Piazza Affari is also down today. At the end of the day, the Ftse Mib recorded a decrease of 1.27% to 20,466 points, returning close to the annual lows. On the markets, fears related to the recession are increasing even if the US president Joe Biden said he does not foresee a recession for the US or at most very mild. Yesterday, the new forecasts on world GDP growth from the IMF, the International Monetary Fund, indicate a weaker global economy in 2023, noting that the ‘worst is yet to come’.
On the macro front, US producer prices turned out to be higher than expected in September, thus reinforcing expectations of a still aggressive Fed in raising rates. Tomorrow it will be the September reading of inflation.
In the Piazza Affari parterre, oil stocks were weak today with Tenarsi at -4.69%, Saipem -4.05% and ENI -1.5%. TIM is also struggling today (-2.7% to € 0.1713) at new historical lows after CDP and Macquarie said in recent days that they need more time to prepare their offer for the fixed network.
Leonardo was also among the worst players today at -4.72%.