Stock markets were euphoric this Tuesday, with European stocks boosting yesterday's rally and Wall Street soaring on election day. In the meantime, the dollar weakens and the euro brings the exchange rate back to the 1,172 area. Without paying too much attention to the spreading pandemic and its economic reins, the markets are today focusing on the rebound in oil and on some better-than-expected quarterly results, while Joe Biden's lead in the polls for the White House gives hope for a president more friendly to the EU and in a new US aid plan, for families and businesses, consistent and rapid.
Piazza Affari confirms itself as the queen in Europe and closes with an increase of 3,19%, close to 19 points (18.986). Milan thus surpasses the excellent performances of Frankfurt +2,54%, Paris +2,44%, Madrid +2,48%, London +2,29%. New York is currently recording increases of more than 2%, even if Alibaba (-6,1%) mourns among the stocks, after China's halt to the largest IPO in history: Ant's debut on Thursday at the Shanghai Stock Exchange in fact, it was suspended due to the risk that “the conditions for issuing and registering or the information requirements are not complied with”. The listing process was also stopped on the Hong Kong listing.
Among raw materials, oil makes a comeback, with Brent trading at 40,15 dollars a barrel (+3,02%) and Wti at 38,16 dollars (+3,66%). After last night's surge in prices, linked to rumors according to which the big exporters are considering postponing the production increase scheduled for January, the Opec secretary Mohammad Barkindo, speaking in a podcast with the head of the International Energy Forum, he declared that the cartel meeting at the end of November "will be one of the most important in the history of OPEC" and underlined the producers' intention to "accelerate" the recovery of the oil market: "Demand is improving - he said - and the global economy is also rebounding but at a very slow pace”. The weakening of the greenback also favors gold, which is back above 1907 dollars an ounce.
In Milan, however, gold is tinged with flaming red and has four wheels: its name is Ferrari, +7,06%. The Maranello company presented a better-than-expected quarterly result, with profits up 1% and revised its targets for 2020 upwards. Despite Covid, Ferrari boasts "a record order book" and sees good prospects also for the last quarter of the year, according to the words of CEO Louis Camilleri.
In any case, the prancing horse did not run alone. Pirelli closes in the top ranking +6%; Leonardo +5,49%. The banks were brilliant, following the excellent performance of Bnp Paribas (+6,12%) in Paris, after the accounts: Unicredit +3,91%; Entente +3,93%. Profit taking causes Mps to retreat, -2,41%, after the surge on the eve. According to press reports, the CEO Guido Bastianini is pushing for a recapitalization of up to 2 billion by the Treasury to avoid the institution falling below the capital requirements in the first quarter of 2021. The spotlights are always focused on the M&A hypotheses for the institution Sienese.
Nexi redeems itself, +5,14%, after yesterday's negative reaction to the news of exclusive negotiations with the Danish Nets. Atlantia stands out, +5,11%. Among the oil companies, the best is Saipem, +3,61%, with Goldman Sachs analysts who have improved their opinion on the plant engineering company and are now recommending the purchase of the shares, based on a target price of 2,4 euros. More calm Eni, +2,39%, which lost its first position in terms of turnover in the ranking of Italian industries drawn up by the Mediobanca research area. The collapse in the price of crude oil therefore made the six-legged dog retreat (69,9 billion in 2019 turnover), which had to hand over the scepter to Enel (77,4 billion in revenue). The electric giant rose by 3,31% today on the Ftse Mib. The company with the highest number of employees remains Poste Italiane (+0,95% in today's session on the Stock Exchange).
Among the blue chips, Prysmian recorded a decrease, -0,79%. Brilliant debut for OSAI Automation System at Aim Italia. The share recorded a leap of 25,33% to 1,88 euros, after being suspended due to excessive increases for most of the morning. The shares were placed at 1,5 euro. Final dust also for the bond market: the spread between Italian and German ten-year bonds falls to 131 basis points (-3,01%) and the BTP rate falls to +0,69%.
