Luxury and ballast banks Business Square which ends in the dark, -0,97%, 27.521 points, in a European context without compass. Concerns about the increase in Covid infections in many countries are perhaps being felt, while the WHO speaks of a harsh winter awaiting Europe, currently at the center of the pandemic cyclone.
Frankfurt it stemmed the losses and closed in parity, supported by the confidence of German investors which surprisingly rose in November (the Zew index rose to 31,7 points from 22,3 points in October). They are flat Paris and Madrid, while Amsterdam loses 0,3% e London marks -0,36%.
To weigh negatively in the afternoon contributes the out of tune start of Wall Street, after the highs updated yesterday. Tesla is in heavy reverse for the second day in a row, with the promise of CEO Elon Musk to sell 10% of his shares, following the result of a poll launched on Twitter; on the other hand, General Electric rises and will split into three companies starting from 2023. Investors go to the New York Stock Exchange on the eve of the October consumer price data which will tell how high the inflation fever is. For now, production prices released today are in line with expectations, but decidedly sustained: +0,6% compared to September, +8,6% compared to a year ago, the largest increase ever seen since these statistics.
Against this backdrop, the dollar index recovers its losses and moves in parity. L'euro traded against the greenback in the 1,158 area.
The prices of the teaUS Treasury bonds appear to be rising, while yields are falling. The 3,5-year benchmark rate fell by around 1,443% and hovered around XNUMX%. Investors weigh the macro data, but also take into account the possible change of guard at the top of the Fed and with the alarm on the growth of riskier asset valuations, launched on Monday by the US central bank. In the financial stability report, among the dangers indicated by the Fed, there are the tensions in the Chinese real estate sector (starting from the collapse of Evergrande) which "pose risks for the US financial system". Also pay attention to digital currencies, which continue to move close to all-time highs, in particular Bitcoin and Ethereum.
Among the raw materials is flat thegold, while the Petroleum travel up. Brent appreciates by 0,8% to 84 dollars a barrel.
Returning to Milan, in a week full of quarterly reports for the Milanese square, the discounts are driven by Moncler, -3,14%, penalized by a Goldman Sachs report which cuts the estimates of global sales of big names due to fears about Chinese demand and downgrades the title of the queen of duvets to "sell" from "neutral" (the same for Hermes).
The climate is not even favorable to Ferrari which loses 2,12% after the new highs recently reached. They slip nexi -1,99% and Atlantia -1,98%.
Among the banks, red is brightest for Bpm bank -1,97%, even if HSBC revised the target price upwards to 3,5 euros. Same for Bper (-0,29%), to 2,8 euros.
Unicredit loses 0,84%%, after announcing the sale of the entire remaining stake in Turkey's Yapi Kredi. The transaction will generate a negative impact on the income statement of approximately 1,6 billion, but the effect on capital will be moderately positive. “In view of the new business plan which will be presented on 9 December, the operation is consistent with the strategy of simplifying the group structure and optimizing the allocation of capital”, underlines Equita in the daily. HSBC raised the recommendation of the institute in Piazza Gae Aulenti to "buy" from "hold" with a target of 14,2 from 13 euros.
That's only six blue chips on the rise, as of Amplifon + 1,95% Saipem +1% and Campari + 0,87%.
Ideas on managed savings with General Bank +0,7% and Banca Mediolanum +0,09%, while Finecobank loses 1,82% after the presentation of the quarterly.
The closing is stable for bonds. The spread between the ten-year Italian and German it marks 113 basis points, but rates are down: +0,8% for the Btp, -0,33% for the Bund.
Lastly, the ECB announced that it made purchases worth €15,62 billion over the past week as part of its Pandemic Emergency Purchase Program (PEPP). The figure is up sharply compared to the 8,2 billion of the previous week.
