The US stock markets closed without any color, but after the end of trading, solid accounts arrived Netflix to report. The Chinese bags are rising, supported by the GDP data, but above all by the arrival of support for the price lists by the authorities. The European stock exchanges views slightly down. Good accounts of Essilorluxottica and Brunello Cucinelli. Italy wait for S&P and Fitch.
Wall Street little changed after quarterly and macro data
The New York Stock Exchange closed yesterday with a slight increase overall, with the Dow Jones up 0,37%, while the S&P-500 remained at 5.841 points, close to previous levels. Without direction the Nasdaq 100 (+0,08%) and the S&P 100 was almost unchanged (+0,07%).
Chipmaker's quarterly results show strong results Taiwanese TSMC, which reported higher-than-expected earnings driven by sustained demand from the artificial intelligence sector. Among the quarterly results, that of Netflix after the closing of the markets which showed a better-than-expected quarterly results: they are holding back subscribers, not margins. revenues are up 15% to 9,82 billion dollars, an operating profit of 2,90 billion (+29%) and a earning per share of $5,40. The streaming giant also gained more than 5 million new customers in the third quarter. It celebrated in the after-hours market with a +5%.
On the macroeconomic front, the retail sales in the United States, they were above expectations with an increase of 0,4%, while the slowdown in industrial production and manufacturing confirms the stalemate of the sector and the economy. The number of workers first-time jobless claimants fell 19.000 to 241.000; expectations had been for a reading of 260.000. Manufacturing conditions in the Philadelphia area improved in October from the previous month, remaining in expansion mode.
Chinese stocks supported by GDP data and the start of the push on the lists by the authorities
Le chinese bags rise after the publication of the data on GDP in the third quarter grew by 4,6% on an annual basis, the weakest increase since March 2023, after 4,7% in the second quarter. With these numbers, the government's goal of 5% growth is difficult to achieve, analysts say, which is why the stimulus measures to support the economy were launched. It must be said that in the last part of the quarter, in September, register improvements, the industrial production increased by 5,4% compared to the previous year, against economists' forecasts of a growth of 4,6%, the retail sales rose 3,2%, beating forecasts for a 2,5% increase, the investments in real estate grew by 3,4% in the first nine months, against the 3,3% increase expected by economists. The problems in the real estate sector, where investments fell by 10,1% in the first nine months.
The CSI 300 Index of Shanghai and Shenzhen price lists gains 1,1%, accumulating a -1% in the week at these prices. The index Hang Seng is up 1,3%, its first session in the green after four sessions of decline, with a weekly balance so far of -4,2%. About seventy of the 82 members of the benchmark index are up. The stock market Taipei is led by +6% of Taiwan Semiconductor Manufacturing, the TAIEX index gains 2%, +2,7% for the week.
Also supporting stock markets are expectations of a wave of buybacks to come.
La Chinese central bank has authorized the tonight financing program intended for listed companies and major shareholdersThe program offers 300 billion yuan ($42,1 billion) of low-cost financing to 21 eligible commercial banks, which lend money to qualified companies and shareholders. About 20 institutions, including securities firms and funds, have been approved to use the swap facility, which allows them to access PBOC liquidity if they pledge bonds and some stocks as collateral, according to a separate PBOC statement.
La Tokyo stock exchange little movement at the end of the session, Nikkei index on parity with a +0,1% and a -1% on the week. yen Japanese yen pushed above the psychological threshold of 150 to the dollar last night, for the first time in two and a half months, also due to the indications that came yesterday from the United States economy. Japanese inflation has slowed in September for the first time in five months. The Ministry of Internal Affairs said consumer prices excluding fresh foods rose 2,4 percent from a year earlier, slowing from 2,8 percent in August, as government subsidies for utilities cushioned the impact of ongoing inflation. That was slightly above the consensus estimate of 2,3 percent. Services prices, which the Bank of Japan uses as a key measure to monitor price developments, rose 1,3 percent from a year earlier, slowing from 1,4 percent in August.
Gold as a safe haven ahead of US vote
Although the two candidates for the US elections are neck and neck in the polls, the anxiety is leading investors to bet on thegold as a safe haven. Gold futures for December reached a new all-time high of $2.727 per ounce. Prices of gold rose slightly Petroleum (Wti +0,42% to 70,95 dollars per barrel and Brent +0,34% to 74,69 dollars per barrel), supported by positive data on US inventories
European stocks seen slightly down. Italy awaits S&P and Fitch
European stock markets are expected to decline slightly based on indications provided by the Eurostoxx50 future at -0,12% the day after the decision of the ECB to cut official rates by another quarter point, with the president saying she was surprised by the economic slowdown in the eurozone. Italy awaits the ratings from S&P and Fitch agencies which currently both have a BBB rating with a stable outlook, with some analysts seeing an upgrade to positive possible. DBRS will follow next Friday, Moody's on November 22 and Scope on November 29.
Britain. Retail sales unexpectedly rose 0,3% in September versus expectations of -0,3%. Sterling rose by more than a third of a penny against the US dollar after the data was released. The ONS said telecommunications and computers were the main drivers of non-food sales, rising almost 35% month-on-month in September.
Saipem. The Federal District Court of Brasilia has annulled the order of the Controladoria-Geral da União (CGU) that prohibited Saipem SA and Saipem do Brasil from entering into contracts with the Brazilian public administration, for a period of two years, due to alleged irregularities in the awarding of a contract dating back to 2011.
Snam will extend cooperation with Eni on carbon capture to foreign projects, said CEO Stefano Venier, adding that he had not changed his mind on Italgas, confirming the decision to keep the financial exposure to the gas distributor unchanged and therefore not to participate in the future capital increase.
Generali: Moody's confirms A3 rating, three steps above Italy
Essilor Luxottica. Consolidated revenues for the third quarter of 2024 amounted to €6.437 million, with a year-on-year growth of 4,0% at constant exchange rates compared to the third quarter of 2023 (+2,3% at current exchange rates). In the third quarter, revenues were positive in both segments across all geographic areas. North America is growing low single digit, with sole retail returning to positive territory at the end of the quarter. EMEA is growing mid-single digit, driven by both Professional Solutions and Direct to Consumer segments. China is still positive, despite the complex macroeconomic situation, supported by Stellest growing 40%.
Brunello Cucinelli brought quarterly revenues to 300 million euros, up 9,2%. In the nine months since the start of the 2024 financial year, revenues increased by 12,4% to 920 million euros
Unicredit. Russia has decided to tighten the conditions for the exit of foreign institutions and other companies. The so-called exit tax, that is, the “voluntary” contribution required to get rid of activities on Russian soil, rises from 15 to 35%.
Monte Paschi Bank. Mf writes that Enrico Marchi, head of Finint, would have sent the dossier for a possible acquisition of a share of the Sienese bank from the Treasury also to Leonardo Maria Del Vecchio, son of the founder of Luxottica, with the aim of forming a group that could form a hard core of shareholders.
nexi . Banca Popolare di Puglia e Basilicata has signed a long-term strategic partnership agreement in the merchant acquiring business with the Nexi group.
