The stock exchanges today, 27 October. Markets awaiting the ECB, to close by 75 points. Credit Suisse: 4 billion increase with Saudi money
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MILAN – Markets awaited in view of the decision of the European Central Bank, which, according to analysts’ expectations, will raise the cost of money by another 75 basis points and could also adjust the mechanisms of liquidity auctions at ultra-favorable conditions for the banks (Tltro) which now, thanks to the rise in rates, are able to profit from us simply by depositing that money with the ECB itself. In the background, but without waiting for official communications, there remains the discourse of Quantitative tightening, or the reduction of the budget inflated over the years by the various securities purchase programs.
Among investors, note the Bloomberg, for now a kind of optimism prevails linked to the fact that a slowdown is expected in the Fed’s tightening cycle, now that the economy shows signs of slowing that should lead to some calm on prices. Certainly there are no indications encouraged by the Big Tech quarterly, with Meta disappointing after Microsoft and Google have already launched signs of weakness. Also worth seeing are the numbers of US GDP, which will be able to give further indications to American bankers. Hong Kong, meanwhile, is rebounding after sharp drops following Xi Jinping’s power squeeze.
Sechin (Rosneft): “Price cap is an attack on the market and sovereignty”
“As soon as the United States talked about a price cap, the European Union got to work. They want to limit prices according to the level of relations with the supplier country”. So Igor Sechin, CEO and president of Rosneft, during the Eurasian Economic Forum in Baku. “It is an attack – he adds – not only to the market but also to sovereignty. Abrogating the sovereign rights of countries over the resources they have at their disposal”.
“Russian exports to Asian countries including China have grown. The projects underway will allow us to guarantee all the needs of China and the Asian market more generally” – he then assured – “These developments – he adds – they will also allow us to reduce the volatility of prices, limiting increases that do not benefit anyone “.
Stable spread at 220 points
The spread between BTP and German Bund opens the session at 220 points, in line with yesterday’s closing. The 10-year rate rises to 4.349%.
In a market that is still volatile, and awaiting the ECB’s decision on rates, bonds continue to benefit from expectations of a slowdown in the pace of monetary tightening initiated by the Fed.
EU stock exchanges, negative start for Piazza Affari
Negative start for Piazza Affari: the first Ftse Mib index marks a decline of 0.47%, the Ftse All share a fall of 0.44%.
Gas, starting down below 100 euros
Departure in decline for the price of gas below 100 euros per megawatt hour in Europe. Contracts at the Ttf, the European reference hub, are down by more than 6% to 98 euros per megawatt hour.
Italgas, revenues over 1 billion
Italgas closed the first 9 months of the year with revenues up by 8.1% to approximately € 1.09 billion. EBITDA increased by 4.9% to € 785.4 million and EBITDA by 5.6% to € 454.9 million. Net income increased by 5.5% to 288.6 million. Technical investments totaled 546.7 million and operating cash flow was 455.3 million. Chief Executive Officer Paolo Gallo underlines that Italgas’s “23 consecutive quarters of growth” are “a sign of the Group’s solidity and the determination with which it pursues its objectives, despite the complexity of the geopolitical scenario and its repercussions on the economic system and of the country “.
EU stock exchanges, weak futures before the ECB
Future on the indices of the European stock exchanges in decline in the first trading of the morning. The contract on the Frankfurt Dax marks a -0.30%, for the London FTSE 100 the decline is -0.29%, while for the entire Euro Stoxx 50 the decrease is 0.36%.
Asia thwarted before US GDP, Hong Kong recovers
The Asian stock exchanges continued the session in no particular order with the Shanghai Composite Index filing 0.07%, the Shenzhen Composite Index unchanged, while Hong Kong rose by 1.88%, the latter favored by the rebound of Chinese technology stocks affected earlier this week from the news of Xi Jinping’s ‘squeeze’. Tokyo is slightly down with the Nikkei which marks -0.15%.
Stm, revenues fly by 27% in the nine months
Stm closed the first 9 months of the year with net revenues up 27.2% to 11.70 billion dollars (11.61 billion euros). It can be read in a note which indicates a gross operating margin equal to 26.9% of revenues and a net profit of 2.71 billion dollars (2.69 billion euros). In the third quarter, revenues increased by 35.2% to 4.32 billion dollars (4.29 billion euros) and net profit by 131.8% to 1.1 billion dollars (1.09 billion euros). ). Commenting on the results, President and CEO Jean-Marc Cherie spoke of “demand for our product portfolio which continues to be strong”.
Germany, consumer confidence picking up slightly
Consumer confidence in Germany is expected to improve in November. According to the estimates of the Gfk barometer, the index is expected to rise at -41.9 points up 0.9 points compared to October when it touched an all-time low after four consecutive months of decline. The rush in prices and the prospect of a recession depressed consumers in the leading eurozone country. The improvement expected for November comes at the same time as the downward revision of the October figure which is thus crystallized at -42.8 points.
Saipem reduces the loss and raises its targets for 2022
Saipem recorded a loss of 138 million euros in the first nine months of 2022, compared to a loss of 1.12 billion a year ago, on revenues of 7.44 billion with an adjusted ebitda (+ 47%) of 536 million (from -291 million). The company raised its financial targets for the full year with revenues above 9 billion and adjusted EBITDA above 500 million.
The order book up to 30 September is equal to 8.6 billion euros, in addition to approximately 4.6 billion euros acquired in October, for a total of over 13 billion euros. About 70% of acquisitions in offshore businesses.
Credit Suisse, maxi red in the nine months. Increase from 4 billion with Saudi money
Credit Suisse lost 4 billion Swiss francs in the third quarter of 2022 (from a profit of 434 million the year before) and 5.9 billion in the nine months (from +435 million). Revenues fell 36% in the nine months to 11.86 billion and 30% in the third quarter to 3.8 billion. The institute has announced a restructuring plan that aims to cut the cost base by 15% between now and 2025 with a staff reduction of 9 thousand units. The restructuring costs are estimated at 2.9 billion between now and 2024. The bank will also launch a capital increase of 4 billion francs in which the Central Bank of Saudi Arabia will intervene by investing up to 1.5 billion and thus obtaining up to to 9.9% of the bank’s capital.
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