Europe in red e Wall Street rising: The financial climate on both sides of the Atlantic is mixed today, after central bankers disappointed yesterday, T-Bond auctions encountered little demand and even sales of Cartier's luxury Swiss watches appear to be suffering due to the tensions global.
Europe down, dragged by London and Paris
Macroeconomic data and some quarterly data weighed on European sentiment today.
Business Square it loses 0,49% and drops 28.504 basis points, waiting for Fitch to update its rating on the country this evening, which is currently BBB with a stable outlook. On the macro front, Istat reports that the seasonally adjusted index of Italian industrial production, unchanged in September, rose by 0,2% in the third quarter.
The worst European stock market is London 1,29%, which had to take note of a stagnant economy in the third quarter, even as experts feared a recession. Industrial production also remained unchanged, while the trade balance recorded a deficit of £6 billion.
Paris drops 0,96%, weighed down by big names and with the luxury sector negative at European level due to the disappointing quarterly of Richemont (-4,89%). The Swiss group, owner of the Cartier brand, has warned that economic worries and global tensions are weighing on consumer spending and the company's profits which, in the first half of the year, fell short of expectations. Zurich drops 0,89%. The picture is not dissimilar to Frankfurt -0,78% Amsterdam -0,38% and Madrid -0,35%.
Wall Street toned at the end of the morning
Wall Street, at the end of the morning, is in progress (DJ + 0,42% S & P 500 + 0,67% Nasdaq +1,02%) thanks to purchases on technology, but yesterday the American stock market interrupted its long positive streak after the president of the Fed, Jerome Powell, said that central bank officials "are not confident" that rates will interest rates are still high enough to finish the battle against inflation, so much so that they would not hesitate to tighten policy further if necessary.
Apparently the concerns have already been put to rest and the ones that are dragging the indices are above all the 'growth' stocks of the megacaps such as Nvidia e Apple both up about 1,3%.
Also the performance of government bonds, after the tensions of the day before, is being reduced. The 4,6-year bond shows a slightly declining rate of XNUMX%.
Euro-dollar little moved with Powell and Lagarde
If yesterday Powell today the president of the ECB did not give the markets the answers they craved Christine Lagarde in an interview with the FT he said that interest rates at the current level of 4%, if maintained long enough, might be able to bring inflation back to around 2%, but "if there are further shocks we will have to think back".
In this context the currency market appears little moved and theeuro shows a change just under 1,07 against dollar.
Among the raw materials the Petroleum its phase of prudent recovery continues: Brent appreciates by 1,5% to just over 81,2 dollars per barrel; the WTI +2,1%, 77,35 dollars a barrel.
Piazza Affari, Leonardo is doing well
In Business Square i quarterly accounts support Leonardo +4,68%, while on the opposite side of the price list Campari lost 3,83%. The collapse of the English title is weighing on the Italian title Diageo, -12,19%, maker of Johnnie Walker whisky, which predicted a slowdown in organic growth in operating profits in the first half of the current financial year.
On the main Milanese index, oil stocks appear to be rising cautiously Tenaris +0,73% ed Eni +0,42%, while the former cooperative banks Bpm bank +0,32% and Bper +0,37% avoid the red still in the wake of the accounts seen in recent days.
The results also encourage purchases Unipol + 0,31%.
The most negative blue chips are Diasorin -4,03% Cnh -3,29% Moncler -3,1% Iveco -2,34%.
Stable spread; Cdp increases the value of the offer
There is little to report on the secondary: lo spread between 10-year BTPs and Bunds of the same duration it remains around 185 basis points, even if rates rise slightly: BTPs +4,5% and Bunds +2,71%.
The primary did well with the morning auctions, which seem like a good premise for the rating review.
Finally, in the bond sector, it should be noted that Cassa Depositi e Prestiti made use of the option to increase the overall nominal value of the bond offering reserved for the retail market from 1,5 billion euros up to the maximum amount of 2 billion euros. Up to a total of 2 million bonds will therefore be issued with a nominal value of 2 euros each. The offer, intended for natural persons resident in Italy, started on Tuesday 1.000 November and will end on 7 November (unless it closes early) and will allow the collection of new resources to be allocated to the growth of the country.
