New show of strength by Piazza Affari which follows up the rebound of the eve thanks also to the rally on Wall Street with all the US indices up by more than 1% pending the Fed.
The Ftse Mib closed at + 1.44% at 25,654 points. The announcement of the Chinese real estate developer Evergrande that he will regularly pay a coupon on his bonds tomorrow gave breath to the markets. Meanwhile, expectations are rising for tonight’s Fed announcement with investors aiming for a ‘wait and see’ scenario. The Fed may announce tapering, but a lot will depend on timing, i.e. when the Fed actually begins to cut back on purchases and how long it will take before closing them down.
Oil stocks with + 2.64% for ENI and + 5.2% for Tenaris, the best stock of the entire Ftse Mib, are sweeping the Milanese parterre. Saipem also continues to run (+1.53%)% after yesterday the stock closed with an increase of over 3%). The company announced an MoU with Saudi Aramco for a potential NewCo to create a national EPC champion on construction capacity in four key sectors: sustainability, technology, industrial and advanced materials. Saipem has also brought forward the date of publication of the third quarter results to 28 October and at the same time will hold its own Capital Market Day to present the new strategic plan.
Among the banks, Unicredit rose to + 3.52%, followed by Intesa Sanpaolo at + 2.2%. Among the big Milanese, Stellantis also performed very well (+ 3.24% to € 16.55).
CNH Industrial also rose significantly (+ 3.24%) despite indications from Traton which anticipated lower-than-expected volumes in the third and fourth quarters due to the shortage of chips and also of numerous other components. In particular, since the end of August it has suffered a reduction in the sales volumes of all brands. Traton now expects third quarter sales volumes to be significantly lower than expected and fourth quarter to have a similar evolution.