(Il Sole 24 Ore Radiocor) – Inflationary pressures do not weigh on European stock exchanges who, prudent for a good part of the session, after the exit of theinflation USA, which rose to record levels, took the path of rises and closed in positive territory (while Wall Street struggles). Investors, this time, do not seem surprised by the rise in US prices, despite an increase on an annual basis, beyond expectations, which has not been seen since 1990. But the increase in the “high cost of living” is not limited to Washington, as evidenced by China and Germany. , whose consumer price indices have jumped to their highest levels since 1996 and 1993 respectively. To lend a hand to the markets the president Joe Biden who explained how “reversing the inflation trend is a top priority”, while on the macro front the signals continue recovery, with US unemployment benefits at their lowest since the outbreak of the pandemic. In the background remains the increase in infections from Covid, with several countries trying to accelerate on the third doses of vaccination campaigns (Italy included).
In this climate, the FTSE MIB accelerated on the final session driven by Telecom Italia in the spotlight waiting for possible news from the next board of directors on the single network front. On the rise Stellantis in the wake of the European auto sector. In conclusion Tenaris in a mixed session also for managed savings and big banks. Off the main price list after the quarterly Mediaset, as it slips Salvatore Ferragamo.
In the US, record inflation, subsidies to pandemic lows
In October – the figure that the market was anxiously awaiting – consumer prices in the United States increased by 0.9% compared to the previous month, against expectations for + 0.6%, after + 0.4% in September . On an annual basis, the general figure recorded a + 6.2%, above the 5.4% in September, which is the largest increase since November 1990 (against expectations of + 5.9%). Over the past year, energy prices alone have risen by 30%. The number of workers who for the first time applied for unemployment benefits, however, in the week ending 6 November, decreased by 4 thousand units to 267 thousand (the expectations were for a figure of 265 thousand). This is the lowest number recorded since the start of the pandemic.
Ferragamo slips into Piazza Affari, Mediaset runs
At Piazza Affari they close at the head of the FTSE MIB the titles of Nexi e Stellantis as it lost ground Finecobank. Shares, after having set new highs at the start, celebrating the quarterly growth, have taken the path of the downside. Also Stmicroelectron he slowed down his pace, ending the session in “red” on the day the competitor Infineon Technologies announced that it had closed the July-September period with a 10% increase in revenue to 3 billion euros. The dynamic, the company explained, is linked to the global shortage of semi-conductors which has caused prices to rise. Number one, Reinhard Ploss, explained that the group is “investing much more to exploit growth opportunities”. Purchases have rewarded Telecom Italia for days under the spotlight on the return of the broadband dossier.
The shares of Mediaset, on the day in which the company issued a quarterly report above expectations. In addition, the leaders of the group commented that 2021 will be a year of “a decisive strengthening of economic results”. Tear of the publishing group Rcs Mediagroup after the accounts while Salvatore Ferragamo recorded one of the worst performances in the market since the publication of the first nine months of 2021. Investors were disappointed by the trend in revenues, which although growing strongly at 2020 levels, remain below the 2019 thresholds, a unlike what happened to the large French luxury groups. In any case, the Equita experts have revised upward the year-end forecasts and expressed a favorable opinion on the shares, also in anticipation of the arrival, at the beginning of 2022, of the new CEO, Marco Gobbetti, former number one of Burberry’s .
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US inflation has no impact on European stock exchanges, Milan closes at + 0.4% with cars and telecommunications