Stock market today, 22 October. Fed warning cools the market. Centeno (ECB): “Possible rate cut of up to half a point in December”

Lagarde (ECB): “I hope to target inflation at 2% faster than expected”

“I hope we can reach the 2% inflation target sooner than expected, the data is encouraging,” ECB president Christine Lagarde said in an interview with Bloomberg TVstressing, however, that “we are still cautious” and “I still cannot say that we have defeated inflation”.

Centeno (ECB): “Possible rate cut of half a point in December”

The European Central Bank could cut rates by half a percentage point at its December meeting if the labor market weakens and inflation remains below 2%.
He said Mario Centenogovernor of Banco do Portugal e member of the Governing Council of the ECB. It will be the data – said Centeno in Washington according to the Bloomberg – to tell us “whether it will be 25 or 50 basis points”, and “I don’t think the Governing Council will consider a faster path if the data suggests this”.

MEF syndicated bonds, maximum demand of 200 billion

Demand exceeded 200 billion dollars, which was never so high for an Italian case and the second place in Europe for ‘double’ placements in Europe after the ‘Sure’ bonds of the European Union four years ago. This is the result – according to Bloomberg – of the syndicated issue, announced yesterday by the Department of Finance, of 10 billion euros on a new seven-year BTP in November 2031 and three billion on a thirty-year BTP on 1 October 2054 . motivated by the desire to get an interesting result before the next ECB cuts, but also Fitch’s decision to raise the outlook on the Italian level to ‘positive’.

Wall Street futures are down, Tesla quarterly weekly

US indices are falling in pre-market trade after Wall Street’s run appeared to have lost some momentum despite strong quarterly performances from high-profile companies. Futures for the S&P 500 and Dow Jones Industrial Average each fell 0.4% before the market opened today. The S&P, Dow Jones and Nasdaq are still up between 5% and 7% over the past three months, reflecting the upheaval in the US economy. This week, more than 100 S&P 500 companies, including AT&T, Coca-Cola, IBM and Tesla, will release details about their summer performance. WTI crude rose 67 cents to $70.71 a barrel and Brent, the international standard, rose 62 cents to $74.91 a barrel.

Philip Morris: in the 3rd quarter it earned 3.08 billion dollars

Philip Morris International announced today that it recorded revenue of $3.08 billion in the third quarter of 2024. The Stamford, Connecticut-based company said it had a net income of of $1.97 per share. Adjusted for earnings and one-time charges, earnings were $1.91 per share. The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.83 per share. Philip Morris expects full-year earnings of $6.45 to $6.51 per share.

Slow start for Yundai shares on the Mumbai Stock Exchange

Hyundai Motor shares made a weak start on the Indian market after the company raised $3.3 billion in the country’s largest ever IPO. On the first day of presence on the Mumbai stock exchange, the car maker’s shares closed at 7.1 percent below the issue price, falling to 1,820 rupees each ($21.65) from the initial value of 1,960.

Government bond yields rise, BTP at 3.54%

Government bonds are yielding tightening with the 10-year Italian bond rising 4 basis points to 3.54%. Germany’s ten-year (+4 basis points at 2.32%) and France’s OAT (+4.1 basis points and more than 3 percent) are on the same track. The spread between BTPs and Bunds is 122.3 points, more or less in line with the start of the day.

Milan extend the deficit

Milan extend losses and hit -1%

Asian stock markets: mixed close, Chinese stocks do well, Tokyo down

Compared to the close for Asian stock markets with Chinese stock markets in good tune after the rate cut, but below recent highs, with operators awaiting further details and, above a everything, more urgent measures to support the economy of the Dragon. Shanghai rose 0.55%, Shenzhen gained +0.85%, and Hong Kong closed the second weekly session just above parity +0.08%. Prior to that, the Tokyo Stock Exchange had closed significantly lower

HSBC, new CFO and reorganization

British bank HSBC has announced that it has appointed Pam Kaur as Chief Financial Officer from January 1 and has announced a new, simpler organizational structure to accelerate the execution of the group’s strategic priorities. Kaur joined HSBC in April 2013 as group audit manager and is currently group risk and compliance manager.

HSBC also said it will be organized from January 1 into four businesses with clear lines of responsibility: Hong Kong, United Kingdom, Corporate and Institutional Banking and International Wealth and Core Banking. “By making these changes, we can better focus on increasing leadership and market share in those companies that have a clear competitive advantage and the greatest growth opportunities, we will quickly advance our plans to to implement our strategy, to realize the full potential of the bank,” said CEO Georges Elhedery. In line with the simplified structure, the Group Executive Committee will be replaced by a new 12-member Group Executive Committee 18-member.

Stock market: European mixed at the start, Paris -0.28% and Frankfurt +0.41%

European stock markets were mixed and mostly weak at the start of the session. The Cac 40 in Paris lost 0.28%, the Ftse 100 in London lost 0.43% and the Aex in Amsterdam lost 0.11%. In contrast, Dax Frankfurt gains 0.41%, while the Ibex 35 in Madrid loses 0.22% and Smi Zurich 0.29%.

Milan weak at the start

The Milan Stock Exchange is weak at the beginning. The Ftse Mib indicates -0.05% at 34,936 points.

Oil drops

Oil prices are falling this morning on the commodity markets: WTI for delivery in November is trading at 70.35 dollars per barrel with a fall of 0.30% while Brent for delivery in December is changing hands at 74.10 dollar per barrel with a decline of 0.26%.