Two-speed day in MY BAG today: Europe closes in decline in fact while Wall Street consolidates the gains made yesterday. Many quarterly reports and macro data that were not always satisfactory contributed to the mood of investors.
Particularly Business Square loses 1,21%, overwhelmed by Campari -18,5%, with the third quarter corporate results showing sales and margins down, below analysts' expectations, while the company is once again struggling with the search for a CEO. A picture that has led many brokers to revise their estimates for the year and lower their target price.
The climate has not been more serene in Europe and not only because of the tragic flood in Spain: Frankfurt loses 1,13%, even if Volkswagen (+1,03%) has held up to the shock of a third quarter with profits down 63,7%; Paris falls by 1,1% with luxury still disappointing; London -0,73% Amsterdam -1,49% Madrid -0,67%.
Overseas Wall Street moves cautiously upwards, after the quarterly A (+5,56%) seen yesterday, with revenues and profits above estimates thanks to the cloud business and advertising revenue on YouTube. Today Microsoft and Meta will report earnings; Thursday it will be the turn of Amazon and Apple.
The macro context from the States remains solid: in the three months of July-August-September the US GDP, According to preliminary data, it grew by 2,8%. Below expectations of 3,1%, but still robust.
Growth flat in Italy in third quarter, spread rises
A cold shower has instead hit the bonds of the Belpaese, which close with rates in sharp increase. spread between a 125-year BTP and a Bund of the same duration rises to XNUMX basis points, while the rperformance of the Italian title jumps to 3,62%. The tensions were triggered by the zero growth in the third quarter in Italy compared to the second quarter. In the comparison on an annual basis the increase is 0,4%. On the contrary, Germany surprised positively with a quarterly GDP increase of 0,2% (against estimates of -0,1%), even if the growth in the year-on-year comparison is negative (-0,2%).
Euro rises and gold hits new records
On the currency market theeuro appears to be recovering and the exchange rate with the dollar moves above 1,086. To complete a very rich macroeconomic picture of the day and to guide the choices there was theGerman inflation, which rose 0,4% in October, while the annual inflation rate accelerated to 2% in October, the highest in three months.
As regards the GDP of the Eurozone This was up 0,4% in the third quarter from the second and 0,9% from a year earlier.
In the United States, inflation PCE marked +1,5% in the third quarter, after 2,5% in the previous quarter. The 'core' figure rose to 2,2%, against the 2,1% expected, after 2,8% in the previous three months.
Signs of strength then came from US labor market after the disappointing data of the previous day's jolts: employment in the private sector accelerated its pace in October. According to the monthly report compiled by Automatic Data Processing (ADP), the agency that prepares payrolls, 233.000 jobs were created compared to the previous month, the highest figure since July 2023, while the forecast was for the creation of 113.000 jobs.
Despite the solidity of the star-spangled economy, many investors continue to protect themselves with bullion, in view of presidential elections whose outcome is still very uncertain. Thus, thegold, which today hit new highs approaching $2790 an ounce. Spot gold is currently priced at $2786.
Prices go up Petroleum: Wti +2,54%, 68,92 dollars per barrel; Brent +2,42%, 72,44 dollars.
Piazza Affari, Leonardo stands out
It stands out in Piazza Affari today Leonardo +1,32%, at the end of a practically solitary run. The other positive blue chips in fact show modest progress: Pirelli + 0,62% Bper + 0,21% Saipem + 0,18% A2a +0,14%. It marks a slight decrease unipol, -0,17%, which excludes the purchase of shares of Ps (-0,82%) in the context of the next share placement operation by the Ministry of Economy.
The accounting effect has been heavy for Campari, but also for Amplifon -4,56% and Moncler -2,57%. On the shares of the queen of down jackets, the broker Intermonte has revised downwards its estimates "of 2024 and 2025 revenues -0,4%/-1,5% to take into account the continued volatility of the business".
They will present the quarterly results tomorrow stm -3,58% and stellantis -1,29%. It will do the same Prysmian, which today marks a decline of 3,57%, infected by Nexans (-7,36% in Paris), on disappointing accounts. The stock of the French industrial cable manufacturer has nevertheless gained about 40% in the last six months, while Prysmian has grown by almost 32%.
