The first session of October, after a difficult September, is positive for Piazza Affari. The star of the day is Stmicroelectronics, which around noon comes to earn almost 7% at the turn of 28 euros per share, thanks to the preliminary data on revenues for the third quarter and the upward revision of the guidance for 2020. The Italian-French group beat expectations in the July-September period, reporting revenue of $2,67 billion, up 27,8% sequentially and 690 basis points above the upper end of the forecast range. “We ended the third quarter of 2020 with net revenues above the forecast range thanks to significantly better-than-expected market conditions for the full quarter,” commented the president and CEO Jean-Marc Chery, announcing that he now expects the Full 2020 revenues above $9,65 billion versus previously estimated range of $9,25 billion to $9,65 billion.
In the middle of the day, the Ftse Mib index firmly defended the 19.000 points, establishing itself in fully positive territory. In addition to Stm, Diasorin stands out among the best stocks, which rises by more than 3% after the ok from the US Agency for vaccine tests. The Banco Bpm stock also got off to a good start, in the wake of persistent rumors that the agreement for a merger with the French Credit Agricole is now very close: the action of the bank led by Giuseppe Castagna takes off like a rocket, exceeding 1,5 euros per share, but then the denials interrupted the rally and at lunchtime Banco Bpm gained just half a percentage point. A so-so day for banks in general: at noon both Unicredit (for which there is also talk of an agreement with Banco Bpm) and Intesa Sanpaolo are in slightly negative territory. Mediobanca flat, Bper -1,5%.
The sore points, however, are those concerning oil: already in the red in September, the month of October does not start well for Tenaris and Saipem, both of which drop by around 2% or slightly less. However, the worst stock in the middle of the day is that of Atlantia, still in the eye of the storm for the affair of the motorway concessions: the share of the Benetton family company loses more than 2% after the latest move by the Government, which after giving an initial ultimatum within this week, has given Atlantia another 10 days to close the deal with CDP. The company says it "trusts Prime Minister Giuseppe Conte, given that 7.000 jobs are at risk", but in the meantime the tug of war continues to displease the markets.
As far as the currency market is concerned, the euro continues its inexorable trend with the dollar: today it is trading at 1.174115, +0,14%. The Btp Bund spread is further reduced, which has now found its dimension below 140 basis points, and which today is down by a further 2% falling to 136 at mid-day. Commodities: oil continues its downward trend, today Brent is worth 42 dollars a barrel and the Wti drops below 40 dollars again. Gold, on the other hand, appreciates, approaching 1.900 dollars an ounce.
