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EU stock markets cautious, spread back above 200. US quarterly reports come alive

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EU stock markets cautious, spread back above 200. US quarterly reports come alive

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(Il Sole 24 Ore Radiocor) – Caution at the start of trading in Europe, with the main indices aiming for caution and fluctuating around parity. So they proceed at a slow pace FTSE MIB of Milan, the CAC 40 of Paris, the DAX 40 of Frankfurt, theIBEX 35 in Madrid, l’AEX of Amsterdam and the FT-SE 100 from London. The war in the Middle East remains in the foreground, with Joe Biden’s visit scheduled for October 18, but the positive session on Wall Street and in Asia provides some support for the market.

Investors, however, look favorably on the fact that the American quarterly reports have started on the right foot, on Tuesday it will be the turn of Bank of New York Mellon, Bank of America, Goldman Sachs, Johnson Johnson, Lockheed Martin and United Airlines and, above all, to the fact that the Federal Reserve seems intent on not touching rates at its November meeting. On the European macro front, waiting for the German Zew index.

Spotlight on Tim and Mps, technology in focus

On the stock market, keep an eye on technology stocks, which are well positioned in Asia and the United States, awaiting the sector’s quarterly reports arriving in the next few days. In Milan, pay attention to Telecom Italia after the weakness of the day before with the offer presented by Kkr for the network which did not allay the market’s fears. All eyes also on Banca Mpsafter Minister Giorgetti said in the press conference on the maneuver that the privatization will be completed by 2024.

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Euro falling, oil and gas prices rising

On the currency, euro/dollar down to 1.05. Oil rising slightly with Brent at 89.86 dollars (+0.23%) and WTI at 86.7 dollars (+0.05%) while the price of European gas rose by 2.7% to 49.78 euro per MWh. Positive trading day for Asian stock markets thanks to optimism that ongoing diplomatic efforts could help curb the expansion of the war between Israel and Hamas into a broader conflict.

Spread returns above 200 points

Return above 200 points for the spread between BTp and Bund. The yield differential between the benchmark ten-year BTp (Isin IT0005518128) and the German equivalent duration stands at 201 points from 198 basis points of the latest reference on Monday. In a general context of sales on government bonds on both European and US bonds, the yield on the Italian ten-year bond rose to 4.81% from 4.76% at the previous close. The bond day, Unicredit analysts point out, will be characterized by concerted issuance activity by various European countries with Germany and the Netherlands launching new Benchmark bonds and scheduled operations also for Finnish and Spanish bonds.

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