(Il Sole 24 Ore Radiocor) – An ECB without surprises does not move European stock exchanges, that continue little moves in a cautious session that looks at the numerous quarterly reports of listed groups. The Central Bank it left rates unchanged, as expected, and confirmed Pepp’s endowment and a moderately slower pace of purchases. The Eurotower also said it was ready to adapt the instruments to achieve the inflation targets which, for Christine Lagarde, is registering a rise “longer than expected” but in any case temporary and will fall in 2022.
US GDP below estimates, worse since the start of the recovery
US Gross Domestic Product grew in the third quarter of 2021 at the annualized rate of 2% compared to the previous three months, according to the preliminary reading released by the Commerce Department. In the second quarter, recorded a + 6.7%, after + 6.3% in the first three months of the year. Expectations for the first reading of the third quarter were + 2.8%. To weigh, it was a set of factors: theincrease in Covid-19 cases, the bottlenecks in the chains of supplying, consumers held back by higher prices, the difficulty for the unemployed to find work. This is the worst figure since the start of the recovery. On the other hand, the decline in requests for unemployment benefits, dropped by 10 thousand units in the last week to 281 thousand, updating the minimum since the beginning of the pandemic.
Wall Street, rising futures with quarterly reports always in focus
Futures point to a higher opening on Wall Street as the quarterly season continues in a more than positive way: so far, over 80% of companies which published the quarterly reports (almost 40% of those listed on the S&P 500) recorded an earnings per share higher than estimates, according to Refinitiv, which estimates a growth in profits in the third quarter of the year of about 37.6%. The quarterly reports of Apple e Amazon after the close of the markets. Turning to equities, the rally by Alphabet and Microsoft continues, after the eve of records, thanks to better-than-expected quarterly earnings. Companies that have already released the accounts include Comcast, Caterpillar and Merck, all with positive results and an upward trend. Ford also did well, after earnings per share of 51 cents, against expectations of 27 cents; Additionally, the automaker raised full-year guidance thanks to robust demand, despite the negative impact of the chip shortage across the industry.
Quarterly under the lens: runs St, ko Saipem and Tim
Piazza Affari is among the best with the FTSE MIB which points to 27 thousand points, supported by pharmaceuticals and by Stmicroelectronics after the quarterly report above estimates with profits up by 95.6% and revenues up by 19.9%, thanks in particular to strong global demand and despite “lower than expected revenues in the automotive sector, caused by a reduction in business more marked than expectations in the production plant in Malaysia, due to the pandemic », as explained by the managing director Jean-Marc Chery.
Thud instead of Telecom Italia after the declining numbers of quarterly and the revision of the estimates for year-end results. Bad too Saipem which announced a plan to 2025 providing for an average annual increase in revenues of 15% and to bring the gross operating margin back to pre-Covid levels in 2023: in the nine months the group lost 1.1 billion euros. Among the other big names that have released the accounts, Unicredit reported a profit of 3 billion in the nine months and 1.06 billion in the quarter (+ 55.6%): for the full year the group estimates profits at over 3.7 billion euro. Stellantis closed the third quarter with revenues of € 32.6 billion, down 14% compared to the pro forma results of 2020 (the year in which FCA and PSA were still two separate companies). the
–
