Positive closing for Piazza Affari which follows the positive sentiment of Wall Street and other world stock exchanges. The minutes from the Fed last night confirmed the imminent start of tapering (gradual reduction of QE). The institute headed by Jerome Powell could begin as early as mid-November to reduce the amount of asset purchases by $ 15 billion per month. In this way, the QE should be completed by mid-2022.
Meanwhile, a side to the optimism of the markets came from the better-than-expected quarterly results of the big US banks.
At the end of the day, the Ftse Mib scores + 1.23% to 26,277 points. Finecobank’s upward race stands out with + 3.7% to 16.4, which updated its all-time highs during the session. The digital bank led by Alessandro Foti saw a warm welcome from investors to the new 500 million euro senior preferred bond, with orders more than quadruple the quantity offered.
Among the banks, supported by the strong feedback from the quarterly reports of the big US banks, an euphoric day for Banco BPM (+ 4.33%), which is consolidated as the best stock of the Ftse Mib since the beginning of the year. Shore to the title comes from Jefferies, which has started hedging with a buy rating and target price of 3.5 euros. Pending the new plan expected by the end of November, the US broker believes that the opportunity to internalize the insurance business from 2023 will offer a possible 9% -16% increase in EPS and is not priced by the market.
Bper also did well (+ 1.78%) on which Jefferies instead indicated ‘hold’ with a target price of 2.30 euros. An increase in the order of 1% for Intesa Sanpaolo whose shareholders’ meeting approved the distribution of part of the extraordinary reserve based on the 2020 results for an amount equal to € 0.096 per share. The detachment of the coupon will take place on 18 October. Considering the share price recorded yesterday, the dividend yield of the coupon is 4%.
On the other hand, a sharp decline for Leonardo, who in this last part of the session lost 7% in the 6.66 euro area. To weigh are the rumors according to which the Italian aerospace group is the supplier who reported to Boeing the manufacturing defect of some titanium components of the Boeing 787s produced over the last three years.
Also behind the lines was CNH (+ 0.1%) which announced the temporary closure of several of its agricultural machinery, commercial vehicles and propulsion systems in Europe, as a result of interruptions to the supply chain and the shortage of key components, in especially semiconductors.