European stock markets rise cautiously; tech shares continue to be sold off in Milan
The IMF’s growth forecasts are encouraging, although inflation remains a cause for concern. Oil prices are falling, whilst gas prices have risen above 85 euros per megawatt-hour
Le ultime da Radiocor
***Borsa Tokyo: Nikkei chiude in calo dell'1,82%, pesa sell-off titoli tech
Stellantis: -1% consegne globali III trim a 1,286 mln, Europa +10% (RCO)
Giappone: rallenta aumento prezzi alla produzione a settembre, +6,8% su anno
(Il Sole 24 Ore Radiocor) - European stock markets are edging up cautiously, buoyed in part by projections from the International Monetary Fund, which forecasts global GDP growth of 3.1 per cent for this year. The concern, however, centres on inflation, which is set to halt its steady decline, mainly due to the negative supply shock caused by the war in the Middle East.
Across the Atlantic, the quarterly results season is expected to get into full swing with several banking giants, including Goldman Sachs, JPMorgan and Citi, as well as Wells Fargo, due to report their results today. On the data front, figures for existing home sales in September are due in the United States; these will be closely watched this time round in light of the rise in mortgage rates, following the increase in government bond yields and the Federal Reserve’s hike in the cost of borrowing.
Thus, the FTSE MIB in Milan is edging cautiously higher, as is the CAC 40 in Paris and the DAX 40 in Frankfurt, with German inflation in September standing at 3.3 per cent year-on-year, accelerating from 2.9 per cent in August.
Tech shares fall on the Milan Stock Exchange; focus on Risiko and luxury goods
On the Milan Stock Exchange, tech shares are once again under pressure, with Stmicroelectronics, Technoprobe and Prysmian are at the bottom of the list, following the sector’s performance in Asia and, in particular, that of the Korean Kospi (-5.4%). Investors’ attention is focused on banking risk, following the response from Banca Monte Paschi Siena, which arrived late in the evening on the eve of the announcement, in response to the bid by Intesa Sanpaolo. Despite the criticism of the bid from the bank led by Carlo Messina, MPS’s chief executive, Luigi Lovaglio, has so far not announced any concrete counter-measures nor changed the date of the shareholders’ meeting, as some investors had expected.
There is also a focus on luxury, with Brunello Cucinelli and Moncler, following the announcement by the French giant LVMH had reported its revenue for the first nine months of the year, which some analysts deemed disappointing. However, the growing figures from the Wine & Spirits division are driving buying interest in Campari. Poste Italiane is also performing well.
