The Milan stock exchange opened lower, -0.19%, after -0.29% yesterday. The other European stock markets also fell, but not London, +0.77% after inflation in September in the United Kingdom fell below 2%, to 1.7%, the lowest figure since April 2021.
After the approval of the maneuver by the Council of Ministers, the BTP/Bund spread is at 125 basis points (+2). The yield on the ten-year Italian BTP is at 3.45%, close to the lowest levels since summer 2022.
In Milan, banks and insurance companies are under observation, after the maneuver essentially provided for a cash advance of 3.5 billion euros. Positive reaction: among the main stocks Intesa Sanpaolo +0.24%, Unicredit +0.34%, Banca Mps +1.03%.
The drop in luxury prices was clear after LVMH’s accounts, which were below expectations. Revenues in the first nine months of the year fell by 2% considering the changes in the perimeter and at current exchange rates. LVMH shares fell by 6.62% in Paris. In the luxury sector in Paris Kering -4.90%, Hermes -3.07%; on the Italian stock exchange Brunello Cucinelli -2.60%, Moncler -3.70%.
Oil fell 4% yesterday. Because OPEC has lowered its demand growth forecasts this year and next year. Today Brent recovers 0.60%, worth 74.67 dollars a barrel.
Also in the spotlight is Stellantis, -1.85%. This morning it reported that group-wide car deliveries in the third quarter were 1,148 million, 20% less than in the same period in 2023.
Update at 09.20
