A minus sign for European stock exchanges, which choose caution in the middle of the quarterly season, their eyes on inflation and the crisis of Evergrande which returns to worry, with the shares collapsed on the stock market on the day of their return to trading. Minus sign also for the FTSE MIB, after the good performance of the eve, the best in Europe, with the main index a stone’s throw from the highs reached last August. Investors espouse a cautious attitude, despite the quarterly published in these days testify to a picture in full recovery. In the States, for example, about 82% of the companies that announced the numbers that beat expectations.
Inflation is once again a concern
However in the evening the Federal Reserve, in his Beige Book, pointed out that the US economy is progressing at a modest to moderate pace, suffering from the problems related to production both due to lack of manpower and shortage of components, both for the Covid outbreaks. The Fed also stressed that in most districts the increase in demand for goods and raw materials is pushing inflation to very high levels. This raises concerns that the institution may backtrack on ultra-accommodative monetary policy much more decisively than indicated in the past few weeks. This is also why i bond rates: those US at ten years have gone above 1.67% yesterday, to now fall back to 1.65%. Important US data on unemployment claims are on the calendar.
FTSE Mib stock market trend
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In Piazza Affari the banks are weak with Unicredit in sharp decline pending news on the Banca Mps front. General is subdued after the news that the Delfin by Leonardo Del Vecchio he bought more shares, so much so as to rise to 5.52% of the capital and thus push the share of the consultation agreement, in which Francesco Gaetano Caltagirone and Fondazione Crt are also present, to 13.31%. They are bucking the trend Diasorin and the Italgas
Evergrande collapses on the stock market upon returning to trading
Return to the stock market in heavy red for Evergrande. The stock of the Chinese real estate giant, with a debt of 260 billion euros, collapsed until it lost 10.5% in early trading on the Hong Kong Stock Exchange. The potential bankruptcy of the real estate group, one of the largest in China, threatens the rest of the Chinese economy with a possible domino effect. The group suspended trading on October 4 after several loan repayments failed. Evergrande had announced Wednesday evening that trading of the securities on the stock exchange would resume today but warned, however, that it may “not be able to meet its financial obligations”. Despite the storm on financial markets in September, Beijing has not yet clarified whether or not it will come to the aid of the now on the brink of bankruptcy. Especially since the group has announced the non-sale of 50.1% of the capital of one of its subsidiaries to the Chinese promoter Hopson.
On the foreign exchange front, the euro changes hands at 1.1639 dollars (yesterday closing at 1.1645 dollars) and 132.74 yen (133.001), while the dollar-yen is equal to 114 (114.217). Finally, oil is sluggish after the good performance of the eve pushed by US inventories, which fell against a wait for an increase: the December delivery contract on the WTI drops 0.43%, settling at 83 dollars a barrel.
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