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(Il Sole 24 Ore Radiocor) – The European stock exchanges at the window on the day of Federal Reserve. Investors throughout the session waited for the decisions of the American Central Bank, which after the closing announced the ‘tapering’, the reduction of stimulus to the economy, while the wait is still long for a rise in interest rates. Piazza Affari was the best (FTSE MIB), Madrid the worst (IBEX 35), while the other squares moved in no particular order (Paris CAC 40, Frankfurt DAX 30). Wall Street closes with new records: the Dow Jones rises by 0.29% to 36,157.02 points, the Nasdaq advances by 1.04% to 15,811.59 points while the S&P 500 scores a progress of 0.65% to 4,660 , 56 points.
Fed starts tapering, but it’s no time for rate hikes
After the closure of European stock exchanges, the Fed announced the start of tapering, i.e. the gradual reduction of the $ 120 billion a month bond purchase program launched to support the US economy during the crisis caused by the coronavirus pandemic. The central bank has decided that it will reduce purchases by 15 billion per month starting in November: in this way, the tapering will end in June. President Jerome Powell said that “it is time to start tapering, not to raise rates”, the American economy “continues to strengthen, but Covid is weighing on” and “inflation remains high, even if it reflects factors transitory “.
In Piazza Affari it is a record-breaking Ferrari, weak Intesa after accounts
On the Ftse Mib, the best was Ferrari, which took off at record values (221.6 euros at the end, after the intraday maximum of 227.8 euros) after the quarterly report, initially greeted with skepticism by investors, who then concentrated on the reassurances of the ‘Ad Vigna and on the rise in the 2021 guidance. In general, the banks are doing well, with the spread falling further to 120 points, from the 122 on the eve of the eve and after having touched 134 points in recent days, the maximum since the beginning of October 2020. In contrast to the trend Intesa Sanpaolo, after the quarter, even if the net profit exceeded expectations. In general, the energy sector was penalized by the slowdown in oil, which fell sharply pending the decisions of OPEC + and after the higher-than-estimated rise in American inventories (Eni, Saipem and Tenaris, before the accounts).
At a rapid pace also Exor and Leonardo, bad Diasorin
On the Ftse Mib, among the best there are Exor, which returns just below the highs reached in recent days at 83.44 euros (today it closed at 83.36 euros), and Leonardo, which has strengthened its presence in the market of ‘ helicopter rescue in the United States with new contracts that include, inter alia, two single-engine helicopters and a light intermediate helicopter. As mentioned, Eni stands out in the negative, which started the downward movement yesterday after two very positive sessions and an increase of almost 3% on Monday. The stock, which had reacted well to the spread of the quarterly growth report, with the positive judgments of the investment banks confirming the positive view on the shares, is now hit by profit-taking, as well as by the decline in oil. The worst was Diasorin, who recorded steady gains in previous sessions.
Super debut for the medical freshman
Outside the main list, the rally of Medica should be noted: the biomedical and medtech sector group debuted on Euronext Growth Milan, the twenty-sixth admission since the beginning of the year on the Borsa Italiana market dedicated to small and medium-sized enterprises. Eprice also accelerated, recovering from the collapse of the previous sessions that had brought it to an all-time low of 0.0212 euros per share, in the wake of a weak situation that began at the end of September, when an Italian operator in the large-scale distribution sector interested in carrying out an investment operation in ePrice Operations, an operating company wholly owned by ePrice, has instead backtracked. Finally, a new rally also for Renergetica (+ 5.11%), which after having signed an agreement with Enel Green Power Italia for the development of 5 photovoltaic plants in northern Italy, sold another project in the United States for the development of a photovoltaic plant, with a power of 3.125 MWp, in the state of Maine.