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Stock market closes 16 October: Milan finds courage with the banks but the KKR offer disappoints and Tim falls

After a day of swings marked by tensions in the Middle East, European stock markets closed with a timid rise. Spread below 200 after the government's maneuver

Stock market closes 16 October: Milan finds courage with the banks but the KKR offer disappoints and Tim falls

Stock prices rise, crude oil falls, gas collapses and the dollar declines slightly: the first day of the week ends with a positive balance. European financial markets, despite the many geopolitical unknowns that weigh on the future of humanity. The continental stock markets are all in green, comforted by the in tune start of Wall Street, still strong at the end of the morning (DJ +1%; Nasdaq +1,22%) as the quarterly reporting season is about to get underway.

Piazza Affari closes on the rise, despite the collapse of Telecom

Business Square closed with a gain of 0,55% at 28.391 basis points, supported by the banks. Telecom instead, the price list slows down and retreats by 6,23%, after the news that arrived the expected binding offer from Kkr for the fixed network (including FiberCop), but without financial details, while, surprisingly, the US fund presented an offer which is instead non-binding for Sparkle, with the intention of transforming it within 4/8 weeks, after the phase of due diligence. The stock, already nervous, then lost further ground when the economy minister Giancarlo Giorgetti, referring to the match, spoke of a "complex issue".

Among the negative blue chips of the day there are oil stocks such as Saipem -1,4% and Tenaris -0,7%. The car rolls back with stellantis -0,69%, while Ferrari rose by 0,4% in Milan and by 0,86% in New York. Maranello has announced that it has begun to accept cryptocurrencies as a payment method in the United States, which it will then also do in Europe.

On the other side of the scale of the Ftse Mib, the banks weigh positively today: Unicredit + 2,59% Bper + 2,33% Bpm bank +2%. Also Mount Paschi, volatile in the early hours, seizes the opportunity of a rise of 0,44%, with Minister Giorgetti confident that the privatization of the institute will take place by 2024.

In the other sectors, industrial stocks such as Pirelli + 2,23% Prysmian + 2,06% Leonardo +2,22%. Well Campari +1,84% and utilities: Erg + 2,28% Hera + 1,47% Italgas + 1,44%.

The spread drops on the day of the maneuver

The Italian card closes a green on the day in which the Council of Ministers approved the budget bill of 24 billion euros, between 16 billion in extra revenue and spending cuts. “The picture is quite complex – underlined the prime minister Giorgia Meloni – in 2024 we will have around 13 billion euros in increased interest on the debt, to be paid pursuant to the decisions taken by the ECB, and around 20 in super bonuses. The rate increase and the Superbonus do more overall than the budget measure."

On the secondary today it spread between the Italian and German ten-year contracts it narrows and moves away from 200, closing at 196 basis points (-3,44%). Rates also fell, with the BTP closing at +4,74% and the Bund +2,78%.

Cautious but positive Europe. Polish stocks rally

The picture is similar in the other main European markets, cautiously positive starting from Madrid + 0,59% London + 0,42% Paris + 0,27% Frankfurt + 0,33% Amsterdam + 0,2%.

Among the titles it suffers Biontech, -4,67% in Frankfurt, after partner Pfizer (+5,38% in New York) cut its annual forecast last week due to lower sales of Covid-19 vaccines.

In the cautious European panorama today the Polish index stands out positively Wig20, +5,31%, with investors evidently comforted by theelectoral outcome which is being confirmed in light of the counting of the ballots, with the pro-EU opposition expected to reach a majority.

Dollar and oil falling; the gas collapses

The greater appetite for risk penalizes today dollar, whose index appears to be slightly retreating, while theeuro recovers a change around 1,054. However, the Financial Times reports that JPMorgan expects euro-dollar parity as rising energy prices will weaken growth.

Well in this session the bitcoin, despite rumors that were later denied. The digital currency in fact reached 30.000 dollars, to then fall to around 28.09 dollars (+4,4%), following the news that the SEC, the financial markets supervisory authority, would have authorized the first spot ETF on bitcoin, that of iShares , controlled by BlackRock. News given by some of the main sites specializing in cryptocurrencies, starting with CoinTelegraph, but not officially confirmed. Industry experts, with sources within the SEC and BlackRock, such as Bloomberg analyst James Seyffart, have however stated that the news is false and that the SEC is still evaluating the request and Blackrock itself has denied the indiscretion.

Prices are falling Petroleum: Brent, delivered in December 2023, trades around 90,3 dollars per barrel (-0,65%), while Texan crude of the same maturity loses around half a percentage point, for a price of 85,9 dollars per barrel.

The decline is clearer gas in Amsterdam, which after the recent rally, leaves 10,71% on the ground in Amsterdam today, for a price of 48,200 euros per MWh.

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