Faintly positive closing for Piazza Affari waiting for the Fed decision tonight. The Ftse Mib stopped the clock at 22,802 points (+ 0.03%). The Fed is expected to make its fourth consecutive rate hike of 75 basis points. The hike should bring rates from the current range between 3% and 3.25% to the new range between 3.75% and 4%. In recent weeks, the expectation of a possible more dovish indication from Powell about the next moves has spread with the peak of rates that could be near.
On the macro front, pending non-farm payrolls on Friday, ADP estimates indicate the creation of 239,000 new jobs in the private sector in the US, better than the 195,000 estimated by the economists interviewed by Dow Jones and a slight acceleration compared to 192,000 new jobs. jobs created in the previous month.
On the Piazza Affari parterre, convinced increases for Bper (+ 1.64%) and Unicredit (+ 2.01%). Three utilities increased by more than + 1% for Enel. At the end of the Ftse Mib we note today Amplifon (-1.63%) with the warning from Demant which pre-announced the results of the third quarter due to weaker than expected performances in the hearing aid and communication markets.
On the earning season front, Ferrari’s negative reaction (-1.58%) to the accounts for the 3rd quarter despite being higher than expected. Partially disappointing was the new 2022 guidance, revised upwards but only marginally. The Maranello group reported an adjusted Ebitda for the third quarter of 2022 equal to 435 million euros, up by 17.1% compared to the same period of 2021. The expectations were beaten, which were 416.4 million (Consensus Bloomberg) . Ebit was 299 million (+ 10.5%), also in this case beyond expectations (277.7 million). Revenues amounted to € 1.25 billion, up by 18.7% and over the estimate of € 1.2 billion.