Ferrari sinks after the accounts, Leonardo runs
On Milanese shares, a cold reception for Ferrari’s quarterly accounts, which slips to the bottom of the list (7%). The numbers presented by the Maranello company are essentially in line with expectationswith profits and revenues growing and deliveries declining. The company confirmed its guidance for 2024, disappointing some analysts who expected a further increase in targets after the August revision. On the opposite side of the price list, Leonardo is in the spotlight (+3.7%), in view of the publication of the accounts on Thursday, which benefits on the one hand from the anticipation by the CEO Roberto Cingolani of the confirmation of the 2024 guidance, on the other from the end of the strike at Boeing.
Ends at +1.4% Unipol which benefits from the increase from 11 to 13 euros per share in the target price by Barclays, which confirms the “Overweight” recommendation on the stock, improving expectations on the distribution of dividends with a payout ratio of around 50% for 2024. They catch up St (+1,5%) e Campari (+1.3%), which lost almost 20% last week. Swing seat for Diasorinwhich closed at +0.9% after announcing growing revenues and profits and slightly raising the guidance for the current year. Sales are impressive, however Moncler (-1.7%) following rumors of an interest in Burberry, denied by the down jacket company. Outside the main basket, it does well Buzzi (+6.5%) after the publication of the quarterly report: despite declining revenues, the market seems to appreciate the prospect of stable results in 2024, similar “to the record levels of 2023”.
The dollar loses ground and the euro returns above 1.09
On the currency side, the greenback weakens, awaiting the outcome of the elections, with the euro taking advantage of this and recovering the threshold of 1.09 dollars. In recent weeks, the trend in the markets seemed to be that of waiting for a victory for Trump, whose policies on tariffs and immigration are considered inflationary, with an increase in Treasury yields and a strengthening of the dollar as immediate consequences.
Oil starts to rise again, Brent aims for 76 dollars
The price of oil is rising again, with Brent aiming for 76 dollars a barrel and WTI exceeding 72 dollars a barrel. While awaiting the outcome of the US elections, the most important event of 2024 also for the markets, tension remains high in the Middle East which supports prices, while the tropical storm Rafael threatens disruptions to U.S. offshore oil and natural gas platforms in the Gulf of Mexico. Among manufacturers, Shell Plc said it would evacuate some non-essential staff in the area.
BTp/Bund spread down to 125 points, ten-year yield rises to 3.68%
Day of slight rise in government bond yields both in Europe and across the Atlantic: extreme uncertainty over the outcome of the US presidential elections prevails even two days after the new cut in US interest rates by the Federal Reserve. The yield of the reference ten-year BTp (Isin IT0005560948) closed at 3.68%, compared to 3.66% at yesterday’s closing, while the differential with the German Bund of the same maturity contracted to 125 points. In the morning the Italian stock had even gone above 3.70%. “Bonds have been sold for a few weeks – observes David Pascucci, analyst at XTB – probably a last adjustment before a possible return to a downward trend in yields. The rate cuts lead to a decrease in yields and considering the prospects on rates we could not than to expect a downward trend.”
