(Il Sole 24 Ore Radiocor) – After one contrasted week, the European stock exchanges, little moves at the start, then found the way to increases, at the beginning of an octave that will see investors focused on quarterly (from the internet and tech giants of the United States to many European groups), but also on the American GDP of the third quarter and on the inflation of the Eurozone in October which will arrive on Friday the day after the appointment with the ECB.
The indexes are slightly moved, with the FTSE MIB of Milan that is hunting for the fourth consecutive octave of rises. The titles of Piazza Affari also they also benefit from S&P’s judgment on Italian debt: the rating company confirmed the “BBB” rating, but raised the outlook to “positive”. They follow the CAC 40 of Paris, on DAX 40 in Frankfurt, theAEX in Amsterdam, the Ftse 100 in London andIBEX 35 in Madrid.
Focus on banks, Unicredit-Mps jumps in Milan
Focus on the banking sector: HSBC surprised with a 76% increase in earnings in the third quarter, Tuesday will be UBS’s turn. In Miilano, the stop to negotiations between the Italian Treasury and Unicredit for the acquisition by the latter of Bank Mps it shakes up most of the banking sector stocks. Investors were aiming for an acquisition of Monte dei Paschi’s assets with a strong public contribution that would neutralize the capital impacts and favor the rationalization of costs. It also slips Bca Carige, another bank looking for a “white knight” and which at this point pays for the pessimism of the operators for a quick solution. Instead they go up Banco Bpm e Banca Pop Er which at this point could become the protagonists of other M&A operations.
Exor flies to record, Stellantis also does well
In Piazza Affari the best is Exor, which hit a session high of € 78.84, a value never reached before (the previous record was set at € 75.9 on 13 August). The driving force is the indiscretions reported over the weekend by Il Sole 24 Ore, according to which the holding has reopened negotiations with Covea for the sale of the American reinsurance subsidiary PartnerRe. In the wake of Exor, among the best in Piazza Affari there is also Stellantis, while the new rise in crude oil supports Eni, Saipem e Tenaris.
Spread rises to 108 points, 10-year yield to 0.98%
Upward trend for the spread between BTp and Bund which ignores the promotion for Italy’s sovereign debt by S&P which, last Friday, led the outlook on the rating of the Italian Republic to positive (from stable) while maintaining its rating is ‘BBB’. The yield differential between the ten-year benchmark BTp (IT0005436693) and the same German duration is indicated, at the start, at 108 basis points, from the 105 basis points of the previous reference. The yield of the benchmark ten-year BTp also rose, reaching a last position at 0.98% from 0.97% at last Friday’s closing.
