Piazza Affari closed up a mid-eighth session that went ahead without jolts pending the announcement of the Federal Reserve’s monetary policy, scheduled for this evening at 19. The Fed should announce the reduction of the monthly asset purchase program. Great attention was also paid to Powell’s statements to get some indication of possible rate hikes next year.
Meanwhile, still on the central bank front, today Christine Lagarde spoke again. The president of the ECB has more decisively dismissed the hypothesis of a rate hike next year. “It is very unlikely that interest rates will hike in 2022,” said Lagarde, favoring a further retracement of BTP rates and the simultaneous tightening of the spread below 120bps.
The Ftse Mib index closed + 0.69% at 27,377 points, on the new highs at 13 years Among the big Milanese the golden moment of Ferrari is confirmed, updating the historical highs with a jump of 4% in area 221 , 6 euros. Yesterday, the Prancing Horse company slightly revised its guidance upwards with 2021 ebitda indicated at 1.52 billion euros. The new ceo Vigna has anticipated that the new business plan will be held on June 16th. Meanwhile, looking at the short term, a new Icon will be presented in mid-November which will then be launched in 2022. Rumors speak of 300 units with a price of over 2 million. Vigna also spoke of a good collection of orders everywhere, in particular in the USA and China, without however giving any quantitative indication.
Leonardo was also doing well today (+ 2.57%), which strengthened in the US helicopter rescue: two new contracts for AW119Kx and AW169. On the other hand, ENI (-1.28%) and Prysmian (-1.2%) were bad. Stellantis rose moderately (+ 0.46%) despite the fact that in October it was worse than the market in Italy with registrations down by 41.7% to 35,664 units (the drop in the market was equal to -35.7%).
Among the banks, spotlight on Intesa Sanpaolo (-0.4% to € 2.502) which published the quarterly accounts. The largest Italian bank beat expectations with a profit of 983 million euros in the third quarter (consensus was 810.5 million). The bank almost halved the provisions for bad loans compared to the previous year and the bad loan rate fell to 3.8% at the end of September from 4.1% at the end of June. Over the nine months, the profit exceeds 4 billion, hitting the target for the whole of 2021 in advance. The bank led by Carlo Messina reaffirmed its dividend policy with a payout ratio of 70%, to be partially distributed as early as 22 November as interim dividend.
Positive day instead for Banco BPM (+ 1.97%) and Unicredit (+ 1.68%).