The financial week in Europe opens again in the name of volatility and the end of the continental lists is in the red, weighed down by the strong sales that are penalizing Wall Street, starting from Nasdaq (-2,5%). Bucking Tesla, which beat estimates with a record delivery of electric cars in the third quarter.
Milano loses 0,6%, Amsterdam -1,24% Frankfurt -0,8% Paris -0,61% Madrid -0,09% London -0,24%. At the same time the price soars Petroleum at the highest since 2014, driven by the decision of the cartel of producing countries gathered in OPEC (plus the group of independent countries led by Russia) to proceed with a gradual increase in production, despite requests for faster increases in the light of the continuous increase in energy prices. Brent exceeds 81 dollars a barrel and Wti runs towards 78 dollars. A flare that further fuels fears of inflation, driven by energy prices, but not only, as ECB Vice-President Luis de Guindos underlined today: "This increase in inflation is not just a response to basic effects, but it has a component that will have a more structural impact.” The set of inflationary elements is formed by supply bottlenecks, distortions in the markets for goods and services, as well as rising energy costs. Thus "the impact goes beyond what only a few expected".
Inflation not linked to growth and therefore worrying, with central banks perhaps unable to continue repeating the "mantra" that it is only a temporary flare-up. As far as the Fed is concerned, the September employment report, which will be released on Friday, will have a lot to say. Experts forecast the creation of 475.000 jobs, after the disappointment of August, when the jobs created were 235, half a million below estimates.
In the meantime, the index of the dollar; theeuro it is around 1,16. The yield on T-bonds rises slightly, with the 1,5-year bond just under 10%. Bonds are also showing little change in Italy: the yield on 0,83-year BTPs is up slightly to +0,82% (from +XNUMX%) on last Friday and the spread with the corresponding German security at 104 basis points (+0,62%).
In the Belpaese we look at the global scenario, but also at the results of the administrative elections (with declining turnout). In the stocks of Piazza Affari it is above all oil stocks that lend a hand to the Ftse Mib. At the top of the list they stand out Saipem +2,89%; Tenaris +2,78%; Eni +1,39%. Well to Leonardo +1,57% and A2a + 1,16%.
However, the purchases are outclassed by the sales, especially on stm -3,4%; nexi -2,64%; Exor -2,56%; Prysmian -2,55% Bad banks, starting from Bpm bank -1,33%. In the car stellantis yields 0,8%. Car registrations in September fell by 32,7% for the entire sector in Italy and by 41,6% for the group, but Bestinver confirms its 'buy' on the stock, betting on the recovery path to profitability.
Generali records a small loss, -0,19%, on the day oflaunch of the takeover bid totalitarian voluntary on Cattolica Insurance (+ 0,21%). amplifier, it lost 0,86% after a morning rally and an acquisition in Australia.
Enel +0,13%. Cassa Depositi e Prestiti and the Australian fund Macquarie have requested the go-ahead from the European antitrust for the acquisition of the broadband network operator Open Fiber, according to a document from the European Commission. At the moment the ownership of Open Fiber, created for the development of a fiber network that helps reduce the digital divide between Italy and the rest of Europe, is divided between Enel and Cdp. The European competition authority will take a decision on the matter by 10 November.
Based on the agreement, CDP will increase its share, bringing it to 60% from the current 50%, while Macquarie will acquire the remaining 40%. Finally, globally, the spotlight remains on the real estate giant Evergrande, after that the company was suspended from trading in Hong Kong, announcing the imminent arrival of an "important transaction". According to a Chinese source, there is the possibility of a sale of 51% of the subsidiary Evergrande Property Services Group, for over 5 billion dollars. According to Generali Investments, the effects of the Evergrande bomb should not, in any case, be too devastating for the West . “On the market side, despite the huge size of the group, its debt and equity have a limited presence in global portfolios outside of China: this means that we should expect most of the financial effects to be felt at local. From another point of view, this is an important test for the Chinese system in correctly managing a complex scenario, minimizing costs for the market and at the same time providing a positive example and valid directives for the future, so that the entire community of investors can learn and adapt”
