Interlocutory day for Piazza Affari with energy and banks to lead the declines. The Ftse Mib index marks -0.21% at the end of trading at 26,525 points. The numbers beyond expectations released last night by Tesla were not enough to drive the markets to new rises. Instead, fears of inflation are returning to the fore. In the Commodity Markets Outlook, the World Bank estimates that prices will only begin to decline in the second half of next year as supply constraints ease. This year’s surge “poses significant short-term risks to global inflation and, if sustained, could even weigh on the growth of energy-importing countries,” World Bank experts add.
The Evergrande case is also back in the foreground thanks to the flop of negotiations with Hopson Development Holdings for the sale of some of its assets, which are part of its Evergrande Property Services division, to rival Hopson.
Among the big names in Piazza Affari there are the drops in oil stocks in the wake of the drop in oil prices. Eni sold about 1.5 per cent, worse did Tenaris (-1.95%). Among the banks, Banco BPM and Bper badly with over -1%, while Unicredit limited the drops to -0.635%.
Telecom Italia is bad today (-1.43% to 0.3319 euros) which on October 27 will release the accounts for the 3rd quarter. Equita SIM analysts foresee improving dynamics in terms of fixed and mobile domestic customers thanks to a reduction in the abandonment rate. Mobile customers are seen down by 150 thousand units (-248 thousand in 2Q) and stable fixed customers (-9 thousand in 2Q). Group results should show -1.3% of revenues to 3.849 billion and -6.2% of AL ebitda at 1.477 billion. By virtue of this, Equita reduces the estimates for the whole of 2021 by cutting the valuation to 0.35 euros (from 0.37 euros) on ordinary shares and 0.38 euros (from 0.40) on savings shares.