Opec sinks Piazza Affari, rising Stm

The decision of OPEC + to launch a maxi-cut in oil production (up to 2 million barrels less per day, than ever in two years now) sinks the European stock exchanges and Wall Street. Furthermore, the Moody’s agency threatens a cut in the rating on Italy if growth is weak, which may mean an increase in the cost of debt, which is already difficult to sustain for our country. Thus, the Ftse Mib closed with a loss of 1.52%, at 21,360.72 points. The spread between German BTPs and Bunds also rose, reaching around 240 basis points, and the 10-year bond yield, which reached 4.4%.



On the main stock market in Piazza Affari, the rise in Brent and WTI on crude oil earns Eni 1.59%. Tenaris is up slightly (+ 0.45%), while Saipem realizes a real leap (+ 8.56%). However, according to some traders, the stock had been sold a lot before and after the capital increase and therefore it would be hedging. On the other hand, the utilities sector fails to achieve positive results, with Enel losing 3.18%, Hera 5.08% and A2A 3.86%.

Banking was also bad, in particular Unicredit (-2.31%), Intesa Sanpaolo (-2.62%) and Banco Bpm (-3.20%). In contrast with Banca Generali (+ 1.62%). Otherwise negative results also for Pirelli (-4.08%), Tim (-4.03%), Stellantis (-2.37%), Recordati (-3.72%), while Stm advances (+1, 47%). The company announced the construction of an integrated plant for the production of silicon carbide (Sic) substrates in Italy for automotive and industrial applications. This is an investment of 730 million euros, with 292.5 million that will come from the state through the NRP. (in collaboration with Money.it)



Source-www.adnkronos.com