The last session of the week is positive for Italian equities and bonds, pending the verdict on Standard & Poor's sovereign debt, soon, with markets at a standstill.
Business Square closes up 1,09%, in line with Frankfurt + 0,84% Paris + 1,2% Madrid +1,42% and London +1,27%. Despite the Covid storm raging on the streets e new restrictions are being evaluated in government roomsOctober data on manufacturing in the euro area and some quarterly data encouraged purchases on European lists. The eurozone PMI rose more than expected to 54,4 points, while the German one reached 58 points, after 56,4 in September and against estimates of a fall to 55. Important quarterly figures also contributed to giving stocks a boost such as that of Barclays for banking, Daimler and Renault for the automotive sector.
More uncertain at the moment is the pace of Wall Street. In particular, the Nasdaq and the Dow Jones are slightly down in the aftermath of the last one Pre-election confrontation between Donald Trump and Joe Biden, while a record 47 million Americans have already cast their votes, eclipsing the total early vote for the 2016 election. Chipmaker Intel slumps after reporting shrinking margins. On the other hand, nothing is holding back Mattel's rally, because everyone they are crazy about Barbie doll, which allows you to dream of shopping and holidays even in this period. In fact, it seems that toy retailers have rushed to stock their shelves due to the growth in demand from children stuck at home due to the pandemic. In the macroeconomic context, US manufacturing activity improved slightly in October (53,3 points from 53,2 in the final September reading, but less than estimates (53,7).
In this frame theeuro it is slightly up against the dollar, with the exchange rate around 1,184. Little moved gold and oil. Spot gold is trading slightly lower at 1901,4 dollars an ounce. Brent is on par at 0,5% at $42,42 a barrel.
US Treasury bond prices fell for the seventh straight day on optimism about a possible deal on a fifth plan of economic relief to US households and businesses, after House Speaker Nancy Pelosi said that an agreement "is close", even if "it will take some time" to write and approve a bill.
Purchases also reward BTPs: lo spread between Italian and German ten-year bonds it drops to 134 basis points (-1,03%) and the Italian benchmark rate drops to +0,77%. Investors evidently do not fear S&P's imminent decision on Italy's rating, currently BBB, two notches above investment grade. Certainly the Covid picture is not encouraging, with new infections exceeding 19 thousand and Campania announcing a 30-40 day lockdown and calling for a national closure.
A difficult climate, which perhaps made itself felt at the end of the session, without however crippling her completely.
In Piazza Affari the best blue chip of the day is Pirelli, +8,64%, thanks to the "buy" promotion by Equita and after the above-expected quarterly report from its competitor Michelin, which last night raised its guidance for the year.
Rain of purchases also on Moncler +4,4%, rewarded for quarterly sales higher than expected and the "encouraging" signs seen in October. Kering, on the other hand, is in Paris after the disappointing performance of its flagship brand Gucci.
Recommended Exor +2,53%. Among the banks it is still affirming Bpm bank, +2%. Dusting Unicredit +1,94%. Well industrial stocks like Leonardo +2,27% and Cnh +1,85%. Utility on the rise: Italgas +1,98%; Snam +1,97%; A2a +1,71%; Enel + 1,6%.
Sales penalize Diasorin -2,39%, Unipol -2,34%, Telecom -1,64%.
