Tim collapses
High tension in the Middle East, with fears of an escalation of the Israeli-Palestinian conflict, is not slowing down European stock markets. In Milan, trading ended with a +0.55%, despite Tim’s plunge (-6.24%). The other markets of the Old Continent also performed well, in the wake of a positive start on Wall Street.
The central bankers speak
Inflation remains under special scrutiny for investors with future moves by central banks, while interventions from various Fed officials are expected this week (starting with President Powell on Thursday). Overseas, the week is marked by a promising start to the quarterly reports of the US giants but, at the same time, by fears of greater volatility, between the increase in Treasury bond yields and the instability on the oil market. On the macroeconomic front, US retail sales for September are on the calendar tomorrow, while on Wednesday it will be the turn of Chinese GDP. In Italy, on the day the government gave the green light to the budget law, the spread between BTPs and Bunds fell back below 200 points (197.53).
In Milan the banks are running
On Piazza Affari, Tim sank by 6.2%, after the binding offer from the KKR fund for the infrastructure network accompanied by a non-binding offer on the international services company Sparkle. Stellantis fell by 0.69%, which continues to be affected by the risk of strikes and negotiations with workers at North American factories. Supporting trade on the Milanese list were the banks, with Unicredit (2.59%) and Bper (+2.33%) at the forefront.
The gas comes out
On the currency, the exchange rate between the euro and the dollar rises to 1.0546 (1.0527 at the start and 1.0499 at the close on Friday). The price of oil, slightly decreasing, is around 90 dollars a barrel in December Brent, when the November WTI is at 87 dollars (-0.70%). Natural gas dropped sharply to around 48.45 euros per megawatt hour (-10%)
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