellantis clarifies that Mark Stewart (Chief Operating Officer, North America) and Antonio Filosa (Chief Operating Officer, South America), both members of the executive committee, will henceforth report directly to CEO Carlos Tavares.
Very slight discount for Tenaris -0,02%.
Cala lo spread: 101 basis points (-1,92%), with the BTP rate down to +0,68% (from +0,72%).
