The ECB keeps its monetary policy unchanged, but the spread rears up and the euro runs, while Piazza Affari concentrates on the quarterly reports and closes with an increase of 0,31% to 26.890 basis points, despite the thud in Saipem (-10,98%).
The other European lists are mixed, after the positive start of Wall Street: Frankfurt -0,09%; Amsterdam -0,38%; Paris +0,75%; Madrid +0,63%; London -0,07%.
"Inflation, inflation, inflation" repeats the number one of Eurotower Christine Lagarde, this theme was the fulcrum of the meeting today and this is what many investors' assessments revolve around, especially as news of the rise in consumer prices arrived from Germany just today. According to preliminary data from the Destais statistical institute, they rose by 0,5% in October compared to September, bringing inflation to +4,5% annually, the highest since 1993. Expectations were for a value of 4,4 %. The harmonized figure shows a cyclical increase of 0,5% and a tendential increase of 4,6%.
The ECB is therefore focusing on inflation and perhaps Lagarde is using slightly more severe tones, admitting that a "longer than expected" hike is being recorded, but does not envisage rate hikes next year and reiterates that the pressures will ease. "We continue to see medium-term inflation below our 2% target." For pandemic purchases: "as I have already indicated, I expect the Pepp to conclude at the end of March 2022. What will come next will be debated at the next meeting in December". Everything was therefore postponed to the next meeting, but the government bonds of the bloc look far ahead and the Italian ten-year rate exceeded 1% in the session, to close at +0,98%, against -0,15% for the Bund. The spread widens to 113 basis points with an increase of 5,84% compared to the day before. Furthermore, ten-year bonds with a yield above 1% were placed in today's auction on the primary market for the first time in over two years.
After Lagarde's words, theeuro against the dollar and quickly exceeds 1,16, currently trading around 1,169.
A disappointing data on GDP for the third quarter contributes to the negative index of the greenback.
In July, August and September the annualized rate over the previous three months was +2%, according to the preliminary reading released by the Commerce Department, against expectations for +2,8%. This is the worst increase since the beginning of the recovery, due, according to some observers, to a combination of things: the increase in cases of Covid-19, bottlenecks in supply chains, consumption held back by higher prices, difficulties in the meeting between labor supply and demand. However, the new requests for unemployment benefits are down: -10 thousand, to 281 thousand, the lowest figure since the beginning of the pandemic.
In this context, yields on Treasuries rose and the 20-year benchmark rate exceeded that of the thirty-year maturity. An inversion of the curve that creates some alarm, because in the last 50 years it has been seen that this phenomenon often anticipates an economic recession.
Wall Street however he does not feel the pinch, thanks to a warm and more than encouraging quarterly season. The rally of Alphabet and Microsoft continues after the numbers presented in recent days, Ford rises with earnings per share of 51 cents, against expectations for 27 cents. The automaker also raised its full-year guidance on robust demand despite the negative impact of the chip shortage on the whole sector. Apple and Tesla run, returning close to the record set at the beginning of the week, with a capitalization that remains above one trillion dollars.
Piazza Affari also looks at the quarterly reports, shaken for better or for worse by the numbers of some big caps.
The black jersey goes to Saipem, which disappointed expectations due to weak performance in Offshore E&C. The oil service controlled by Eni (-0,85%) and Cdp has also lifted the veil on the strategic plan to 2025. "The plan sees greater growth in the final part than in the initial one and the market is perhaps tired of seeing a forward shift in targets" , comments a trader. In the slipstream it loses altitude Tenaris -2,67%, also due to the red trend of oil, with the Brent which drops 0,87%, 83,84 dollars a barrel.
The bleeding intensifies nexi -9,06%.
He suffers Telecom, -5,67%, which reaches its lowest level for almost a year, due to the downward revision of the 2021 forecasts for a worsening of the domestic market situation.
Closes in red stellantis -1,56% with revenues down in the third quarter due to the chip crisis. Instead, they appreciate each other Ferrari +2,26% ed Exor + 2,31%.
It is at the top of the list stm, +6,41%, with quarterly results and guidance for the last three months better than expected, also in light of strong global demand for semiconductors.
In cash Diasorin +4,32% and Amplifon + 3,34%.
Between banks Unicredit capped earnings at 0,58%, despite the numbers beating analyst forecasts. In the sector it is affirmed with more decisiveness Bper +1,15%, while it is decreasing Bpm bank -1,33%.
