Stellantis (-14,72%) announced that it will make less profits this year and disappointed investors fled en masse, in Milan, as in Paris or New York, overwhelming the car stocks on all European markets today. Even Wall Street, moves weakly at the end of the morning, even though it is on its way to closing a month to be framed with the 0,5% rate cut decided by the Fed.
Business Square loses 1,73% and falls to 34.125 basis points, weighed down by the former FCA (now merged with Peugeot), with Iveco -4,02% and Pirelli -1,98%. Banks also did badly starting from Ps, -2,78%.
The ending is even worse than Parisi -2%, where together with Stellantis (-14,68%) plummets Renault (-5,79%), his possible interlocutor in a presumed approach, which at the moment is only the result of press rumours.
The losses are more limited Frankfurt -0,69%, even though the numerous four-wheeled stocks in the Dax are in deep red and have recently given voice to the crisis that is affecting individual companies and the sector in Europe.
London gives up 1%. Among the English mid-cap stocks it is down Aston Martin (-24,5%), which in turn raised a profit warning, cutting production forecasts due to supply chain difficulties and weakness in China.
They give up 0,8% and 0,77%, Amsterdam e Madrid. Vienna rises by 0,1%, despite the victory in the elections of a far-right party (FPOe), for the first time since the end of the Second World War. A new nucleus of concern for the euro area.
Mixed day in Asia
The good morning of the continental stock markets was not entirely convincing. While theand Chinese squares flew, following a new intervention by the central bank in favour of the real estate sector, the market Tokyo collapsed (-4,82%), with the market apparently disoriented by the fact that Shigeru Ishiba, considered a monetary policy hawk, won the leadership election and is preparing to become the country's prime minister and call elections for late October.
Lagarde: confident in 2% inflation
From the central banking front, the president of the ECB Christine Lagarde, during a parliamentary hearing in Brussels, said she was confident that the latest macro developments would lead in a timely manner inflation towards the 2% target. And he added: “We will take this into account in our next monetary policy meeting in October.”
Preliminary data for September seem to support the downward trend in the price race in the block. In Germany the slowdown in consumer prices is higher than expected: +1,6% on the year, +1,7% expected and +1,9% previously. On a monthly basis, inflation is stable, compared to -0,1% in the previous month and against the +0,1% of the consensus.
In Italy the trend is in line with forecasts: -0,2% on a monthly basis; +0,7% on an annual basis, from +1,1% previously. Istat highlights that this is the lowest level since the beginning of the year. On the other hand, in the food sector, prices slightly increase their pace on an annual basis, contributing to the acceleration of 'shopping cart' prices (+1,1% from +0,6%).
In Usa the chairman of the Federal Reserve will speak later Jerome Powell, perhaps offering new ideas for thinking about the future moves of the US central bank.
Oil moderately up, but quarter to forget
On the market for change the euro-dollar appears flat, for a cross in the 1,115 area. Instead, it loses altitude yen, in particular against the dollar for an exchange rate of 143,20.
Among the raw materials, the Petroleum, in a black quarter. Crude oil is in fact set to close its third consecutive month in decline, as strong supply prospects and uncertainty over demand have prevailed over fears of an escalation of the conflict in the Middle East.
At the moment, the December Brent future is up 0,85% to $72,15 per barrel; the November WTI future is up 0,81% to $68,73 per barrel.
Piazza Affari, good Cucinelli, Saipem, Tim
On the Ftse Mib of Piazza Affari there are also those who have moved against the trend. In particular, it remains effervescent cucinelli, +1,79%, with the hope of a strong recovery of the Chinese market. They are positive Saipem + 1,59% Telecom + 0,77% Unipol + 0,76%.
However, the Stellantis collapse weighs significantly on the list. The news that profits will not be as expected this year, due to performance problems in North America and the deterioration of global dynamics in the sector, has shaken the stock. For Equita, "the revision of the guidance is significant (-38% at the adj. Ebit level on 2024 expectations), and we believe it will lead to a revision of the buy-back and the dividend".
Banks also close a negative session, including the big ones Understanding (-0,85%) And unicredit (-1,54%).
They retreat Amplifon -3,41% and stm, -3%. nexi lost 2,5%, weighed down by Barclays cutting its recommendation to 'underweight' from 'equal-weight'.
Spread slightly up
The closing is in red on the secondary also for the Italian paper: the spread between the Italian 133-year and the German XNUMX-year rises to XNUMX basis points. The rate of BTP near the close it is indicated at 3,46%.
