Piazza Affari closes the last session of the week with an increase of 0,23%, just enough to overcome the psychological threshold of 26 points (26.051), lost and regained several times in recent times, in an uncertain day context for the financial markets, despite the positive return, after the party, of the Shanghai stock exchange following the data on the Chinese PMI and the easing of tensions with the United States.
The lists of the euro zone are almost all in the red: Frankfurt -0,33%; Paris -0,61%; Amsterdam -0,66%; Madrid -0,09%. Outside the single currency area, London appreciated by 0,22%. On the other side of the ocean, Wall Street moves against it, after a timidly positive start. Therefore, the volatility on the price lists returns, in the (slight) light of the US labor report in September, which did not clarify the ideas on what will be the timing and rhythms of the Fed's tapering, which should initiate a reduction in purchases by the end of the year , maybe in November, maybe in December. 194 non-farm jobs were created last month, against expectations of half a million. A beating, one might say, which could hold back the central bank. But no. In fact, the data for the previous months (July and August) have been revised upwards, and unemployment has fallen to a greater extent than forecasts (to 4,8% against expectations of 5,1%) and wages have increased.
The report therefore initially cast a positive shadow on government bonds, whose yields showed a decline. Then the trend changed and the US 1,61-year rate now moves over 10%. Yields also rose, albeit moderately, in the single currency area: the 0,87-year BTP rate grew to +0,15% and that of the Bund with the same duration to -102%, with the spread improving to 1,09 points basis (-XNUMX%).
The dollar traded slightly against the major currencies and the euro traded at 1,157. Attention also remains high on energy prices, even though gas has retreated from the record level reached two days ago after Russia agreed to increase supplies to Europe. Oil is in the running again: Brent appreciates by 1,3% and travels above 83 dollars a barrel; The WTI rises by about 1,8% around 80 dollars.
An area, that of energy, monitored by central banks, for its effects on inflation, and also highlighted today by the number one of the ECB Christine Lagarde, in her video speech at the B20. "The speed with which the economy is recovering after the reopening of activities is generating friction factors such as bottlenecks in supply levels which add up to the sharp increases in gas prices which are also linked to the fact that the energy produced this summer from wind power was very low”. These factors are of a temporary nature, so the ECB believes that the price increases will be absorbed over time. However, added Lagarde, some of these imbalances could last longer than expected and lead to long-term bottlenecks.
In this context, for the president of the Belgian central bank, Pierre Wunsch, it is time to think about the withdrawal of the monetary and fiscal support offered during the pandemic: "Now what matters is the exit and the exit will be difficult because it is offer less, not more”.
In Piazza Affari, the general picture translates into a return to purchases of oil shares. Among the blue chips, Tenaris +4,58%, Saipem +3,87%, Eni +2,33% stand out. The latter yesterday announced the go-ahead for the process for the IPO of the business that integrates gas&power retail activities and those of renewables. Interpump shines again +2,05%,
The banks are progressing, in particular Bper +1,57% and Unicredit +1,11%. Intesa limits earnings to 0,3% despite Barclays, in its "European Banks Strategy" report, confirming its preference in Italy for the bank led by Paolo Messina, thanks to the current strong Rote (which is the operating profitability of a bank) and prospective, which represents a competitive advantage allowing greater returns.
Mediobanca -0,68% goes against the trend, while the challenge between the top management and Del Vecchio continues, with Generali (+0,27%) as its ultimate goal. The patron of Luxottica further rose in Leo to 5,4% by purchasing another 0,08%. Meanwhile, the board of directors of Piazzetta Cuccia has resolved to integrate the agenda of the meeting of 28 October with the proposals formulated by Leonardo Del Vecchio to amend the statute as regards some governance rules even if on one point he formulated a proposal alternative.
The Agnelli galaxy did well with Exor +1,33%, Ferrari 0,79%, Stellantis +0,62%. In the black jersey it is A2a -2,65%. A broker, heard by Reuters, points out that: "with the fall in the price of gas, renewable energies lose their appeal where A2a is highly exposed with possible repercussions on margins". Among the utilities, the losses are heavy also for Hera -2,5%. Negative Stm -2,34%, Nexi -2,05%, Inwit -1,91%.
Outside the main basket, Danieli appreciates by 6,83%, in the wake of the growth prospects outlined by the president Giampietro Benedetti. Health Italia, on the other hand, failed to mark the price after the news of an investigation by the Guardia di Finanza on the share price. The company claims no involvement in the disputed facts.
