Piazza Affari positive on the day of the ECB, jump in the spread

European stock exchanges close little moves on the day of the European Central Bank meeting. Although, as expected, the ECB meeting ended with nothing in terms of monetary policy, Christine Lagarde’s press conference represented a useful opportunity to try to understand the future moves of the Frankfurt-based institution . In particular, Eurotower No. 1 tried to temper the growing expectations of a rate hike, reiterating that this is a move not foreseen by the recent revision of the guidance. This despite the rise in prices would seem to be less “temporary” than initially expected. “The ECB is currently confirmed as one of the most dovish central banks, which does not appear willing to use the weapon of the rate hike, instead preparing to reshape its monetary policy armamentarium in the meeting on December 16”, commented Antonio Cesarano, Intermonte’s Chief Global Strategist Lagarde’s words pushed the spread, which in correspondence with the stop to trading in Europe marks an increase of more than 5% to 112 basis points, close to 120bps. A trend that this morning had been anticipated by the BTP auction: the five-year bond showed a yield of 0.28%, +17 cents on the previous figure, while the ten-year recorded a yield increasing by 18 cents to 1, 05%. In this context, the Ftse Mib ended the session at 26,890.35 points, + 0.31% on the previous figure, thanks to + 6.41% by STMicroelectronics and + 4.32% by Diasorin. The chip giant saw profit double to $ 474 million last quarter while revenue rose nearly 20 percentage points from 12 months earlier to $ 3.2 billion. The company revised its 2021 revenue estimate upwards to 12.6 billion, which allowed UniCredit to score + 0.58% while Stellantis finished down 1.56%. The institute in Piazza Gae Aulenti closed the third quarter with an underlying net profit of 1.1 billion, + 60% compared to 12 months ago, and announced that it had raised its guidance from “over 3 billion” to 3.7 billion. on the last line of the 2021 income statement. The automotive group in Q3 instead showed revenues down 14% to 32.6 billion and a drop in deliveries of 27%. The quarterly numbers instead triggered sales on Telecom Italia (- 5.67%) and Saipem (-10.98%). The first has revised down the guidance on revenues and 2021 operating margin while the second in the third quarter showed a negative adjusted Ebitda of 25 million. (In collaboration with money.it)