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Stock Market September 23: Unicredit sets Piazza Affari ablaze and drags down the entire banking sector. New record for gold

Unicredit loses 3,3% after Scholz's no to the growth of the Milanese bank in Commerz. The stocks of the main Italian banks are also in the red. Ferrari and Stellantis are on the rise. Gold rises to 2.654 dollars an ounce

Stock Market September 23: Unicredit sets Piazza Affari ablaze and drags down the entire banking sector. New record for gold

Revived fears of new taxes on extra profits and the steps of Unicredit (-3,32%) on Commerzbank (-3,81%), weigh on banking stocks today and lead Business Square to a slight decline in closing, while Chancellor Olaf Scholz declared his hostility to Andrea Orcel's ambitions.

The rest of Europe is well in tune, however. Wall Street is advancing at midday. On the other markets, gold continues to shine, in an increasingly alarming geopolitical scenario.

Europe cautiously rising, Milan -0,24%

Business Square loses 0,24%, also penalised by the sticky dividend of Eni (+0,5%) ed stm (+0,26%), which weighs on the list by 0,12%.

They archive a session in progress instead Frankfurt + 0,61% Amsterdam + 0,65% Madrid + 0,46% London + 0,35%. Paris it is flat, taking into account that another of the most penalized sectors of the day was luxury.

Overseas Wall Street moves in fractional gain in late morning, after the records of last week following the 50 basis point cut by the Federal Reserve. The market's convictions on a path of easing of US monetary policy, in a context of a resilient economy, will be tested in the coming days by the data on GDP and inflation.

Among the titles it is lively Intel, +1,95%, on rumours of interest of Apollo and Qualcomm.

Stagnation risk in the Eurozone, PMIs disappoint

The optimism of European investors, sparked this morning by the fact that the People's Bank of China decided to cut one of its key rates, it subsequently had to deal with this disappointing macroeconomic picture.

The flash estimate on the PMI data September in Euroland: the Hcob composite index of production indicates 48,9, from 51 in August, marking the entry into a phase of contraction and settling at an 8-month low. The PMI index of services falls to 50,5 from 52,9 and the manufacturing one to 44,5 from 45,8, a nine-month low. 

“The Eurozone is heading towards stagnation,” says Cyrus de la Rubia, chief economist at HCOB, in a note. “After the effect of the Olympic Games that temporarily stimulated France, a major economy in the Eurozone, the September Composite PMI recorded its steepest decline in 15 months.”

Euro down, gold still at highs 

The stagnation at the gates of the Eurozone weighs on the single currency which is losing ground against the dollar, for a current exchange rate of 1,1133 (-0,26%). The bullish trend is confirmed instead GBP, which appreciates to 1,3352 against the greenback. 

Among raw materials it knows no crisis They, which is also trading today in the highs area above 2630 dollars per ounce and is falling fractionally Petroleum, with WTI (November delivery) above $70 a barrel and Brent (December delivery) above $73.

Piazza Affari, Ferrari up, Unicredit down

On the main list of Piazza Affari there was a recovery of automotive stocks led by Ferrari, +2,4%, followed by stellantis +2,29% and Pirelli +1,52%. Utilities closed a positive session with Hera, + 1,69% Snam + 1,66% Enel + 1%.

Luxury is divided between the profits of Moncler +1,33% and losses of cucinelli  -1,68%. Telecom is up 0,88%, on rumours that the Treasury is finalizing an offer for Sparkle, together with the Asterion fund, slightly higher than the one previously presented. 

The bad mood was largely concentrated on the banksThe black jersey of the day goes to unicredit, which is greatly animating the sector at a European level. Today's news is that the bank led by Andrea Orcel has purchased an additional 11,5% of Commerzbank after having presented a request to the ECB to increase its stake in the German bank to 29,9%. The new purchases, added to the previous 9%, would bring the Italian institute to 21% of the German bank's capital. However, there has been another outcry from the Teutonic side and in particular from the Chancellor against the new blitz Olaf Schölz. “Hostile attacks, hostile takeovers are not good for banks,” he said during a visit to New York. For Stefan Wittmann, member of the supervisory board of Commerzbank, it is then a “inappropriate aggressive act”. A move that the councilor will fight against, adding: “We expect the same from our government”.

The succession of hypotheses about a tax on extra banking profits weighs on the entire sector, with Bpm bank which yields 2,59%, Understanding -1,88% Pop from Sondrio -2,02% Ps -1,47% Bper -1,56%.

Spreads down

The Italian secondary market closes stable. spread with the German 130-year is at XNUMX basis points, with falling rates: for the BTP at 3,45% and for the Bund at 2,14%

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