Europe closes flat, Bper and Banco Bpm thump in Milan. Spread torma at the top from November 2020

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(Il Sole 24 Ore Radiocor) – Sluggish closure for European stock exchanges which in any case show a marked recovery from the lows of the day. In Piazza Affari the Ftse Mib and in Frankfurt the Dax40 both lost 0.05%, when in Paris the Cac40 reversed course on the final and gained 0.38%. While pr the publication of the quarterly reports is proceeding apace on both sides of the ocean, the attention of investors today has focused on macro data. In particular, the data on the Pil in the third quarter of the euro area (+ 2.2% and + 3.7% year-on-year) and of the main economies of the area (with Germany growing less than expected) and l ‘inflation for the month of October, which registered a surge of + 4.1% on the year. Analysts, however, believe it is only a temporary movement. Meanwhile, in the US, PCE inflation rose by 0.3% monthly in September and 4.4% year-on-year, the highest change since 1991.

Weak Wall Street, with the Dow Jones fluctuating on parity, while the S & P500 and Nasdaq lag behind the macro data (-1% personal income, + 0.6% consumer spending, monthly Pce inflation + 0.3%, with the “core” figure + 0.2%, in line with estimates) and with i spotlight on the technology sector, after i Amazon and Apple accounts have disappointedor expectations.

Eni did well in Milan, Bper and Bpm crash

In Piazza Affari, Bper (-6.44%) and Banco Bpm (-7.28%) were protagonists, heavily penalized by sales due to the loss of the speculative appeal on the M&A front, in light of the lowering of incentives for bank mergers introduced with the 2022 Budget Law presented by the Government. Sales again on Tim (-2.96%), while investment houses line up their doubts about the business trend – after the quarterly report and the revision of the guidance for the end of the year – but also look at the theme of new strategies and possible reorganization. Vivendi, as anticipated by Radiocor, has asked for an extraordinary council to be convened to discuss a reorganization of the business. Opposite sign for Eni (+ 1.97%) after the publication of the accounts: the third quarter closed with a net profit of 1.2 billion euros, against a loss of 503 million in the same period of 2020 characterized by the Covid crisis .

In the spotlight Exor, Saipem still weak

Among the stocks with the highest capitalization, investors rewarded Recordati (+ 2.38%) which yesterday published the results of the first 9 months of 2021, closed with revenues up by 5.7% to 1,156.2 million euros and a net profit of 296.4 million (+ 8.1%). Moncler (+ 1.47%) and Atlantia (+ 1.77%) also did well. In the spotlight Exor (+ 1.22%). The holding of the Agnelli-Elkann family last night with closed markets announced that it has signed an agreement with the French group Covea aimed at the sale for 9 billion dollars of the subsidiary active in the reinsurance sector PartnerRe. A similar deal at the same price was blown last year due to the outbreak of the Covid-19 pandemic. According to press rumors, the negotiations between Exor and Covea had restarted and last night confirmation from the holding arrived, which continues to update its all-time highs. Looking at the other titles in the Exor galaxy, Ferrari + 0.74%, also on the highest level, Stellantis -0.21%, Cnh Industrial + 0.27% and, outside the main segment, Juventus (-1.76%) , on the day when the shareholders’ meeting approved the financial statements and the capital increase up to 400 million euros. Sales day also for St (-1.05%), penalized by the negative trend of the tech sector in New York after the accounts of Apple and Amazon disappointed expectations. Negative session for many stocks in the utility sector in Europe including A2A (-1.81%) and Terna (-1.65%). After yesterday’s sharp drop (-10.98%) in the wake of the accounts and the new plan to 2025, sales on Saipem still lost 2.32 percent today.