Sprint of Piazza Affari at the beginning of the week. The Ftse Mib went up to almost + 2% closing close to 22 thousand points, with an increase of 1.93% to 21,982 points, on the highs of more than one month. Since the beginning of the month, the rally of the Ftse Mib is over + 6%. Waiting for the ECB on Thursday, the echo of the WSJ’s indiscretion continues on the markets according to which some members are worried about an excessive rate hike and in the next meeting they will discuss whether to reduce the pace in view of December.
Among the best stocks today Pirelli stands out with + 5.4%; The utilities are also doing very well today: Terna, Italgas and Snam all rose by more than 3 per cent; Enel, on the other hand, closed at + 2.36%.
Spotlights also on TIM (+ 2.73% to € 0.1955) with the analysts of Banca Akros who raised the recommendation from accumulated to buy with a target price of € 0.40. “We expect another modest release, in any case the equity story, in the short term, should be guided by a corporate action (NetCo and EnterpriseCo)”, remark the analysts.
European equities are also benefiting from the sboom in gas prices. In Amsterdam, the price of TTF gas today fell below 100 € / Mwh, on its lowest level since June, falling 15% to 96.5 euros, with prices that have halved this month in the wake of abundant stocks and temperatures. Above average.
As mentioned, Thursday appointment with the ECB. The market expects another hike of 75 basis points, bringing financing costs to their highest levels since the beginning of 2009. Lagarde’s press conference will be closely monitored, especially to capture comments on inflation, but also and above all on issues related to the quantitative tightening, as well as on future rate hikes (ie terminal rate). On the same day, great expectations for US GDP and Apple’s quarterly report. During the week, the quarterly reports of other big Wall Street techs such as Alphabet, Amazon.com and Microsoft will arrive. In general, the results will be published by companies representing 47% of the market capitalization of the S&P 500. In Piazza Affari it will be the turn of the first quarterly reports among the Milanese blue chips with the numbers of Unicredit (Board of Directors October 25, distribution of accounts on morning 26); Amplifon, Moncler, Italgas, Saipem (October 26) Campari Diasorin, ENI, Inwit, Mediobanca and STM (October 27).