Piazza Affari is the only positive today in the weak European panorama and in comparison with Wall Streetin modest decline at midday, after US consumer prices for September slightly disappointed expectations.
Il Ftse Eb instead regains 34 thousand basis points (34.077) and closes with a progress of 0,43% on the impetus of Bfor, +8,23%, which presented a brilliant plan for 2027, bringing a breath of optimism to its main shareholder, Unipol +4,57%, and to the entire banking sector in general.
On the contrary they retreat Frankfurt -0,25% Paris -0,24% Amsterdam -0,48% and Madrid -0,71%. It's almost flat London, -0,06%.
Wall Street Weak With Breach And Hurricane Milton
Overseas Wall Street moves just below par, with the market wondering about the damage from the ferocious Hurricane Milton and the trend of inflation and consequently what the Fed will do in the next meetings.
In September the consumer prices slowed down, but a little less than estimated: +2,4%, from +2,5% in August and +2,3% expected. On a monthly basis, prices increased by 0,2%, above the +0,1% expected by the market. The core index rose by 3,3% on an annual basis and by 0,3% in August, against forecasts of +3,2% and +0,2%.
On the labor front, however, jobless claims increased by 33.000 to 258.000, above analysts' forecasts.
An overall situation that does not further cool the market forecasts on the choices of the Federal Reserve, which should in any case cut rates by a quarter of a point in one of the next meetings. Especially since yesterday the reading of the minutes of the last meeting favored a new record session for DJ and S&P 500.
Dollar falls against yen
The picture is reflected in a contrasting trend of the dollarThe greenback loses ground against the yen, while appreciating against major European currencies.
In particular l'EUR it lost 0,12%, for an exchange rate of 1,092.
Today the following were also published: minutes of the ECB meeting last month. Frankfurt believes that eurozone inflation could pick up again in the final months of the year and that is why it considers a gradual approach to rate cuts appropriate. The market is considering a further rate cut next week or in December at the latest.
Among raw material Oil prices are rising, in view of Israel's response to Iran and with the complicity of Hurricane Milton. Texas crude, November, is trading around $75, with an increase of about 2,3%; the price of Brent, for December delivery, is showing a similar increase to $78,38 a barrel.
Piazza Affari positive with financial stocks
Piazza Affari is therefore the only one that managed to defend itself today.
Bper leads the blue chips, rewarded by purchases with the plan to 2027, in which the Modena bank intends to achieve 4,3 billion in profits in the three-year period and to distribute 3,2 billion to shareholders, with a pay-out of 75%. In the call with analysts, the CEO John Pope has ruled out a share buyback, as the bank has committed to paying shareholders cash dividends for the next three years, and does not see any M&A deals on the horizon. The idea of collecting bigger dividends appeals to Unipol, which is also a reference shareholder of Popular in Sondrio +2,98%. They close a session in cash Bpm bank + 2,67% Unicredit + 1,59% Mount Paschi + 1,01% Understanding + 1,1%.
In the financial field it is also tonic Generali, +1,68%, promoted by Morgan Stanley to 'overweight' from 'equal weight' with a target price of 30 euros from 23 euros. The American investment bank, in a report on the insurance sector, indicates Generali stocks as those to be preferred (Top Pick).
The sector also appeared well bought at European level, because despite its devastating impact, theHurricane Milton did less damage than feared, reducing its destructive fury a little.
In Milan, among the top ten blue chips of the day, there are also Tenaris + 1,1% Finecobank + 1,36% A2a + 1,15%.
At the bottom of the basket we find Leonardo -3,32% Prysmian -1,82% Erg -1,63% Interpump -1,36% Iveco -1,31%.
Spreads down
The secondary closes in green, with lo spread between 10-year BTPs and Bunds of the same duration in reverse at 128 basis points. The performance of Italian paper was mainly supported by sales of German paper, which sees rates rising in the wake of US Treasuries. Near the close, the yield of the Bund is indicated at 2,27%, against 3,55% of the BTP.
For Italian government bonds the yields fall on primary. The Ministry of Economy placed 7,5 billion euros of annual Treasury bills this morning (14-05-2025), with the yield falling to its lowest since December 2022. The rate fell 3 basis points to 2,859%. The coverage ratio was 1,54 times the amount offered.