This live broadcast closed at 6pm on Wednesday.
The European stock exchanges they continue to search for direction in the third session of a week characterized by uncertainty. Milan closed slightly down by 0.1%, in line with Frankfurt, While Paris recorded a worse performance, with a decline of about half a point. Investors maintain a cautious attitude, awaiting clearer indications from the American quarterly reports, with particular attention paid to Tesla’s results, which will be presented in the evening.
Looking at the stock market, at Piazza Affari Stellantis closes at the top of the list with an increase of 3%, benefiting together with the sector from the upward revision of the targets by General Motors. Good too Hera, who earns 1.39%, And Stmicroelectronics, growing by1.82%encouraged by the results of Texas Instruments and awaiting those of Tesla. However, the banking sector is suffering from a negative trend, with Mps decreasing by 3%, due to Deutsche Bank’s uncertain results in Frankfurt.
Tim loses the 2.41% after the searches of a company manager by the Guardia di Finanza due to a hypothesis of corruption between private individuals.
Stock markets 12pm: Piazza Affari positive despite the difficulties of Tim and the banks, Stellantis runs
Business Square continues to remain positive despite the declines in Tim and the banks, staying on +0.09% at 34,766.79 points. However, the main European stock exchanges did badly: the Dax lost 0.06%, the Cac40 fell by 0.48% and the Ftse100 lost 0.17%.
Tim is under pressure with a drop in the 3%, following a search of a manager’s office on suspicion of corruption between private individuals. Banks are also showing signs of weakness, with Mps in the lead, in the decline of the 2.13%, followed by Leonardo (-1%), Saipem (-1.65%) And Nexi (-1.15%).
Stellantis close to 4%
Breath of fresh air for Stellantis, which marks an increase in +3.86% and it is the best in Piazza Affari. However, the stock continues to lose around 54% from the highs of last March, when it exceeded 27 euros, with Conapi proposing that the State intervene and become part of the group’s capital, following the French example.
Supporting the shares of the Italian-French group and the entire auto sector is the positive performance of General Motors, which yesterday gained 9.8% on Wall Street. Despite a decline in profits and revenues, results were above analysts’ forecasts and the company provided a positive outlook for the coming months.
Stock market 9am: European stock exchanges cautious at the start of the session, STM and Stellantis on display in Milan but Tim collapses
European stock markets cautious at start of session; to Business Square the Ftse Mib scores +0.13%, while in the rest of the Old Continent Frankfurt is a -0.03%, Paris to -0.12% And Amsterdam to +0.11%. European stock markets start the day mixed, with investors still undecided due to uncertainty over the pace of monetary policy easing and the outcome of the upcoming presidential elections in the United States. This uncertainty makes it difficult to take clear positions in the markets.
To get some indication on rates the market awaits the publication this evening of the Beige Book from the Fed, while the quarterly season continues on both sides of the Atlantic.
In Piazza Affari, the biggest increases of the day see Stmicroelectronics in the lead, with a value of 26.59 euros and an increase of 4.01%, driven by yesterday’s quarterly report from the German company SAP which is supporting the entire technology sector. Stellantis follows, rewarded together with the auto sector by GM’s upward revision of its targets, which records growth of 3.93% with a value of 12,492 euros. Pirelli is positioned at 5.34 euros, with an increase by 1.33%, while Hera grows by 1.00% to 3.64 euros. Iveco Group marks an increase of 0.99%, reaching 9.802 euros, and Interpump Group advances by 0.93% with a value of 41.24 euros.
The greatest declines instead see Telecom Italia in the lead, with a value of 0.2432 euros and a loss of 2.41%, following an inspection by the Financial Police which searched the office of one of its managers on the hypothesis of corruption between private individuals. “The company will also collaborate with the investigators to reconstruct any liability to the detriment of the group,” explained the company.
Leonardo follows with a decrease in1.13% to 21.87 euros, while Saipem drops by1.02% with a value of 2.044 euros on the day in which the board of directors meets on the accounts for the third quarter of 2024. The banks are struggling: Bca Pop Sondrio loses its 0.93%, settling at 6.94 euros, Bper Banca drops by 0.77% with a value of 5.672 euros while Unicredit recorded a decline in 0.66%, falling to 40.06 euros, followed by Banca Monte Paschi Siena, which loses 0.53% at 5.22 euros.
Outside the main basket Fincantieri, which earns the 2.5% thanks to a huge one billion contract with Viking.
Speeches by Lagarde and Lane are expected today
European stock markets open with slight movement, in a context without significant market catalysts. Investors remain focused on the United States, trying to understand the pace of monetary policy easing by the Fed, as the country heads towards the elections, with the competition between Kamala Harris and Donald Trump.
The hypothesis of a more prudent Fed compared to estimates in recent weeks has pushed the dollar to its highest level since the beginning of August against the euro and to its highest level in three months against the yen. US Treasury yields also reached their highest level in three months. Overseas, attention is now also focused on the Beige Book and the quarterly reports of some large companies, including Tesla.
New speeches are expected today from ECB officials, including President Christine Lagarde and Chief Economist Philip Lane. The Fed’s Beige Book will be published in the evening, while traders are reducing expectations on future interest rate cuts. The Central Bank of Canada is expected to reduce the cost of borrowing for the fourth time in a row.
Spread at 123 points
The spread between BTp and Bund opens slightly lower. At the beginning of the session, the yield differential between the benchmark 10-year BTP and the German Bund of the same maturity was positioned at 123 basis pointscompared to 124 at yesterday’s close. The yield of the ten-year BTp also decreased, standing at 3.54%, compared to 3.55% the previous day.
An uncertain start is looming for the stock market, with gold setting a new all-time record
The European stock exchanges brace for an uncertain opening, with investors focused on developments in the United States to understand the pace of the Fed’s monetary policy easing. The political landscape, characterized by the contest between Kamala Harris and Donald Trump ahead of the elections, adds further uncertainty.
Tensions in the Middle East are fueling demand for safe haven assets such as They, which this morning reached a new all-time high, continuing its recent series of increases. The uncertainty linked to the tight race for the presidential elections in the United States is also supporting the price of the precious metal. Spot gold hit record high $2,750.35 per ounce, while futures expiring in December rose to $2,766 an ounce.
All eyes on the Milan Stock Exchange Stm; Taiwan Semiconductor Manufacturing Company informed US authorities that a chip made by them was found in a Huawei device disassembled by research firm TechInsights. This discovery could indicate a possible violation of export restrictions imposed on the Chinese company.
In the oil sector, pay attention to Eni, which in the coming days could announce a review of its chemical activities in line with its energy transition plan. Saipem, instead, it will hold the board meeting on the third quarter 2024 results, and announced that its CO2 capture project, developed with Hera, has been selected to receive almost 24 million euros from the EU Innovation Fund.
