(Il Sole 24 Ore Radiocor) – After a mixed week, the European stock exchanges, little moved at the start, then found their way up, 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 indices are little moved, with the FTSE MIB in Milan chasing the fourth consecutive eighth 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”. Followed by the CAC 40 in Paris, the DAX 40 in Frankfurt, the AEX in Amsterdam, the Ftse 100 in London and the IBEX 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 halt to negotiations between the Italian Treasury and Unicredit for the latter’s acquisition of Banca Mps shakes most of the securities in the banking sector. 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. Bca Carige, another bank looking for a “white knight”, also slips and at this point pays for the pessimism of the operators for a quick solution. On the other hand, Banco Bpm and Banca Pop Er rose, which at this point could become the protagonists of other M&A operations.
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.
Euro / dollar little moved, oil still on the rise
On the currency market, the exchange rate between the euro and the dollar remains in line with the values marked on Friday 22 October at the close of the continental markets: 1.1641 from 1.1644. Euro / yen to 132.39 (from 132.29), dollar / yen to 113.68 (113.61).
Oil still on the rise: December Brent exceeds 86 dollars a barrel, trading at 86.15, and remains at the highest levels since October 2018 when it touched 86.50 dollars a barrel; the December WTI at the top for seven years at 84.45 dollars a barrel. Natural gas up 5% to 91.50 euros per megawatt hour on the Dutch platform TTF for the November futures contract.