Despite a good start, at 12 Business Square goes negative to -0.10%, with the declines of Eni and Saipem starting to be felt respectively
2.45% and 1.1%. Iveco Group also did badly, with a decrease of 1.92% and a price of 9.842 euros, and Prysmian at -0.76%, with a value of 67.48 euros. Banks such as Banca Popolare di Sondrio were always positive at +0.80% but also Hera, Nexi and Italgas.
Exor leaves 0.9% on the ground while in the Netherlands the subsidiary Philips (with 17.51%) collapses in Amsterdam (approximately -17% to 24.6 euros for 23 billion in capitalisation); comparable order intake in the quarter decreased by 2% due to the contraction in demand in China, which led the Dutch group to upgrade its comparable sales growth outlook of 0.5-1.5% for the full year 2024.
Stock markets 9am: European stock markets are positive, Milan is the best thanks to banking stocks
The European stock exchanges open in positive territory, reacting with resilience to thetargeted attack by Israel against Iran which took place over the weekend and following the elections in Japanwith the Nikkei recording a +1.8%. The week promises to be full of important macroeconomic data. Milan marks an increase of 0.6%, approaching the threshold of 35 thousand points. Also Frankfurt (+0.22%) e Madrid (+0.7%) advance, while Paris gains 0.77%, showing strength despite Moody’s recent downgrade of the outlook to negative.
Today, among the stocks with the best performances on Piazza Affari, there are above all banking stocks: the shares of Banca Popolare di Sondrio are growing by 2.04%, followed by Banco BPM with an increase by 1.81% and Banca Monte dei Paschi di Siena, up by 1.78%, with Fitch raising the rating to BB+ with a positive outlook. Bper Banca also remains positive, recording an increase of 1.44%, as does FinecoBank, which advances by 1.33%.
Intesa Sanpaolo and Mediobanca gain respectively 1.26% And 1.24%; as regards the first, a memorandum of understanding was signed in Alessandria on Saturday between Cassa Depositi e Prestiti and Alexbank, the Egyptian subsidiary of the group, to support Egyptian farmers which is part of the initiatives promoted by the Italian Government as part of the Plan Mattei. For Mediobanca, however, there is a wait for the presentation of the financial statements. Standing out from the main basket is Maire Tecnimont, an Italian corporate group active in the engineering, technological and energy sectors, which confirmed its 2024 guidance by presenting excellent data and leading the stock to record a +3.4%.
Among the declines, Eni recorded the greatest decline with a decline by 1.73%, bringing the value of its shares to 14,178 euros, announcing that it plans to raise 2.5 billion euros in net proceeds from further disposals that will be completed next year. Prysmian also opened lower, with a loss of 0.50% and a value of 67.66 euros per share. Saipem also did badly at -0.59%.
All quarterly reports arriving this week
This week also promises to be extraordinary for the microeconomic sector, with over a thousand companies in the United States ready to present their financial results. Among these, illustrious names such as Apple, Microsoft, Google, Amazon and Meta, who are part of the “magnificent 7” group. Last week, Tesla beat expectations, while Nvidia will present its results on November 20th.
Over the past week, the aggregate performance of the “magnificent 7” recorded an increase of 3.5%. These big techs are dominating the market and have pushed the S&P 500 index to new all-time highs. Currently, Apple leads the market capitalization ranking with 3,521 billion dollars, followed by Nvidia with 3,471 billion and Microsoft with 3,181 billion. Google, Amazon and Meta follow with 2.043 billion, 1.971 billion and 1.439 billion respectively.
Thanks to a 22% jump in the last week, Tesla has once again exceeded the 800 billion capitalization threshold, reaching 864 billion. In total, the market value of these seven companies amounts to 16,500 billion dollars, a value higher than the GDP of the euro area and twenty times that of companies listed on Piazza Affari.
Oil and gold drops after Israel’s attack on Iran
After last week’s pause, the main market indices are showing signs of recovery, supported by Israel’s moderate response to Iran’s missile attack, which raises hopes of no escalation of violence in Middle East. Israel avoided hitting oil wells, contributing to a sharp decline in the price of petrolium (Brent lost 4.12% to 72.92 dollars per barrel and the WTI to 68.66 dollars (-4.35%), while gold also showed a slowdown (2,751.40 dollars/ounce, equal to -0.09%).
On a geopolitical level, investors are particularly attentive to the series of macroeconomic data arriving in the coming days. Preliminary GDP data for the Eurozone and the United States will be published on Wednesday. On Thursday, an inflation announcement is expected for both the Eurozone and America, as well as the Bank of Japan’s decision on interest rates. Finally, data on the US labor market will be released on Friday, with maximum attention to presidential elections of November 5th.
Spread at 121 points
The spread between BTp and Bund remained stable at the opening, confirming itself at 121 basis points, in line with Friday’s close, despite the general increase in yields. The yield of the benchmark ten-year BTp instead marks an increase, going from 3.50% at Friday’s closing to 3.55% at the start of the session.
European stock markets expected to rise, with big tech quarterly reports arriving this week
European stock exchanges which are preparing to open with a plus sign, supported by the enthusiasm on the Asian markets, with the Nikkei rising sharply after the Japanese general elections, in which the ruling Liberal Democratic Party lost its parliamentary majority for the first time since 2009. Also noteworthy is the promotion of Italy by Dbrs Morningstar, which followed Fitch in improving the country’s outlook, going from stable to positive. A week that promises to be full of macroeconomic data, given that in the USA this week they will present their quarterly reports from big companies such as Apple, Microsoft, Google, Amazon and Meta, companies that alone are worth 20 times Piazza Affari.
As for Piazza Affari, pay attention today to MPS, with Fitch having raised its rating to Monte dei Paschi to BB+ with a positive outlook, but also to Stellantis with the launch of the new Lancia Gamma which will be produced in the Melfi plant starting from 2026 ed Eni which expects to raise €2.5 billion in net proceeds from further disposals that will be completed next year. This was stated by the Chief Transition & Financial Officer, Francesco Gattei.
