MPS closes in a sprint, Moncler down in the wake of LVMH
The banking sector is highlighted in Piazza Affari. In particular, Banca Mps shines at the end of the session after the acquittal also in the Supreme Court for the former president of the institute, Giuseppe Mussari, and the former general director, Antonio Vigni. In a Europe “ballasted” by the big luxury goods industry, which drags down the entire European sector, Moncler was among the worst on the Ftse Mib, even losing more than 4 points, after Lvmh (-6.5% Paris) announced a slowdown in sales in the third quarter. The French giant’s turnover grew by 1% (+9% at constant exchange rates and scope) after months of double-digit progress. Sales also on Diasorin, in a European pharma sector that is looking to the success of an anti-diabetes drug from Novo Nordisk (+4.9% in Copenhagen) also for the treatment of renal failure. Stellantis is on the rise after the announcement of the second gigafactory which will be built in the USA as part of the jv with Samsung. Iveco Group, Banca Pop Er and Saipem also performed well. On the opposite front, sales on Davide Campari, Inwit and Cnh Industrial.
US production prices rise more than estimates
In September, U.S. producer prices rose 0.5% from the previous month, versus expectations for a 0.3% increase. This was announced by the Department of Labor. The August figure was maintained at 0.7%. The “core” component – the one stripped of the more volatile components represented by the prices of food, energy and commercial services – increased by 0.3% compared to the previous month, against expectations for a confirmation of 0.2% in August. Compared to a year earlier, prices increased by 2.2%, against expectations for +1.6%, after 2% in the previous month. For the ‘core’ data, an increase of 2.8%, after the 2.9% of the previous two months.
Spread closes down at 194 points, yield at 4.66%
The spread between BTp and Bund continues to decline, closing well below the psychological threshold of 200 basis points. At the latest, the yield differential between the benchmark 10-year BTP and the German equivalent maturity stood at 194 basis points, two less than the previous reference. The yield of the benchmark ten-year BTp also fell, closing at 4.66% compared to the previous closing of 4.74 percent.
Euro above $1.06, oil down
On the currency market, the euro defends its positions above 1.06 dollars and is indicated at 1.0603 from 1.0606 at the close yesterday. The single currency is also worth 157.90 yen (from 157.76), while the dollar/yen ratio is at 148.92 (148.72). Oil prices are falling: the November future on the WTI marks -2.5% to 83.14 dollars a barrel, while the December delivery for Brent drops by 2.1% to 85.77 dollars. Finally, the price of natural gas falls, having reached seven-month highs the day before in light of the clashes in the Middle East and fears of sabotage to a pipeline in Finland: on the TTF platform in Amsterdam the future for November loses 2.8 % at 48 euros per megawatt hour.