Wall Street sprints on US voting day. Down Trump Media. Ferrari sinks in Piazza Affari after accounts

On the Milan stock market, Ferrari's quarterly accounts received a cold reception, slipping 7% to the bottom of the list. The numbers presented by the Maranello-based company were essentially in line with expectations, with profits and revenues up and deliveries down. The company confirmed its guidance for 2024, disappointing some analysts who had expected a further increase in targets after the August revision. On the opposite side of the list, Leonardo (+3.7%) was in the spotlight, ahead of the publication of its accounts on Thursday, benefiting on the one hand from CEO Roberto Cingolani's anticipation of the confirmation of the 2024 guidance, and on the other hand from the end of the strike at Boeing.

Unipol finished at +1.4%, benefiting from an increase in the target price from EUR 11 to EUR 13 per share by Barclays, which confirmed its 'Overweight' recommendation on the stock, improving expectations on dividend distribution with a payout ratio of around 50% for 2024. Recovering ground were St (+1.5%) and Campari (+1.3%), which lost almost 20% last week. Diasorin, which closed at +0.9% after announcing higher revenues and profits and slightly raising guidance for the current year. On the other hand, sales hit Moncler (-1.7%) in the aftermath of rumours of an interest in Burberry, denied by the down jacket company. Outside the main basket, Buzzi (+6.5%) did well after the publication of its quarterly report: despite falling revenues, the market seems to appreciate the prospect of stable results in 2024, similar "to the record levels of 2023".

On the currency, the greenback weakened in anticipation of the election outcome, with the euro taking advantage of this and recovering the $1.09 mark. In recent weeks, the trend in the markets seemed to be one of anticipation for a victory for Trump, whose policies on tariffs and immigration are considered inflationary, with a rise in Treasury yields and a strengthening of the dollar as immediate consequences.

Oil prices are back on the rise, with Brent crude oil aiming at $76 per barrel and Wti above $72 per barrel. Pending the outcome of the US elections, the most important event of this 2024 also for the markets, tensions in the Middle East remain high, supporting prices, while Tropical Storm Rafael threatens disruptions to US offshore oil and gas platforms in the Gulf of Mexico. Among producers, Shell Plc said it will evacuate some non-essential personnel in the area.

Government bond yields in Europe and across the Atlantic rose slightly on the day: extreme uncertainty over the outcome of the US presidential election prevails even two days after the Federal Reserve cut US interest rates again. The yield on the benchmark ten-year BTp (Isin IT0005560948) closed at 3.68%, compared to 3.66% at yesterday's close, while the differential with the German Bund of the same maturity contracted to 125 points. In the morning, the Italian bond had also moved above 3.70 per cent. 'The bond has been sold for a few weeks now,' observed David Pascucci, analyst at XTB, 'probably a last adjustment before a possible return to falling yields. Rate cuts lead to a decrease in yields and considering the outlook for rates we could only expect a return to the downside'.