This live broadcast closed at 6pm on Thursday. Here is the stock market news for Friday 27 September live.
European stock markets strengthened, driven by the positive opening on Wall Street, following higher-than-expected US GDP growth in the quarter and lower-than-estimated requests for unemployment benefits. In the meantime, the Fed President’s speeches began, Jerome Powell.
The news from China was also good, where new measures to support the economy of the order of 130 billion euros are about to be launched.
Cucinelli and Moncler the best of the day
Milan reports a +1.68% to 34,409.34 points, thanks to the run of Cucinelli (+7.9%) e Moncler (+7.7%) driven, like other fashion and luxury stocks, by Beijing’s state support for the growth of the Chinese economy. Outside the main basket Ferragamo, the most exposed in China, which rose by 10.9%.
Also shop on Campari (+5%) and, in line with the technology rally, up Stm (+4.25%). Stay in the light Unicredit (+4.7%) and the improvement in estimates rewards Commerzbank in Frankfurt (+1.65%). Paris also did well (+2.33%), while London was more uncertain at +0.2%.
On the other hand, the oil sector is doing badly: Saipem and Eni they remained in heavy negatives throughout the day, with the former at -5.70% and the latter at -3.04%. Sales also for Tenaris (-0.61%) ed Erg (-0.08%).
Stock markets at 12pm: they continue to remain positive, luxury and industrial goods in Milan
European stock markets continue to accelerate upwards. Frankfurt advances by 1.24%, Paris by 1.59%, London marks an increase of 0.38%, while Milan gains 1.49%, reaching 34,344 points, supported mainly by financial, luxury and by some industrial companies such as Stm, Stellantis and Prysmian.
Meanwhile, the euro weakens by 0.27%, falling to 1.113 dollars, and the BTP/Bund spread remains stable at 133.14 basis points.
Stock markets 9am: Europe opens with momentum, luxury and tech rebound on Piazza Affari
The European stock exchanges they open the day with renewed optimism, driven by the rally in Asian markets, supported by technology stocks and enthusiasm for economic stimulus measures in China. TO Business Square, the Ftse Mib records a higher increase at 1%, while Paris advances by 1.35%, followed by Frankfurt with an increase of 1.15% and Madrid with growth of 1.98%.
Stm and luxury stocks do well, Unieuro presents half-yearly data
In Piazza Affari, the luxury companies dominate today, with increases never seen before: Brunello Cucinelli reached a value of 89.05 euros with an increase of 4.58%, followed by Moncler, whose stock rose to 50.68 euros with an increase of 3.75%. Campari, in difficulty in recent days due to the departure of its ex-CEO Matteo Fantacchiotti, saw an increase in 2.38%, settling at 7.404 euros. Stmicroelectronics also shines (+3%) in the wake of the gains in tech stocks in Asia and the USA.
Ferrari also did well, opening the day with a value of 432.10 euros, up by 2.15%. Interpump Group recorded an increase of 1.96%, adding 40.48 euros, while Prysmian gained1.91%, reaching 67.08 euros. Azimut increased by 1.82%, with a value of 22.99 euros, and Stellantis reached 14.022 euros with an increase by 1.73%.
Finally, Unicredit closed on the rise by 1.66%, with a value of 38.50 euros. Chapter Commerzbank: Six ECB policymakers said they were generally in favor of a possible merger with Commerzbank, considering the German government’s opposition contrary to the principle of European integration. Union Investment, one of Commerzbank’s main shareholders, has urged the German institution to start negotiations with Unicredit.
Meanwhile, Unieuro presented its half-yearly data yesterday: revenues amounted to 1.149 billion euros, down 4.2% compared to the same period of the previous year. However, adjusted Ebit rose to 15 million, compared to 4.6 million in the first half of the previous year, thanks to management aimed at protecting margins and optimizing costs. For the full year, EBIT is now expected to be above 40 million, exceeding the previous range of 35-40 million. Overall positive data, which led the company to a +1.58% this morning, bringing its value to 11.56 euros.
Brent falling, Saipem and Eni badly
The declines were few but decisive, especially in the oil sector: Saipem is down by 3.09%, with a value of 1.973 euros, followed by Eni, which drops by 2.50% at 13,646 euros, and Tenaris (-0.25%, reaching 13.795 euros.
Drops that go hand in hand with the descent of the oil price: the contracts on Wti crude with delivery in November they fall below the threshold of 68 dollars, settling at 67.95 dollars a barrel, with a decrease of 2.50%. Also the Brent suffers a decline, falling to 71.67 dollars a barrel, a decrease of 2.44%. This decline is fueled by the possibility that Saudi Arabia may abandon its price target of $100 per barrel, as reported by the Financial Times.
THE’Euro/US Dollar it remains substantially stable around 1.115, without significant changes. The price of gold also remains unchanged compared to the day before, trading at 2,662.1 dollars per ounce.
Appointments of the week
European stock markets start the day with optimism, following the rally of the Asian markets, driven by technology stocks and continued enthusiasm for economic stimulus measures in China. According to press reports, Beijing is preparing a new package of support measures for state banks, with an estimated value of almost 130 billion euros. If confirmed, this would be the first intervention of this magnitude since the 2008 financial crisis.
Today’s focus is on the third reading of second quarter GDP and US jobless claims data. There is also great anticipation for the statements of the Fed president, Jerome Powell, and the president of the ECB, Christine Lagarde. Meanwhile, the Central Bank of Japan will publish the minutes of the July meeting, during which the first interest rate increase was made.
Before the markets opened, the data on the German consumer confidence for October 2024. The Gfk index, based on the survey conducted this month, recorded a value of -21.2 points, compared to -21.9 in September, with the latter data revised from -22. This reading is better than economists’ expectations, who expected a further decline to -22.4 points. However, expectations regarding the economic situation worsened, with the indicator falling by 1.3 points to 0.7. On the other hand, the indicator on propensity to purchase increased by 4 points, reaching -6.9 points, while that on income expectations rose by 6.6 points, reaching 10.1 points.
Spread at 133 points, new BTp issues arriving
The spread between BTp and Bund recorded a downward opening on the Mts electronic secondary market. At the beginning of the session, the yield differential between the reference Italian 10-year BTp and its German counterpart stood at 133 basis points, down from 135 points at the previous close. The yield of the benchmark ten-year BTp also fell, settling at 3.50%, compared to 3.54% at the closing of the previous day.
Treasury placements at the end of the month are gaining momentum. After placing 5.25 billion euros in short-term and index-linked BTPs on 25 September, an offer of 7 billion in six-month BOTs was launched this morning. On September 27, it will be the turn of up to 8.75 billion in medium/long-term securities. In the issuance plan for the fourth quarter, the Ministry of Economy announced the offer of new 3 and 7 year BTPs, reporting that the progress of the collection plan for the current year has reached 81% .
