Fears of increasingly high tension in Middle East, the caution of Jerome Powell on US monetary policy, government bond yields on the roller coaster, from the US to Italy. The week of European stock exchanges seems destined to end just as the previous one ended: in the red. Continental stock markets continue to be prey to volatility, while in Milan eyes are already focused on the post-closure, on the moment in which the judgment of the first of the three international rating agencies will arrive. In the evening, in fact, with the stock market closed, it will be up to S&P to express its opinion on the Italian rating. Expectations are for a confirmation of the BBB rating with a stable outlook, but some analysts hypothesize a revision of the outlook to "negative" from "stable". Then, on November 10th, it will be the turn of Fitch, ending with Moody's November 17. The last one will be the fundamental judgement, given that the smallest of the three rating sisters could downgrade our country to "junk" level.
“We have written a correctly set budget law and in our opinion it will find the honest assessment of the rating agencies that have read it and certainly do not base their assessments on gossip and tabloid headlines,” the Minister of Economy and Finance said in Bolzano. of Finance Giancarlo Giorgetti.
Stock market October 20th: mid-day performance
This is the context in which European stock markets are moving, all down in the middle of the day. Business Square it loses 1% and moves further and further away from 28 thousand points (the provisional balance is 27.452 points). They do worse Madrid, Paris e Frankfurt, all down more than 1%, but also Amsterdam which marks -0,9%. Outside the EU too London is in red: – 0,72%.
Spread around 200 points and returns under 5%
And while the negative trail of the shares continues, some slight brightening comes from the secondary, with the spread between ten-year BTPs and bunds of the same maturity at 201 points from 203 on Thursday while anxiously awaiting S&P's judgment on the Italian rating. The Rtermination of the ten-year BTP it is instead at the same level as the day before, i.e. at 4,95%, after the increases of the previous days which had led the rate to exceed the psychological quota of 5%.
Oil and gas still on the rise
At this juncture, the rise in prices continues Petroleum due to the war in the Middle East, with Brent exceeding 93 dollars a barrel (+1,23%) and the WTI rising by 1,3% to 89,56 dollars. The price of the'gold (+0,4% to 1982 dollars per ounce) which in the last week, as a safe haven par excellence, has gained over 7%.
The price of the gas natural in Amsterdam: the November future stood at 51,51 euros per megawatt hour, up 2,6%. On the exchange front, the euro it is essentially stable at 1,0584 dollars.
Who gets on and who gets off at Piazza Affari
Returning to the stock market, it is still in Piazza Affari nexi (+2,9%) the protagonist of the day. According to the latest rumours, in addition to CVC, three-four other funds are also evaluating the digital payments company, including the Canadian Brookfield, which recently bought the merchant acquirer Network International, beating competition from CVC and Francisco Partners.
It goes up by half a point Amplifon, resist sales too Fineco (+ 0,36%), Terna (+0,3%) ed Eni (+0,19%). Just above parity Diasorin e Ferrari.
The list of stocks in green ends here, the rest of the Ftse Mib shows an intense red. They end up among the worst Saipem (-3%) And Iveco (-2,56%). It also loses 2,5%. Poste Italiane. In view of the presentation of the third quarter accounts, scheduled for November 7, Intermonte analysts note that "although management's initial plans were to announce the new strategic plan by the end of 2023", "a postponement cannot be ruled out". to the first quarter of 2024 and given that the negotiations for the renewal of the employment contract are still ongoing". The experts therefore lowered their recommendation on the stock to "neutral" from the previous "outperform", with the target price cut to 10,4 euros from 12.
Bad too Generali (-2,5%), the auto sector was negative with Cnh (-1,88%) And stellantis (-1,68%), after the September registration data released by Acea.
In luxury it rises by 3,35% Brunello Cucinelli, while losing 2,35% Salvatore Ferragamo. Both companies have published the accounts for the first 9 months of 2023.
