"The maneuver requires sacrifices for everyone”, will be taxed “the profits and revenues and it will be an effort that the entire country must support, that is, individuals, but also small, medium and large companies". These words from the Minister of Economy Giancarlo Giorgetti, reported by theHandle, have scared today Piazza Affari, which closed in black with a loss of 1,5%.
Lo price list slip It still arrives in a weak context on both sides of the Atlantic, as it acts as background noise, inducing weakness across markets, is the sound of the bombs in the Middle East and the fear of a further widening of the conflict in the region. On the other hand, the Petroleum, currently rising above 4%, on the hypothesis that Israel wants to attack Iranian oil infrastructure.
In this context Paris yields 1,32%, after the president yesterday Macron he said he was in favor of an "exceptional tax" on businesses announced by Michel Barnier's government. Frankfurt loses 0,72%, Amsterdam -0,71% London -0,11%.
In the macro sphere, the PMI services of the main European economies confirmed the slowdown phase and strengthened hopes for another ECB rate cut on October 17. On the contrary, the sector is strengthening in the USA and from a Fed perspective, the report on non-farm employment due out tomorrow is becoming increasingly important.
Piazza Affari in black with Giorgetti, then comes the correction
Piazza Affari is in black today and retreats to 33.170 basis points, partly frightened by the words of the minister Giancarlo Giorgetti, even if a corrective clarification from the ministry subsequently arrived.
The worst blue chip of the day is Diasorin -4,05%, followed closely by Stellantis (-4%), which is unable to recover after having launched a profit warning in recent days due to a slowdown in sales in North America. Also weighing on today's session is the fact that Barclays cuts rating on the stock at 'equal weight' from 'overweight' with target price at 12,5 from 23 euros.
Fear of a blow to extra profits is troubling Saipem, -3,59%, despite the jump in the price of crude oil.
Le banks are opposed. The worst is Monte dei Paschi, -2,82% and Minister Giorgetti ends up in the dock once again, having announced that the Treasury intends to sell further tranche of the Sienese institute by the end of the year.
The counterweight was provided by purchases on Telecom, which closed with a gain of 1,62%, on the news released yesterday evening that The Ministry of Economy has presented an offer of 700 million euros with Asterion to acquire the entire capital of Sparkle.
Timid progress for Bper + 0,43% Iveco + 0,46%.
Slightly moved spread
It is confirmed the spread has moved little, which is currently around 134 basis points, with rates slightly rising. The 3,47-year BTP nearing the close is indicated at 2,14%, that of the Bund with equal duration at XNUMX%.
Dollar rises, pound plunges
Sul foreign exchange market the performance that stands out the most is that of the GBP, in sharp decline against the main currencies. In particular, the British currency loses more than 1% against the dollar for an exchange rate in the 1,31 area.
The one who surprised was the governor of the BoE Andrew Bailey, announcing that the central bank might become “a little more aggressive” on rate cuts if there was positive news on inflation.
The euro moves weak, but with greater moderation, for an exchange rate with the greenback just above 1,1 (-0,28%).
The single currency looks at the PMI data for September of the main economies of the bloc, such as France, Germany, Italy. All are going a bit backwards and in particular the index of the peninsula is retreating almost to stagnation, at 50,5% (in any case it remains above the ford of 50), from 51,4 in August.
The service sector activities in the USA remained broadly expanding, although it fell to 55,2 from 55,7 in August. This is further evidence of the good health of the star-spangled economy, which will be in the spotlight again tomorrow with the government's employment report from last month. Yesterday, the ADP report surprised by being excessive. These data could reinforce the forecasts of a more cautious Fed, after cutting the cost of money by 50 basis points decided last month.
All the more so since inflation, which has benefited so much in recent months from the fall in oil prices, is now looking with moderate concern at the recovery of black gold pricesTexas crude oil for November delivery is trading at $73,17 a barrel today, up 4,38%. Brent is also running, December 2024, $76,92 per barrel, +4,09%.
