At 11am Greenwich Mean Time, the Ten-year T-bond, the flagship bond of the United States, has crossed the 5% threshold, a yield only touched last week but which, with a rate of 5,04%, rises to the highest since 2007. Contributing to this performance, which is also putting pressure on euro area yields, contribute message from Jerome Powell, very rigid on the near future of US rates, but also the difficulties of US politics, paralyzed by conflict between Republicans over the choice of speaker in Congress and by the exponential increase in wartime debt.
Piazza Affari in swing, holding up with the banks
In this setting Piazza Affari, which has escaped the axes of S&P, defends itself thanks to the banks. Milan, half a point behind in line with the other price lists, recovered part of its losses at the end of the morning.
London is worse -0,8% despite the agency Moody's confirmed the Aa3 rating of Great Britain and the outlook has been revised upwards from negative to stable. The revised outlook reflects restored political predictability following last year's volatility.
On the bond front the BTP is better than the US treasury: 4,95%. Spread decreasing to 199 points compared to the Bund traded at 2,94%.
Mediobanca is preparing for the meeting
The best title on the Italian list is Bfor, with an increase of more than 2%, it rebounds Mediobanca +0,8%: the opposing sides are preparing for the assembly battle on Saturday 28 October. Unicredit +0,70%: the board for quarterly accounts meets today.
Nexi suffers -2,5% and Telecom, stuck at 0,25 euros while waiting for the troubled transfer of the network. The Board of Directors will evaluate in two meetings the 3 and the 5 November the binding offer on NetCo and the non-binding offer relating to Sparkle, received from Kohlberg Kravis Roberts on 16 October, as well as "the question of which corporate body is competent to decide on the matter".
La Volkswagen's slide -2,80% in Frankfurt is reflected in the auto sector: Pirelli – 2,7%. Stellantis +0,80% promoted by Jefferies defends itself.
Positive indications from Philips, in which Exor recently invested with a significant stake of 15%, investing over €2 billion. Philips represents 7% of NAV and is the fourth largest investment after Ferrari, Stellantis and CNHI. The discount to NAV remains high at 42%.
New York Times: Rumors of Release of 50 Hostages in Gaza
According to the New York Times An attempt is underway to release 50 hostages held in Gaza.
Brent and WTI oil trades down -1%. Chevron is close to purchasing Hess Petroleum for 52 billions of dollars.
EU Gas (Amsterdam) down -5%, below 49 euros/mwh.
Gold retreating from the highs of the last three months to 1.977 dollars an ounce, -0,6%.
On the contrary, the Bitcoin +3%, over 30 thousand dollars.
Futures anticipate one Wall Street indices start in the red.