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Stock Market Closing October 15: Weak Lists but Tim, Terna and Hera Shine in Milan. Oil and Luxury Bad

China's double uppercut: Brent falls to October lows, sinking oil stocks and luxury rolls. Mixed markets but better in Europe than in America. After yesterday's strong rise, Nvidia loses about 4%

Stock Market Closing October 15: Weak Lists but Tim, Terna and Hera Shine in Milan. Oil and Luxury Bad

I European markets close a contrasting session today, with the oil stocks destabilized by oil crash and technology down with some US big tech, while the bond market remains strong in anticipation of a new rate cut by the ECB, which will be announced the day after tomorrow, at the end of the new monetary policy meeting. 

Piazza Affari falls back by 0,29%, to 34.578 basis points and sees stm in black jersey, -3,17%, followed by Eni, -2,72%.

The worst European square is Amsterdam, -2,52%; in the wake Paris -1,05%, weighted by Total -4,61% and from French luxury stocks, awaiting the accounts of Louis Vuitton (-1,94%).

Back off London -0,56%, while recording a fractional progress Madrid +0,67%. It's flat Frankfurt +0,01%, with the Dax hitting a new all-time high today, boosted by telecommunications and travel stocks and improved German investor confidence in October (ZEW Index at 13,1 points from 3,6 in September).

Overseas Wall Street, which yesterday reached new highs, is moving below parity today and Nvidia drops 5% after the leap on the eve.

From the US macroeconomic front, the disappointing data is recordedEmpire State Manufacturing Index in October, which contracted well beyond estimates to -11,9 points and after the jump in September.

Oil in a nosedive, Israel will not attack Iranian oil sites

The stock market is inevitably influenced today by the oil crash, which is suffering from various adverse winds. The latest negative news for the prices of black gold comes from the Washington Post, according to which Israel has no intention of striking Iranian oil or nuclear facilities and this eases the concerns about supplies recorded in this period. Yesterday also came the downward revision of the estimates on demand for 2024 and 2025 by OPEC, while the China continues to worry providing little guidance on upcoming economic stimulus.

In this context the Texan crude, after having slipped below 70 dollars, is currently moving at 70,06, with a loss of more than 5%.

Il Brent is at $73,77, down 4,76%.

On the currency market, the day's macro data slightly weakens the dollar, allowing the euro to recover an exchange rate of 1,09, practically unchanged from yesterday's close.

Piazza Affari, Telecom bounces, while investigations weigh down Olidata

In Piazza Affari the Telecom rebound which leads the blue chips with a 2,07% increase. Utilities are also doing well, such as Hera + 1,94% Terna + 1,05% A2a + 1,31%.

Among financial securities it remains in cash Unipol +1,79%, while banks close a mixed session waiting for the government to lift the veil on the maneuver with the markets closed.

Bpm bank, +1,74%, is the best, also thanks to the buy recommendation of Deutsche Bank, which raised the target price on the shares by 19% to 7,4 euros. For the broker, the Lombardy institution is undervalued by the market while it resists in a context of falling rates, thanks to a “proactive management”. Consequently, the interest margin for 2025 “could generate positive surprises compared to the consensus”.

Ps is at the bottom with a decline of 1,39%.

Among the oil stocks, they also go down Saipem -2,54% and Tenaris -1,76%. Luxury stocks are down such as cucinelli -2,58% and Moncler -2,35%. 

After yesterday's leap Leonardo yields 0,47%, on the day of signing of the equal joint venture with Rheinmetall announced in July, which will have its registered office in Rome and operations in La Spezia.

The Italian-German tank alliance has as its “primary objective” the mega orders worth over 20 billion in 10 years of the Italian Army to renew the old fleet of Ariete and Dardo, with 280 tanks, partly in combat version and partly in support version, and more than a thousand light tracked vehicles. The division of work will be 50% between Leonardo and Rheinmetall, with 60% of the activities to be carried out in Italy.

Out of the main basket they close on a black tuesday Olidata (-11,13%) And Digital Value (-10,46%), due to the communication from the Rome Public Prosecutor's Office on searches at the offices of the two companies as part of an investigation into crimes against the Public Administration. These would involve alleged irregularities in some tenders, linked to the investigation into the public company Sogei (of the Ministry of Economy), after the arrest of the director general Paolino Iorio and an entrepreneur, defined as Elon Musk's contact in Italy: the contract for the Starlink satellite system is being examined.  

Spreads down

The honeymoon continues between the market and government bonds of the Eurozone, which see yields falling. The spread between Italian and German ten-year bonds is also improving, which retreats to 124 basis points. As the closing approaches, the BTP rate is indicated at 3,46%, while that of the Bund is at 2,23%.

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