European stock markets accelerate upwards (Dax +1.23%, Cac40 +1.8%, Ftse100 +0.94% and Ftse Mib +1% at 34,000 points at 11:20), with stocks such as Campari, STM, Stellantis, Saipem, Interpump, Moncler and Brunello Cucinelli in strong growth. Markets react to the Fed’s half-percentage point cut in interest rates, marking the start of a new cycle of monetary easing. The yield on the 10-year BTP falls to 3.561%, with the spread against the Bund falling to 136.19 basis points.
Stock Markets 9am: Euroland positive after Fed announcement: Piazza Affari good thanks to Campari
European stocks start with a bang after the Fed cut interest rates by 50 basis points. Among the main ones, Frankfurt stands out with a strong increase in 0.76%, While London advances of the 0.83% And Paris marks an increase of 1.23%. TO Business Square The day starts with a profit of 0.79%, reaching 33,920 points, while the FTSE Italia All-Share grew by 0.80%.
Campari recovers, Stellantis also runs
At Piazza Affari, Stellantis advances by 1.98%, reaching 13.93 euros, despite the European car market recording a decline in August, with 643,637 cars registered, down 18.3% compared to the same month of the previous year. Strong rise for the stock Campari, which jumped at the opening after not having made a price in the first few minutes due to excess demand. Yesterday, the group’s shares closed down 7.48%, following the unexpected resignation of CEO Matteo Fantacchiotti after only five months, for “personal reasons”. The stock is currently up 5%.
Saipem continues its purchases with a rise of 1.64%, supported by the awarding of a new contract worth 2 billion dollars in Saudi Arabia. Also in evidence is Mfe, which gains 2.26% to 2.89 euros, after publishing the results of the first half of 2024, above analysts’ expectations, with a net profit up 20.2% to 104.7 million euros.
Banks and utilities suffer
Looking at the declines, the shares of BPM Bank opened at 6.138 euros, recording a loss of 0.81%. A2A recorded a decline of 0.77%, with a final price of 2.062 euros, while Inwit ended the day at 10.99 euros, down 0.72%. Terna also suffered a slight decline, closing at 8.032 euros (-0.52%).
The major ones are not good utilities: Enel lost 0.48%, stopping at 7.06 euros, while Snam opened at 4.551 euros, down 0.35% and Hera also performed badly, recording a slight decline of 0.34%, with a price of 3.562 euros. Unipol also suffered a slight decrease of 0.29%, with its shares trading at 10.19 euros.
Finally, Bper Banca closed the day at 4.948 euros (-0.26%) and Erg marked a drop of 0.24%, with a final price of 24.58 euros.
After Fed, now all eyes on Japan
On the macroeconomic front, investors’ attention is turned to Friday, when inflation data will be published in Japan and the meeting of the Japanese central bank will be held, which at the end of July raised the interest rate to 0.25%.
The Fed’s decision has given a new boost to Asian markets, with the Nikkei which closed up 2.13%. Also on Friday afternoon, the speech by ECB President Christine Lagarde is scheduled, from which investors will try to guess the next moves in terms of monetary policy, in a context in which inflation in the Eurozone has come close to the ECB’s target (+2.2% in August).
Spread at 137 points
The spread between BTp and Bund opens slightly lower. At the start of the session, the differential between the benchmark 10-year BTp and the German Bund of the same duration stands at 137 points basis, compared to 138 points at yesterday’s close. The yield on the benchmark 10-year BTP remains stable at 3.57%, confirming the previous figure.
