Le European stock exchanges they begin the new week as the old one ended: in the name of reductions. TO Business Square to reverse the trend, running is not enough Anima and banks, galvanized by changes to the extra profits tax, and in the middle of the day the FtseMib it lost more than 0,7% of its value, following the bad mood of the rest of the continent.
Stock market September 25th afternoon: Europe in the red
The new collapse of is contributing to shaking the European markets Evergrande is in Hong Kong it lost 22% of its value after announcing it was unable to issue new debt due to an ongoing investigation into its subsidiary, Hengda Real Estate Group. A stop that puts at risk the restructuring plan launched in March to try to keep a giant weighed down by over 300 billion in debt afloat.
The ears of the price lists are also turned towards the European Parliament, where a hearing of the president of the ECB is scheduled Christine Lagarde which could provide some further guidance on monetary policy. In September the Eurotower decided to further raise interest rates, but sent a message: "rates have reached a level" that "will make a notable contribution to a timely return of inflation to target", we read in the statement issued immediately after the meeting. The stop, therefore, could only be postponed for a month. The governor of the Bank of France and member of the Board of Directors spoke about the trend in rates this morning Francois Villeroy de Galhau. According to Villeroy, the ECB should not follow the approach of testing the economy until it collapses with further increases in the cost of money but should instead focus on the persistence of interest rates at the current high levels.
In this context, the stock markets are in the red, but are moving away from the lows of the day: Madrid (-0,5%), Frankfurt (-0,6%), Paris (-0,6%), Amsterdam (-0,64%), London (-0,5%).
Banks run in Piazza Affari, Stellantis in reverse
In Milan the banks dominate after the rumors relating to the possible agreement within the Government on changes to the tax on extra profits. Two substantial changes emerge from the new provision compared to the initially proposed version: the maximum tax ceiling is defined as 0,26% of the RWA instead of 0,1% of the assets and the institutions will have the right to allocate a amount not less than 2,5 times the amount of the tax, thus strengthening the position of Cet1. If the reserve is subsequently used for the distribution of profits, the bank will have to pay the increased tax for the portion of interest accrued at the interest rate on ECB deposits. However, the tax is not deductible.
According to Equita analysts, “all things being equal, the impact of the tax on the banking sector would go from around 2,1 billion to around 1,8 billion, with the average impact on 2023 profits expected to fall from 9% to 8%. We believe that the majority of institutions under our coverage will opt to pay the tax, in light of a manageable impact and in order to maintain greater flexibility on the remuneration policy."
The news could arrive already during the council of ministers scheduled for this afternoon, Monday 25 September. On the FtseMib the best is Bpm bank (+ 2,46%) followed by Ps (+ 2,26%), B for Bank (+ 1,7%), Intesa Sanpaolo (+ 0,6%).
Among the best titles of the day there is Iveco (+2,4%), while in the same sector it is in the red stellantis (-1,44%): the United Auto Workers (UAW), the US automotive workers' union, has decided to expand the strike to another 38 distribution centers of General Motors and Stellantis in 20 states of the country, by midnight. For now, the union will not expand the strike to Ford factories, given the progress made in negotiations.
Outside the Ftse Mib the spotlight is on Soul Holding (+2,9%): according to press rumors, Crédit Agricole, through Amundi, would be tempted to reopen the company's dossier, but for the Government this scenario would represent "an enormous problem", Defense Minister Guido Crosetto declared on Sunday The print. Amundi, which is part of the Crédit Agricole group, holds a stake in Anima through funds managed on behalf of its clients.
Amplifon collapses after Antitrust investigation into hearing aids
Returning to the main list, the worst stock is Amplifon (-8,5%). The Antitrust has announced the launch of a fact-finding investigation into the hearing aid markets in Italy. According to the Authority, current market conditions do not seem to guarantee full transparency of the prices of products and related services. The investigation intends to delve deeper into the competitive dynamics of the reference markets, also taking into account the technological innovations that have occurred and the recent changes to the reference legislation.
Bad too Erg (-2,08%) Moncler (-1,8%), nexi (-1,8%) And Campari (-1,7%).
The other markets: the price of oil rises, that of gas falls
On the secondary, it goes up spread which reaches 184 basis points. The yield on the benchmark 4,63-year BTP also increased, reaching 4,58% from XNUMX% on Friday.
The currency market is essentially stable exchange euro Dollar which stands at 1,0628 (-0.16). As for oil, the November future on wtf rises by 0,38% to 90,37 dollars a barrel, while the similar delivery of Brent gains 0,49% to 93,73 dollars. The price of gas on the TTF platform in Amsterdam fell by 0,983% to 39,40 euros per megawatt hour.
