December 8, 2021

Hardwood Paroxysm

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European Central Bank without surprises, the stock exchanges are slowly waiting for us

BTp, ten year auction. Yield rises

Good demand and increasing returns for BTp and CcTeu allocated by the Treasury at auction. In detail, the Treasury released the seventh tranche of 5-year BTp maturing on 01/08/2026 for 2 billion against a request of 3.052 billion. The yield rose 17 cents to 0.28%. Also laid out the first tranche of the new BTp standard for 10 years ending 06/01/2032: against 5.056 billion orders
The exported quantity was 3.75 billion while the yield was 18 cents higher than last month’s auction at 1.05%. Finally, the sixth tranche of CcTeu due on 04/15/2029 and allotted for 1.25 billion against total demand of 2.163 billion yielded an aggregate return of -0.01%. the rules
The auction will take place on the 1st of November.

Focus on quarterly. Runs St, ko Saipem and Tim

At Piazza Affari, he focused on the quarterly reporting of UniCredit, Saipem, Stellantis, Telecom Italia, Recordati and Moncler. Unicredit Reported profit of 3 billion in the nine months and 1.06 billion in the quarter (+55.6%): for the full year the group estimates profits at more than 3.7 billion euros. Stilants It closed the third quarter with revenues of 32.6 billion euros
The euro, down 14% compared to preliminary results for 2020 (the year FCA and PSA were separate companies). Saipem He announced a plan until 2025, which envisages an average annual increase in revenue of 15% and a return of gross operating margin to pre-Covid levels in 2023: in the nine months, the group lost 1.1 billion euros. StmicroelectronICs closed the third quarter with earnings up 95.6% and revenue increasing 19.9%, thanks in particular to strong global demand and despite ‘revenue’
Less than expected in the auto sector, due to a significantly more than expected decline at the production plant in Malaysia, due to the pandemic, Managing Director Jean-Marc Cherry explained. Group revenue in the third quarter Tim It amounted to 3.8 billion euros (-2.1%), while services revenue was 3.5 billion euros, on the trend of improvement over the previous year (-1.4%) compared to the previous quarter (-1.7%). The organic group Ebitda in the quarter amounted to 1.7 billion euros (-5.9%). The group also lowered its estimates for 2021.

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Euro to 1.6 dollars. Oil falls after US stocks

in the currency marketThe euro remains below the $1.16 thresholdOil is falling sharply after the sharp rise in US crude oil inventories and rumors of reopening the Iranian nuclear dialogue: Brent December is trading at 83.58 USD per barrel Wti December 81.74 dollars a barrel. Last week, US oil inventories rose for the fourth time in the past five weeks and did so more than expected by experts. It recorded an increase of 4.268 million barrels to 430.812 million units, compared to expectations of +0.5 million barrels. According to data released by the Ministry of Energy, gasoline stocks fell by 1.993 million barrels to 215.746 million barrels, against expectations of -1.8 million.

New government bond auctions. Spread increased to 116 pips

After Wednesday’s semi-annual BoT auction (with prices at historic lows of -0.55%), the Treasury is holding auctions of long-term medium-term bonds: 5-year and 10-year BTPs of up to 5.75 billion complex announced; 7 years CCTeu up to 1.25 billion. In the meantime diffusion Between BTp and Bund. The yield difference between the ten-year BTp standard (IT0005436693) and the German term itself is indicated at 116 basis points, above the 111 points of the previous reference. The yield of the 10-year benchmark BTp has also risen sharply
It recorded the first position at 0.98% from 0.94% recorded at the previous close.