Il financial climate in Europe it is slightly got worse today after the mixed start on Wall Street and the stock markets closed in the red a session that was all too full of news, including highly anticipated macro data (US inflation slowed down in September, but consumer spending rose more than expected), quarterly to cascade and risk of escalation in the Middle East, after the US air force attacked pro-Iranian militiamen in Syria. In view of a weekend full of geopolitical unknowns investors thus went to cash in the Old Continent, while the war drives oil purchases: Brent +1%, 88,8 dollars a barrel.
Europe in red
Business Square reaches the finish line with one 0,8% loss, falling to 27.234 basis points. It weighs on the price list decline in Moncler (-6,46%), despite revenues growing by 7% in the third quarter, which however are below analysts' expectations and show a slowdown between the end of September and the beginning of October. Saipem rebounds + 3,93%.
The black jersey of the day goes to Paris -1,28%, overwhelmed by sales up Sanofi (-13,41%), after accounts below expectations and a cut in estimates. I'm down at London -0,87% Amsterdam -0,65% Madrid -0,51% and Frankfurt -0,27%. Among the economic indicators, the data on business confidence in the euro area are in chiaroscuro: rising in France and falling in Italy.
Wall Street seeks rebound, between macro and quarterly data
Wall Street is still looking for a stable mood. The Nasdaq (+1,17%) appears to be the index most determined to achieve an excellent rebound, thanks to the surge in Amazon (+7,83%) which has presented ic so farbest quarterly reports among the magnificent 7 (mega tech). Also Intel is effervescent (+9,26%) after higher-than-expected accounts and forecasts, but now attention is shifting to oil stocks and Chevron (-5,35%) And Exxon Mobil (-2,04%) are in the red, after showing a sharp drop in profits following the two acquisitions worth around 60 billion Pioneer e Hess. It also moves backwards jp morgan (-2,5%), on the day of the news that JPMorgan Chase CEO Jamie Dimon will sell part of his stake in the bank in 2024 and it is his first stock sale since he has been in this role. The Dow Jones currently loses 0,4%.
US inflation slows, but consumer spending rises
The market's attention is also aimed at inflation (specifically to the Pec data, the Fed's favourite) and the combination of a higher-than-expected GDP (seen yesterday) and slowing inflation should be conducive to optimism. As for today's data, the Department of Commerce says that personal incomes increased by 0,3% in September, less than the +0,4% in August. However, consumption expenditure increased by 0,7% compared to the previous month, when +0,4% was recorded.
The PCE data, relating to consumer prices marks an increase of 0,4% compared to the previous month and +3,4% compared to a year earlier, less than the +3,5% of August. The "core" component, stripped of volatile elements, rose by 0,3% month on month and by 3,7% compared to a year earlier, less than the +3,9% of August.
In key Fed are data to be interpreted, but investors' conviction is strengthened that Jerome Powell will not touch the cost of money next week.
Sul foreign exchange market the macro picture is holding back the dollar, with the index falling against a basket of currencies by 0,15%. L'euro it appreciates to a similar extent, for an exchange rate against the greenback close to 1,058.
I Stars and Stripes Bond, under great pressure in recent times, today see contracted prices. The 4,857-year Treasury yield rose slightly to XNUMX%.
Unicredit and Eni did well in Piazza Affari
Among blue chips financial stocks were well bought today on Piazza Affari. In managed savings Finecobank achieved a gain of 1,47%. The banks are positive, starting from Unicredit +1,12%, on the day of the extraordinary meeting and the green light for the 2023 buyback tranche for a maximum amount of 2,5 billion and the transition, in the extraordinary part, to the one-tier model, which provides for an internal control committee within the board of administration thus bidding farewell to the mayors.
There is also progress in the sector Ps + 1,04% Bper + 0,45% Understanding + 0,32%.
Among oil stocks, the best is Saipem, recently significantly penalized by sales. It also marks a small step forward Eni +0,18%, which presented the quarterly report before the opening showing better results than expected thanks also to the performance of Plenitude and the increase in the 2023 Ebit estimates.
They are at the bottom of the ranking, together with Moncler Amplifon -4,029% ed stm -3,73%, this action also penalized by the fact that Intermonte revised the target price downwards from 60 to 54 euros.
Male Stellantis -2%.
Spreads falling while waiting for Dbrs
The Italian secondary closes in green, in awaiting the judgment of Dbrs which this evening will update its rating on Italy, currently BBB High with a stable outlook. The market awaits the judgment with serenity, after the ECB did not touch rates yesterday. Today among other things, in a conversation with the FT, the president of the bloc's central bank, Christine Lagarde, returns to his past mistakes including the sentence of 12 March 2020, when he said "we are not here to close the spreads", responding on the widening of the Italian spread during the most serious phase of the pandemic, causing the spread to widen significantly. The lesson in learning the profession of central banker, taken in the field, was therefore "brutal and rapid" for Lagarde, but overall the ECB's number one promoted herself with a good grade, 7.
Returning to the spread of the day: this drops today to 196 basis points, with rates falling: the 4,8-year BTP is indicated at closing at 2,83% and the Bund of the same duration at +XNUMX%.
