EU stock exchanges cautious while waiting for US macro data, Banco Bpm shines in Milan

In Europe, Asia and the USA, caution prevails in view of the important macro data of the day on the US labor market, while the quarterly season continues. The Milanese market continues the session above par with the Ftse Mib which marks + 0.38% at 27,636 points, followed by the other main markets of the old continent (+ 0.13% Frankfurt, + 0.24% London and +0 , 33% Paris), together with Wall Street futures which remain on the upside (+ 0.03% for the Dow Jones, + 0.22% for the S&P).

As for Italy, Moody’s decision on the rating, currently at Baa3 / stable, is expected with the markets closed. In the morning, Istat estimates that in September an economic growth for retail sales (+ 0.8% in value and + 0.6% in volume). Sales of food goods (+ 0.6% in value and + 0.3% in volume) and sales of non-food goods (+ 1.1% in value and + 0.8% in volume) are on the rise. The statistical institute added that in the third quarter, in quarterly terms, retail sales increased by 1.2% in value and 0.7% in volume. On a trend basis, in September, retail sales increased by 5.3% in value and 3.9% in volume. Sales of non-food goods (+ 7.3% in value and + 5.7% in volume) and those of food goods (+ 2.5% in value and + 1.4% in volume) are growing.

Meanwhile, Luis De Guindos, vice president of the ECB, in an interview with the Spanish radio Onda Cero reassured again on inflation, stressing that the increase in prices is largely temporary and eurozone inflation should fall next year. although the rate of decline will be slower than previously expected.

News also in the bond field with the Ministry of Economy and Finance which has formalized the fourth issue of the BTP Futura, the government bond dedicated exclusively to the retail saver. The BTP will have a duration of 12 years (expires November 16, 2033) and will have a loyalty bonus linked to the recovery of the national economy.

The operation will start on Monday 8 November 2021 and will end at 13:00 on 12 November, except for early closure. The Mef specified that any early closure cannot in any case take place before Wednesday 10 November, thus guaranteeing at least three full placement days. The start of negotiations is set for next Tuesday, November 16. In the meantime, the ten-year BTP yield continues to decline at 0.938% with the BTP / Bund spread at 118 points.

On the raw materials front, oil continues to trade higher after OPEC yesterday decided to keep the production volumes of crude oil barrels unchanged: the WTI gains 1.09% at mid-session to 79 dollars a barrel, while Brent rose by 0.61% to 81 dollars. Gold is also in progress (+ 0.10%) which trades near the threshold of 1,800 dollars per ounce at 1,795 dollars. In the currency, the greenback continues to strengthen, with the euro / dollar exchange rate falling by 0.15% to 1.15, followed by the pound which falls by 0.53% against the US currency to 1.34, finally the dollar gains on the yen 0.09% to 113.

Tim’s rally continues in Piazza Affari (+ 3.29%). Ferrari follows (+ 2.59% to 229.5 euros) on which JP Morgan raised the target price from 215 to 227 dollars, confirming the neutral recommendation. Then Banco Bpm shines (+ 1.63%) which celebrates after the quarterly accounts beyond expectations and after the presentation of the industrial plan whose objectives go beyond analysts’ estimates.

The oil and oil service sector did well in the wake of the gold trend: Tenaris + 0.15%, Saipem + 0.52%, Eni + 0.25%. US President Joe Biden had in fact called on the cartel earlier this week to turn on the taps to help bring down the surge in energy prices. In the rest of the list strong earnings for Maire Tecnimont (+ 7.46%) in the wake of the positive comments of the experts after the accounts of the third quarter. Finally, money on Planetel (+ 0.85%), a company listed on Euronext Growth Milan, which has signed a technological partnership agreement with Sababa Security for the provision of Cybersecurity and Cyber ​​Intelligence services to its market. (All rights reserved)

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