Stock exchanges, Europe tonic and Wall Street record after ECB and US inflation. Stellantis flies in Milan

On the equities front, construction was on a roll across Europe and in Milan Buzzi Unicem (+6.77%) rallied after the promotion by Jp Morgan. In the final part of the session, banks accelerated, with Banca Mps and Mediobanca leading the rise (+2% for both): on the eve of the event, the general manager of Piazzetta Cuccia, Francesco Saverio Vinci, said that Rocca Salimbeni could reach 80% support in its takeover bid for the Milanese bank.

But the queen of the session is Stellantis, which took off at the end after the words of CEO Antonio Filosa that the group's volumes are growing. The share closed the day with +9.18%. "Volumes are growing and this will be seen in the fourth quarter and especially next year". The CEO went on to say that 'the goal is to have a progressive, gradual and visible improvement in all Kpi (business indicators) quarter after quarter'. In the coming quarters, he added, 'we will have tangible results everywhere, but the US is our priority and where we will put the most effort'. Overall, according to Filosa, 'the most urgent goal is to turn around and reverse the trend on cash generation, especially by increasing revenues'.

Ratings agency S&P Global Ratings has put Mediobanca's 'BBB+' rating on watch with negative implications following the successful Mps opas. "Although we recognise that the combination of the two entities will improve the credit profile of the new group in the long term, we believe that the potential integration of Mediobanca may weigh on its overall creditworthiness in the short to medium term," the experts write.

S&P warns that it will close the observation period once it has more information on Mediobanca's new financial and business plans and the new group's credit profile, and that if the latter is lower than Mediobanca's stand-alone, it will lower the rating by one notch. The acquisition by Mps, S&P points out, 'could erode Mediobanca's creditworthiness due to its integration into a relatively weaker banking group with a higher risk profile'.

Sales on the Brent crude, weighed down by fears of a weakening demand in the United States and possible oversupply, counterbalancing tensions and production risks linked to the conflict in the Middle East and Ukraine. Brent crude fell towards $66 while Wti is well below $63 per barrel. The IEA (International Energy Agency), in its monthly report, said world oil supply will increase faster than expected this year due to further production growth from Opec+. The Opec report, for its part, maintained its supply and demand forecasts for the year. On Sunday, the Opec+ exporting countries agreed to increase production starting in October. Also weighing on prices was the unexpected increase in crude oil stocks in the United States, reported by the Department of Energy, against expectations for a decline in reserves.

The ECB's confidence in the eurozone economy, together with indications that the central bank's course of action seems to be over at the moment, support the euro, which rises well above 1.17 against the dollar. The greenback, for its part, is reckoning with the prospects of a Fed intervention next week and (probably) another cut or two in the very near future. ECB President Christine Lagarde confirmed that the disinflationary process is over and that the bank is in a 'good position', while the risks to the economy appear more balanced than in the past.

The BTp-Bund spread closed slightly lower. At the end of the session, the yield differential between the Italian ten-year BTp and the German ten-year peer maturity stood at 83 basis points from 84 points at the previous close. The yield on the benchmark ten-year BTp also fell slightly to 3.48% from 3.50% yesterday. There was little movement in the spread between Italy and France on the 10-year maturity against the German Bund, with the benchmark 10-year OaT marking the last position at 3.37% on the Mts platform.

Meanwhile, on the primary market, the Italian Treasury placed the third tranche of the three-year BTp maturing on 15 January 2029 for EUR 3.25 billion against requests for EUR 5.17 billion (1.59 the coverage ratio). The gross yield was 2.44%, down 3 basis points from the last placement. 1.5 billion seven-year BTp notes maturing on 15 November 2030 were also placed, with a yield of 2.76%, against applications for 2.7 billion (1.80 the coverage ratio).

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