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Stock market closes on 7 November: CNH collapses on Piazza Affari (-7,4%) and is moving towards delisting and cuts its 2023 estimates

The fall of CNH and the sales on oil markets weigh on Piazza Affari - The other price lists are mixed - Spread just above 180

Stock market closes on 7 November: CNH collapses on Piazza Affari (-7,4%) and is moving towards delisting and cuts its 2023 estimates

Between the weakness of foreign demand in China and the war in the Middle East i European lists today they close a session without a precise direction, while Wall Street it was rising at the end of the morning, after a colorless start. The Nasdaq could close the eighth consecutive session in green. The many quarterly releases in the Old Continent contribute to the day's results, while US bond yields fall (the ten-year Treasury shows a rate of 4,59% after yesterday's increases) and partially dispel fears that excessive optimism about monetary policy prompted last week's rally. These fears were reawakened by the hawk Neel Kashkari, president of the Minneapolis Fed, according to whom more work will probably have to be done to bring inflation under control, but now new suggestions are awaited from the number one of the Fed Jerome Powell and the president Christine Lagarde who will speak mid-week.

Piazza Affari in black shirt with Cnh

Business Square is in black shirt and loses 0,69% for a closing at 28.395 basis points, hostage to some extent by the fall of Cnh -7,46%, after the accounts and in view of the farewell from the Milanese stock exchange. The stock was suspended several times due to excessive decline on the day of submission of the application for delisting from Euronext Milan. The board of directors also approved a new share buyback program, from time to time, of up to one billion dollars of ordinary shares between November 8, 2023 and March 2024, XNUMX. The program, financed by the company's liquidity, has the aim of optimizing the capital structure and helping to offset the potential volatility resulting from the delisting.

CNH also revised down its revenue forecast for 2023 due to weakening market conditions, especially in South America, and following a largely stable quarterly performance.

In the rest of Europe they are weak Paris -0,38% and London -0,11%, flat Amsterdam e Madrid, positive Frankfurt +0,14%. It is without nuance Zurich, but UBS gains 2,15% and does not disappoint the market despite the loss of 785 million in the quarter, the first loss in six years, largely due to the expenses linked to the acquisition of Credit Suisse.

A political earthquake struck instead Lisbon, which closed with a loss of 2,54% on the day of resignation of Prime Minister Antonio Costa, for an investigation into alleged irregularities committed by his Socialist-majority administration in the management of lithium and hydrogen mining projects in the country. 

On the currency market the dollar raise your head andeuro slips to 1,069. The Aussie, the Australian dollar, also lost share after the country's central bank's decision to raise rates by 25 basis points, but changing the outlook and fueling expectations that the restrictive cycle is over.

Oil plummeting

The loudest splash of the day is that of Petroleum, which loses more than 3%, with the January 2024 Brent future around $82,5 per barrel and Texas crude (December 2023) at $78,25 per barrel. 

The black gold suffers from new cracks in the granitic Chinese economy. The celestial empire's exports fell by 6,4% on an annual basis in October, accelerating compared to the 6,2% decline of the previous month, while the surplus The country's trade fell to its worst level since May 2022, at the height of the Covid pandemic. The drop in exports signaled a worsening in foreign demand, particularly from major trade destinations China, Europe and the United States.

Furthermore, the International Monetary Fund updated its gross domestic product growth forecast for the Dragon in 2023 to 5,4% from 5%, citing a "strong" post-COVID recovery, but also predicting a slowdown next year to 4,6%.

Meanwhile, on the European front, the data on German industrial production in September are disappointing, -1,4% in the month.

Oil stocks are weak in Milan

Net of Cnh, Business Square sees the main list weighed down by oil stocks such as Tenaris -3,09% Eni -2,54% Saipem -2,08%.

The day didn't even smile at Prysmian: -twenty%.

Go down Finecobank, -2,78%, although the first nine months show an increase in net profit of 50,1% compared to the same period in 2022. 

They are negative Moncler -1,67% Erg -1,69% and stellantis -1,31%.

Between the banks it slips Ps -1,52%, while Unicredit salt of 0,53%.

It is confirmed as volatile Telecom, -0,68%.

The pink shirt of the day goes to Recordati, +2,06%, which positively surprised the market with its accounts, closing the first 9 months of 2023 with a net profit of 304,5 million euros, up by 14,2%. 

nexi, +1,14%, continues to gain traction on rumors of interested parties in purchasing the digital payments company. There are currently rumors circulating that the Canadian fund CPP and Francisco Partners are also among the candidates.

Bene Campari + 1,82%.

Post +0,98%, is rewarded for i accounts and guidance, showing a growth trend in the first nine months of the year.

Out of the main basket it shines Ariston, +4,27%, which achieved a net profit of 206,1 million euros in the nine months of 2023, an increase of 68,9% compared to the same period of 2022.

He weakens Brembo, -2,08%, with stable profits on growing revenues.

Stable spreads

The secondary is kept in balance, with the spread between Italian and German ten-year at 184 basis points. Rates drop: the BTP is indicated at +4,5 (from +4,57% the day before); the Bund at +2,66% (from +2,73%).

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