Borsa Italiana, the commentary on today’s session (21 September 2022)

Bank stocks are always in evidence. In sharp decline the Monte dei Paschi di Siena; a plus sign, on the other hand, for UniCredit. Positive performance for Leonardo

bag-positive_1The major indices of the Italian Stock Exchange and the main European financial markets nervous, on the day the FED communicates its monetary policy decisions. According to Michele Sansone – country manager of iBanFirst in Italy – market participants are discussing whether the Fed will raise interest rates by 75 or 100 basis points today. Since the US central bank does not usually like to surprise the markets, a safe bet is to consider that they will move forward with another 75 basis point hike.

At 11.35 on FTSEMib it was up 0.75% to 21,938 points, just below the intraday high of 21,957 points. At the same time the FTSE Italia All Share recovered 0.67%. Minimal variations for the FTSE Italia Mid Cap (-0.08%) and for FTSE Italia Star (+ 0.02%).

The bitcoin remains under $ 19,000.

The BTP-Bund spread it is confirmed just above 225 points, with the yield of the ten-year BTP which is back below 4.1%.

L’EUR it dropped to $ 0.99.

Securities from the banking sector are always in evidence.

Stay in the spotlight on Monte dei Paschi di Siena, after the strong volatility recorded in previous sessions. The title of the Sienese institute is in decrease of 1.53% to 0.2964 euros.

Plus sign, instead, for UniCredit (+ 2.21% to € 10.736). In the course of an interview with the German newspaper Handelsblatt, the institute’s number one, Andrea Orcel, went back to talking about possible extraordinary transactions, not excluding the possibility of growing in Germany. Meanwhile, UniCredit has announced that it has defined the implementation procedures for the execution of the second tranche of the buy-back program for a maximum amount of one billion euros and for a number of UniCredit ordinary shares not exceeding 200,000,000 ( equal to approximately 9.89% of the share capital).

At the FTSEMib the excellent performance of Leonardo (+ 5.51% to € 8.152)in line with the positive trend of European companies active in the defense sector.

In general, stocks in the oil sector recoveredafter the price of crude oil in New York (contract expiring in November 2022) exceeded 86 dollars a barrel.

ENI records an increase of 2.64% to 11.434 euros. Also good Tenaris (+ 4.14% to 13.97 euros).

At MidCap focus on OVSafter the diffusion of financial results for the first half of 2022/2023. The title records a jump of 16.1% to 1,786 euros, after some suspensions due to excess of the rise. The company ended the period under review with strong improvement in revenues and profitability. OVS management expects full-year results to significantly improve compared to the previous year.

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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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