La sitting closes today contested in Europe, which leaves behind a weak week, waiting for the quarterly earnings season to get even more lively in the next week. The focus will be on results on both sides of the Atlantic and in particular on the earnings of many big US tech companies, in view of which today Wall Street moves sharply upwards with the Nasdaq (+ 1,26).
Mixed Europe, Iveco and Eni rise in Milan
Square Business is in the restricted club of positive markets and appreciates by 0,22%, thanks to Iveco +3,24% and oil stocks. Eni (+1,42%) presented first nine months numbers in sharp decline, but better than estimates and announced an increase in the 2024 buyback plan, now expected at 2 billion euros (+25% compared to the previous guidance of 1,6 billion and +80% compared to the original annual plan). It remains in cash Saipem, +3,16%, after the convincing quarterly picture presented yesterday and the confirmation of the return to the dividend. Good Tenaris + 1,89%.
Other important quarterly have been seen in Europe. In particular, they have disappointed Mercedes (-1,32%) And Valeo (-9,75%), but the four-wheel sector held up thanks to the brilliant numbers presented yesterday by Renault and Tesla.
In the banking sector, good news has come from the British Natwest, which raised its 2024 revenue forecast, while Electrolux closed in deep red after missing analysts' forecasts for third-quarter earnings due to continued losses in the United States and growing competition from China.
As regards the main European price lists, Frankfurt defends itself +0,04%, after the improvement in German business confidence, which rose to 86,5 points in October.
Paris loses 0,08% e London 0,23%. The results of diverge Amsterdam, +0,33 and Madrid -0,19%.
Wall Street it moves mista after the first few hours of trading, but it collapses Capri Holding (-45%), as a US federal judge has $8,5 billion merger blocked with Tapestry, (+11%). The concentration of brands would hurt competition since the two companies combine fashion brands considered important. Capri boasts Versace, Jimmy Choo and Michael Kors, while Tapestry has Coach, Stuart Weitzman and Kate Spade.
Lagarde (ECB): inflation on track. Rates at historic record in Russia
A hot topic on the markets remains that of rates. Much of this week's weakness is in fact attributable to a reduction in expectations for the Fed's behavior, with the consequent rise in Treasury yields seen in recent days. A storm that only calmed down yesterday.
On the European front today we are recording the passwords of the president of the ECB Christine Lagarde, encouraging for the fight against inflation. “Incoming information shows that the disinflation process is on track,” Lagarde said at the annual meeting of the International Monetary Fund in Washington. “Recent indicators of economic activity have surprised somewhat on the downside and financing conditions remain restrictive.”
In Russia, meanwhile, the central bank has brought interest rates at 21%This is the highest level since the dissolution of the Soviet Union in 1991. The previous high was reached in February 2022, when the Central Bank raised rates to 20% in an attempt to support the ruble in response to heavy sanctions imposed on the Kremlin after it sent troops into Ukraine.
Euro/dollar little moved; positive week for oil
On the foreign exchange market theeuro-dollar appears stable in the 1,083 area. The greenback prevails with greater conviction over the yen (cross 152), after the recovery of the Japanese currency and in view of the Japanese elections over the weekend.
In the meantime, the Tokyo Stock Exchange, Nikkei, closed trading down 0,6%.
Among raw materials, progress is being made Petroleum, which is on track to close out a positive week. Texas crude is currently trading just off $71 and Brent is around $75. Goldman Sachs yesterday left its 2025 Brent price forecast unchanged (between $70 and $85), estimating that the impact of any Chinese stimulus will be modest compared to more important factors such as oil supply from the Middle East.
The is stable, after having touched new stellar levels in this week. At the moment, spot gold is trading in the area of 2.737 dollars per ounce.
Piazza Affari, mixed banks and Unipol in the red
In Business Square Today the banks are opposed: Ps it appreciates by 1%, while Bper falls by 0,65%, with the parent company Unipol (-1,62%), blue chip worst of the day.
At the top of the list, there is again space for automotive stocks such as Stellantis +0,89% and Classic Ferrari for sale +0,87%. Furthermore, it is precisely a stock in the sector such as Iveco that is the queen of the list. The rally of its competitor gave a boost to the shares of the commercial vehicle manufacturer Daimler Trucks after Harald Wilhelm, CFO of Mercedes-Benz, spoke of a possible sale of the 35 percent stake held in Daimler Truck.
On the Ftse Mib, sales on nexi -1,11% Hera -0,98% Diasorin -0,78%.
Spread stable awaiting Dbrs
The session was not very brilliant for Eurozone stocks, but the spread between ten-year BTPs and Bunds appears little moved at 122 basis points. Yields are rising slightly and the Italian bond is indicated at 3,51%.
A rather calm picture, waiting for the rating agency Dbrs to update its opinion on Italy this evening, after S&P and Fitch confirmed their assessment last week and Fitch improved the outlook. Currently the Dbrs rating is 'BBB (high)' with a stable outlook.
No major news from Istat today. In October, both the consumer confidence index and the composite indicator of business confidence are estimated to have decreased (from 98,3 to 97,4 and from 95,6 to 93,4, respectively).
