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Piazza Affari closes at +0.7%, spread decreasing

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Piazza Affari closes at +0.7%, spread decreasing

Milan closes at the top of the European stock markets, with the Ftse Mib rising by 0.7% to 27,558 points. Among the big names on Piazza Affari, especially Bper (+4.2%) and Unicredit (+2.55%) are advancing, the latter on the day of the Board of Directors’ meeting on the accounts and after the agreement with Alpha Bank. Stellantis also did well (+2.1%) while Pirelli (-3.1%), Nexi (-2.9%) and Telecom Italia (-2.6%) lost ground.

On a day lacking in relevant macroeconomic events, the focus remains on geopolitical tensions, awaiting Thursday’s ECB meeting and the quarterly reports of some American big tech companies. Focus also on the first reading of US GDP for the third quarter and the auctions of US government bonds in the coming days.

Meanwhile, on bonds, the yield on the ten-year US Treasury is reduced to 4.86%. The tension on the BTP-Bund spread also subsides, falling to 196 bp, with the BTP at 4.82%. All this, after S&P confirmed the rating at BBB with a stable outlook, awaiting the DBRS rating scheduled for this Friday.

Among raw materials, oil is falling with Brent at 91 dollars a barrel, while gas rises above €51/Mwh. On Forex, euro/dollar progressed to 1.064.

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