The opening of Piazza Affari in today’s session was slightly positive, with the Ftse Mib index rose in the first minutes of the trading day by 0.19% to 22,572.56 points. The index is, however, clearing the gains made in the first few minutes of the session.
The best stocks are Campari, Amplifon and UniCredit, while the worst are confirmed by Hera and Eni.
Focus on UniCredit, which announced today “the financial impacts of the changes made by the European Central Bank (‘ECB) to the terms and conditions of the Targeted Longer-Term Refinancing Operations (” TLTRO “), which generally negatively affect credit institutions with TLTRO loans “.
The bank led by Andrea Orcel announced that “the estimate of the interest margin (‘NII’) for the entire year 2022, excluding Russia, has been updated to over € 9.7 billion, including a positive contribution from the TLTRO at NII for the full year of approximately € 0.4 billion “.
UniCredit added that “the changes announced by the ECB to the remuneration of the required reserves, now at the DFR at the ECB, have no significant impact”.
Focus also on Stellantis, which released a note this morning announcing that the GAC-FCA Joint Venture will declare bankruptcy.
“The shareholders of the GAC-FCA Joint Venture, Guangzhou Automobile Group Co., Ltd. and Stellantis NV – the note reads – have approved a resolution that, in a context in losses, allows the Joint Venture to present an application to be admitted to the bankruptcy procedure. Stellantis had fully written down its stake in the GAC-FCA JV and its other related businesses in the financial results for the first half of 2022. Stellantis will continue to
provide quality services to current and future customers of the Jeep brand in China ”, concludes the statement.
Great global market mover of global equities this week will be the rate decision that the Fed led by Jerome Powell will announce the day after tomorrow, Wednesday 2 November, after the meeting of the FOMC – the monetary policy arm of the US central bank – which will start tomorrow .
Economists predict a new (fourth) rate hike of 75 basis points (fourth) from the current range, between 3% and 3.25%: yet another monetary tightening aimed at curbing inflation in the United States.
However, they underline how President Powell could, in the conference following the Fed’s announcement, tone down his hawkish tones and thus allow for less aggressive squeeze, starting from the December meeting.