Business Square remains negative at -0.16% at 34,071 points. The ones recording the biggest drops are the banks (Bper Banca at -1.56% and Banco Bpm at -1.22% the worst), and the luxury, with Moncler at -1.61% and Cucinelli at -0.62. On the other hand, Stellantis (+1.18%) and Iveco (+1.93%) made a comeback.
Inflation falls in the Eurozone
Inflation in the euro area recorded a further slowdown, falling below the target threshold of the European Central Bank (ECB) for the first time in over three years. In fact, growth in consumer prices on an annual basis slowed to 1.8%, compared to 2.2% in August. To find a similar value you need to go back to April 2021. This drop increases the probability that the ECB will decide to cut interest rates again as early as the meeting on October 17th.
Stock exchanges 9am: Milan goes up with Tim and Campari
The European stock exchanges started the session uncertainly, wavering for direction as they attempted to recover from the previous day’s declines caused by new concerns in the automotive sector. The Ftse Mib of Milan, initially positive in the first exchanges, it reverses course and marks a decline in the price 0.1%. They also lose ground Madrid (-0.5%) And Paris (-0.45%), While Frankfurt resists with a slight increase in price 0.2%.
In today’s session on Piazza Affari, Telecom Italia recorded an increase in1.28%with a value of 0.2527 euros. Campari marks an increase by 1.24%, settling at 7.694 euros, while Diasorin closes at 105.70 euros, with a growth of 0.76%. Recordati Ord records an increase in 0.59%, reaching 51.10 euros, followed by Prysmian and Amplifon, both up by 0.58%, with values of 65.58 euros and 25.96 euros respectively. Ferrari closes with an increase of 0.55%at 422.00 euros, while Tenaris earns the 0.50%, reaching 14.205 euros.
Stellantis recovers it 0.58%, settling at 12.48 euros, after suffering a 15% loss on 30 September. The decline was caused by the downward revision of earnings forecasts for 2024, motivated by the need to take stronger measures to address performance issues in North America and worsening global dynamics in the European automotive sector.
Looking at the drops, Saipem recorded the most significant of the morning, with a decline in1.52% and a value of 1.9485 euros. Luxury is also decreasing after the rallies of the last few days: Moncler follows with a loss of1.26%falling to 56.30 euros while Brunello Cucinelli drops by 0.62%, with a value of 96.15 euros.
The banks are also struggling: Banca Popolare di Sondrio opens with a decline of 0.80%, at 6.82 euros, Banco BPM marks a drop of 0.66%, settling at 6.018 euros, Unicredit is down by 0.53%, with a price of 39.155 euros and finally Intesa Sanpaolo (-0.27% at 3.827 euros).
Today’s appointments
After the weakness recorded in the previous session due to new concerns in the automotive sector, European stock markets are cautious. The focus today is on preliminary data on theeurozone inflation for the month of September, expected today, while investors are already speculating on a possible new series of interest rate cuts by the ECB.
In the United States, stocks closed higher, with the S&P 500 and Dow Jones hitting record highs in the final session of September. However, the Fed Chairman, Jerome Powellindicated that future rate cuts will be more moderate, disappointing market expectations that had hoped for a larger cut of half a point.
On the macroeconomic front, PMI manufacturing data is expected today for the EU, UK, France, Germany and Italy, while in the United States the ISM manufacturing index is expected. The services index will be published on Thursday. Chinese markets will be closed for holidays until October 4th.
Spread at 132 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 duration drops to 132 basis pointscompared to 133 points at the previous close. The yield of the benchmark 10-year BTp is also decreasing, recording an initial value of 3.44%, compared to 3.46% the previous day.
