The Ftse Mib closed gaining 1.86%, at 21,319.73 points
Positive start of the week for Piazza Affari, up sharply after the good start of Wall Street and the excellent quarterly results of the big US banks. The Ftse Mib closed gaining 1.86%, at 21,319.73 points, but the spread between German BTPs and Bunds rose, which now is around 240 basis points. At the same time, however, there is a sharp reduction in yields on European government bonds: for example, the 10-year British bond yields 37 basis points and falls below 4% immediately after the cancellation of the large tax-cut deficit plan of the Truss government.
For Michele Morganti, Head insurance & AM research, senior equity strategist of Generali investments, the increase in real rates and credit spreads can lead to a lower price / earnings ratio than the current one, thus triggering a new decline in the prices of at least 10%. In the short term, then, there could be brief market rallies for the expert.
On the main list of Piazza Affari stand out Nexi (+ 4.25%), Leonardo (+ 2.99%), Mediobanca (+ 2.75%), Tenaris (+ 4.67%), Stellantis (+ 2.53%) ), Diasorin (+ 2.98%), Interpump (+ 3.54%), Hera (+ 2.61%) and Enel (+ 2.48%), with the latter two following the positive results of the others European utilities. Tim also did well (+ 2.72%), after Standard & Poor’s cut the telephone company’s debt rating by one level, taking it from “BB-” to “B +”. However, the outlook on the rating for the next few quarters remains “negative”.
At the bottom, on the other hand, Cnh (-0.04%) and Campari (-0.26%). (in collaboration with Money.it)