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The Ftse Mib closes at 35,186 points, with an increase of 0.47%, driven by the leap of Iveco (+6%). The best titles also include Brunello Cucinelli (+3.1%), Moncler (+2.9%) e Mediobanca (+2%). In red Saipem (-3.4%), Diasorin (-0.6%) e Inwit (-0.5%). The other European stock markets were positive, with the exception of London, which closed down by 0.3%.
The yield on the 10-year BTP falls below 3.4% and the BTP/Bund spread retreats to its minimum since November 2021, awaiting the verdict from S&P and Fitch on Italy.
Stock markets 12pm: Positive European stock markets, Milan the best driven by luxury stocks and Stm
European stock markets are showing signs of recovery, but remain mixed after a cautious start. Frankfurt gains 0.25%, Milan marks a +0.18% at 35,103 points at 12, driven by the titles of luxury, STM and Iveco sharply rising. Inwit, however, suffers a downgrade to “neutral” from Santander, while Banco BPM and Bper are under pressure. Paris advances by 0.42%, while London is slightly down by 0.13%.
The euro weakens against the pound (-0.58% to 0.8311) after UK retail sales rose 0.3% in September, beating economists’ expectations for unchanged growth . On a year-over-year basis, sales grew 3.9%, compared to the previous increase of 2.3%.
Stock markets 9am: Piazza Affari takes a breather after yesterday’s good results, luxury stocks are positive
European stock markets open cautiously: the Dax records a decline in 0.16%, The Cac40 of 0.02%, The Ftse100 of 0.31%, while the Ftse Mib marks a slight increase in the 0.07% at 35,061 points. This evening Fitch And S&P will begin the autumn round of assessments of rating agencies about Italy. Meanwhile, the Treasury announced a new exchange operation for Monday, in which it will offer up to 3 billion euros on two BTPs with maturities in 2034 and 2037, simultaneously repurchasing five securities – three BTPs and two BTP Italia – with maturities between 2025 and 2026.
Luxury stocks did well in Milan
Today’s biggest increases a Business Square see luxury stocks in the lead, with Moncler up 2.74% to 55.54 euros followed by Brunello Cucinelli which gains 2.47% to 95.55 euros; the latter released data for the first nine months of the 2024 financial year with revenues of 920.2 million euros, up 12.4% at current exchange rates and confirmed the estimates for the entire year.
Stmicroelectronics marks a +1.87% to 25.90 euros, while Stellantis rises by 1.59% to 12.146 euros. Tenaris recorded an increase of 1.31% to 14.74 euros, Amplifon of 1.01% to 28.09 euros, and Ferrari of 0.83% to 446.90 euros.
Among the declines there are several banks, such as Banco BPM down 1.46% to 6.334 euros and Bper Banca down 0.96% to 5.772 euros. Unipol fell by 0.74% to 12.04 euros, Unicredit by 0.68% to 40.46 euros, and Poste Italiane by 0.67% to 13.285 euros, after yesterday’s excellent performances. Other declines include Bca Pop Sondrio with -0.63% to 7.10 euros, Saipem with -0.44% to 2.053 euros, and Banca Monte Paschi Siena with -0.42% to 5.278 euros.
Waiting for the verdicts S&P And Fitch on the Italian rating
European stock markets begin the last session of the week with caution, after yesterday’s rally and the slowdown in the Chinese growth. In the third quarter, Beijing’s GDP increased 4.6% year-on-year, the slowest pace in 18 months, but in line with forecasts of +4.5%. Despite this, Asian markets rallied, supported by expectations of new economic stimulus measures.
In Europe, investors remain focused on the ECB’s next decisions ahead of its December meeting. Meanwhile, the quarterly reporting season continues both in Europe and in the United States. Among the results, those of Netflix stand out, which reported 15% revenue growth and higher-than-expected profit in the third quarter.
Spread at 120 points
Slightly increasing spread between BTp and Bund. In a day of waiting for the revisions of the ratings on Italy by Fitch And S&Pthe yield differential between the benchmark ten-year BTP and the German Bund of the same duration stood at, at the start of the session, at 120 pointsup slightly compared to the 119 points at the close on 17 October (below 120 basis points for the first time since March this year).
The yield of the benchmark ten-year BTp also increased, marking a first position at 3.43%, up compared to the 3.40% of the closing date the day before. S&P’s current opinion on the Italian debtconfirmed last April, is at BBB level with a stable outlook. The rating for Fitch is also BBB with a stable outlook.
European stock markets are expected to decline after the slowdown in Chinese GDP
The European stock exchanges are preparing to close the week lower, after yesterday’s rally and the slowdown in the Chinese growth. In the third quarter, Beijing’s GDP grew 4.6% year-on-year, marking the slowest pace in 18 months.
At Piazza Affari, Mps is in the spotlight as Leonardo Del Vecchio’s son could soon enter the shareholder register of a large Italian bank. In the oil sector, pay attention to Saipem: the Court of the Federal District of Brasilia has in fact annulled the provision of the Controladoria-Geral da União (Cgu) which prevented Saipem Sa and Saipem do Brasil from entering into contracts with the Brazilian public administration for two years, due to alleged irregularities linked to a 2011 contract.
As for the accounts, Brunello Cucinelli recorded revenues of 920.2 million euros in the first nine months of 2024, up 12.4% at current exchange rates, confirming estimates for the year. Danieli, however, is waiting for the final test.