It's still October red on European stock exchanges which archived, with today's session, the third consecutive session in decline for a decidedly negative weekly balance, the worst in three months. The risk of an escalation in the Middle East is scary from east to west, the losses have in fact hit the Asian stock markets, while Wall Street, at the moment, is moving lower, still shaken by yesterday's words from the president of the Fed Jerome Powell, according to which new rate increases are not ruled out in the future.
Square Business it loses 1,4% and slips to 27.357 basis points, waiting for S&P to update its rating on Italian debt this evening (currently BBB with a stable outlook), in a context of uncertainty, between serious geopolitical crises and high rates. The Italian Prime Minister's decision also had great resonance in the world, but relative influence on financial issues Giorgia Meloni di end the relationship with her partner Andrea Giambruno (fracture made known with a Tweet), after the off-air of Striscia the news on the journalist, further proof of how difficult the job of prime minister is for a woman.
In the rest of Europe Frankfurt retreats 1,64%, Paris -1,52% Amsterdam -1,56% London -1,33% Madrid -1,32%.
On the currency market theeuro is in moderate recovery on dollar and 1,059.
Oil on the rise
What is curbing the appetite for equity risk is the war between Israel and Hamas, which could last longer than hoped, with the risk of it spreading to other countries. The uncertain future, which also causes the Vix, the so-called fear index, to surge, fuels purchases on the market Petroleum, which is back on the map today with price increases of around 1%, seeing the possibility that in a context of widespread war, part of the supplies from the Middle East will be interrupted. The black gold could thus close the second consecutive week on the rise. At the moment the Brent contract, December 2023 trades at 93,31 dollars per barrel, (+1,03%), the WTI, for the same duration, rises to 89,30 dollars per barrel (+1,05%). Among the raw materials, thegold: spot gold trades at over 1991 dollars per ounce, up by approximately 0,8%. The ingot future for December 2023 is instead above 2002 dollars (+1,12%).
Through ups and downs the contract of gas in Amsterdam (November 2023) it floats around 50,100 euros per MWh.
The 5-year Treasury hits XNUMX% then retreats
I US ten-year rates and that of the Italian ten-year anniversary move away from the feared 5% threshold. The market is processing what Powell said yesterday, who on the one hand did not rule out new increases, but on the other observed that this growth in market yields partially carries out the work that the central bank is responsible for. The question of higher rates for longer remains intact, but for now we are betting on a Fed holding firm in November (and probably also in December).
This explains the fact that the US 5-year bond, after having reached 2007% as has not happened since 4,908, is currently indicated as falling to 1,66% (-XNUMX%), with contrasting prices on the various maturities.
Spread stable, rates drop
The Italian secondary archives a session that is stable at the end, with one spread with the German ten-year bond at 202 basis points, in line with the previous data. Rates drop slightly: the BTP is at 4,9% (from 4,95%) and the Bund at 2,88% (from 2,93% yesterday).
Nexi and Cucinelli shine in Piazza Affari
On the main Milanese price list it still shines today nexi +2,54%, in the wake of new rumors press according to which CVC would not be the only private equity fund interested in the payments company.
The gains of the other positive blue chips are more modest: Diasorin +0,44%; Amplifon +0,59%; Terna +0,28%; Inwit + 0,1%.
There are many more loss-making big caps and they record notable drops. We start from Saipem -6,22%, followed by Iveco Group -4,65% Mps Bank -3,97% Poste Italiane -3,51% Cnh -3,26%.
Red is also on for Telecom -3,67%, with sources close to Vivendi, cited by Ansa, who see no openness from Tim's shareholder to the Kkr operation on Netco. According to the French shareholder of the telecommunications company, the decision will be made exclusively by an extraordinary shareholders' meeting.
Among insurance companies it is losing share Generali -2,34%, after yesterday the CFO of Leone Trieste said that in the first nine months the company recorded a loss from natural catastrophes higher than that expected for the entire year, because the events have become more frequent and impactful.
Outside the main basket, two important luxury brands such as Brunello cucinelli (+ 4,82%) and Salvatore Ferragamo (-1,85%), yesterday at showdown.
The king of cashmere, which yesterday presented positive turnover numbers for the first nine months, raising its annual estimates, was also rewarded by the confirmation of the UBS "buy". Goldman Sachs made the same choice (which also raised its target price to 90 euros). For Equita, however, the stock is "hold" and the target price is reduced to 79 euros.
The reviews on Ferragamo instead they are worse. Morgan Stanley confirmed the "underweight" rating, cutting the price to 11,5 euros compared to the 11,6 euros of the current prices. “Sell” is the indication of UBS, the target price has been limited to 11 euros. In the third quarter, the Florentine fashion house saw declining revenues and numbers judged "weak" by the experts at Intermonte and "in line" by those at Equita, who however see the outlook as "cautious" while noting "encouraging ideas on the relaunch".
