Record-breaking October for world stock exchanges. In Europe, the best index is the Dax which gained 11,8% in the month, a performance not seen since April 2009. Paris it decreased by 9,66% e London by 4,94%. The Ftse Mib recorded the best monthly closing since February, with +5,39%. It was also a record rise for US equities, +8,5% on Dow Jones, the best month for four years.
A rebound, that of the lists, which finds its explanation in the large collapses of the previous quarter which had burned all the gains recorded since the beginning of the year. And that was helped by the moves of the central banks: the ECB announced that at its December meeting it will evaluate an expansion of the bond purchase plan launched last March and the People's Bank of China has cut rates for the sixth time since November.
In the US, the situation is still under the magnifying glass with Janet Yellen who opens up the possibility of a rate hike in December. But the markets are now convinced that if the rise starts, it will still be a gradual path. To all this were added some good American quarterly reports: from Amazon to Microsoft, from Alphabet to Apple. Then there is oil which is still well below 50 dollars a barrel (at 46,59) giving hope for support to the engine of world growth (although there is no shortage of repercussions on the oil sector).
But the spotlights were not lacking in Piazza Affari either. Starting from French "revolution" plunged into Telecom Italia just in the last few days: Xavier Niels, a French financier operating in the internet sector, has risen to 15,14% of the capital with voting rights. A move that has aroused the antennas of the market since the first shareholder of Telecom is still a Frenchman, the tycoon Vincent Bollorè. Bolstered on the finale by these speculations, Telecom stock it closed the month with a jump of 15,66%, three times the blue chip index. But it's not the best stock in the main basket.
It's at the top Saipem which rose 20,01%. The Italian strategic fund bought 12,5% of the capital, becoming the second largest shareholder behind ENI in the process of selling its hold on Saipem (with the sale to the FSI it drops from 42,9% to approximately 30,4%). The two shareholders have undertaken to sign a shareholders' agreement for a total of 25% and to subscribe to Saipem's capital increase of 3,5 billion on the agenda for the first quarter of 2016. Saipem is also changing its logo.
Sprint in October also for the Fiat galaxy with Exor second best title +17,3% e fca +16,7% despite the recall of nearly 900 SUVs due to brake and airbag problems. During the month, the group also published its quarterly accounts with revenues up 17% but a net profit in the red of 299 million due to 602 million provisions linked to car recalls. The stock benefited from expectations for the listing of Ferrari landed on Wall Street on October 21 from which FCA, which still owns 80% of the Cavallino, collected almost one billion euros. On the same day, however, the sting came from the Commissioner for Competition Margrethe Vestager who sanctioned the illegality of the tax rulings enjoyed by FCA in Luxembourg by establishing a fine of at least 20 million euros.
Highlight is also Mediolanum (+15,94%). Overall, the month saw a binge of double-digit signs: 11 out of 30 stocks closed with increases of more than 10%. Only five stocks finished the month in the red. It's about Moncler -8,65%, bpm -4,41%, Tod’s -3,37% Bper -0,76% and Pirelli -0,14%.
At the sectoral level, luxury did not shine with the exception of Yoox (+14,88%). On the lower part of the classification, the increases of Ferragamo and Luxottica, respectively of 4,39% and 3,41%. In red, Tod's and Moncler, with the latter losing more than double the second worst title in the Ftse Mib. The banking sector is scattered: it is the best in the sector Ubi bank +7,1%, followed by Unicredit +6,16% and bpms + 6,15% Mediobanca + 3,91% Banco Popolare + 2,44% Understanding + 0,81%.
