(Il Sole 24 Ore Radiocor) – Interlocutory session for the European stock exchanges, which closed sluggishly as investors continued to focus on inflation prospects and possible central bank counter-moves.
Wall Street, on the other hand, closed down. The Dow Jones loses 0.58% to 35,931.52 points, the Nasdaq loses 0.33% to 15,921.57 points while the S&P 500 leaves 0.26% on the ground at 4,688.76 points.
While in Europe the ECB has already reassured the markets by stressing that the conditions for a rate hike will not exist next year, in the United States the Fed could anticipate the tightening to the first months of 2022, also because the pressure on prices is beginning to be reflected on company balance sheets in the form of an increase in costs. The trend of Covid infections, which is growing throughout the Old Continent, is also under observation. Waiting for concrete developments, investors preferred to stay at the window: in Piazza Affari the FTSE MIB thus ended the day at + 0.07%, while on a continental level the black jersey went to London, which suffered the acceleration of British inflation, which in October recorded the most marked growth in ten years. Few ideas among the blue chips of Piazza Affari, which have moved above all in the light of the reports of the investment banks. Ferrari it thus gained ground thanks to the judgment of Morgan Stanley, which set a target price at the remarkable figure of 350 dollars by betting on the electric future of the Maranello company. In red instead Diasorin, on which Kepler Cheuvreux cut the judgment to “hold” from the previous “buy”.
On the price front, inflation numbers are monitored: Eurostat confirmed that the annual inflation rate in the euro area in October was up to 4.1% after 3.4% in September. A year earlier it was -0.3%. In Great Britain, the numbers increased by 1.1% monthly, leading inflation to accelerate to 4.2% per annum, an important indication for the Bank of England, which surprisingly did not touch rates in the last meeting. The data has also made the sterling at its highest since February 2020 against the euro.
Ferrari stands out in Milan, while Prysmian does well
In Piazza Affari the best is Ferrari, which reached a session high of 236.9 euros, a value which further updates the historical intraday record. Support is given by a report by Morgan Stanley, which confirmed the “overweight” rating and raised the price target from $ 265 to $ 350, betting on the future of the electric car from Maranello. Volatile Telecom Italia despite the initial blaze at + 2%, after the weakness of last week and on the rumors of a possible revision of the contract with Dazn on Serie A. Well also Prysmian e Stmicroelectronics. It moves well between the banks Unicredit with Jefferies which raised the target price from 13.40 to 14.65 euros, confirming the buy opinion. Good General after Caltagirone exceeded 7% in the capital, bringing the agreement (with Delfin and Fondazione CrT) to 13.81%. At the end of the price list Amplifon, while Diasorin recovered part of the initial losses, with Kepler-Cheuvreux cutting the rating from buy to hold and the target price from 225 to 203 euros. Little move Exor on the day when Il Sole 24 Ore reminds us that multiple voting is triggered in December, which opens up to various scenarios (the most “popular” seem to be the creation of a luxury hub, constant diversification and the reorganization of the control chain) .
Spreads and BTp yields slightly up
Little moved trend for it spread between BTp and Bund on the MTS secondary market for government bonds. The yield differential between the benchmark ten-year BTp and the German bond of the same duration closed at 122 basis points from 121 at the previous closing. The yield of the benchmark ten-year BTp also rose slightly, reaching 0.98% from the 0.97% recorded at the last reference on the eve.
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