Bags fluctuate on the highest. Unicredit runs in Piazza Affari

3 'of reading

European stocks up, after the Stoxx 600 index updated the highs since May 2015, one step away from the April record of that year. Even Wall Street continues to update the historic highs even though yesterday the S & P500 has folded slightly. The reasons behind the optimism that led the price lists to the rally started last Friday are the optimism about the outcome of the trade war, with an agreement that is expected in the coming weeks, and on the other hand the good performance of the quarterly that are recording on average profits higher than expected both in Europe and in the USA.

On the macro front, good news from Germany with orders to the industry in September it rose by 1.3% after the 0.6% drop in the previous month. Compared to the same month of the previous year, orders were down 5.4% after a negative change of 6.7% in August. Domestic orders increased by 1.6% cyclically while the foreign orders increased by 1.1% monthly. Today we are waiting for the data on the SME services from France, Germany and the Eurozone (between 9.50 and 10). The SMI index, that is the index of purchasing managers of companies, is important on the market because it offers a perspective on the performance of companies. In this case, of the services sector. At 11.00 the Eurozone retail sales will arrive. And from the US, in the early afternoon, data will arrive on productivity in the third quarter (2.30 pm) and on the unit labor cost (2.30 pm).

TO purchases on financials, after a series of positive quarterly reports. The corporate profits that are coming out these days are giving positive surprisesIn Europe – according to Bloomberg data – the surprise is a positive 4.1%: that is, companies are announcing on average quarterly profits higher than the (black) analysts' expectations of 4.1%. And in the US the surprise is 4.85% positive. This supports the markets, because it shows that the current economic slowdown is not as pronounced and is not leaving too many injuries among listed companies. In terms of accounts released today, Societe Generale recorded a net profit down 35% in the quarter due to the ongoing restructuring costs but said it had set aside three quarters of the liquidity needed for a dividend plan this year . The car segment, on the other hand, fell with BMW, which posted a net profit up 11.5% to 1.5 billion thanks to cost cutting.

In Piazza Affari, always the quarterly in the spotlight: Poste Italiane in decline despite the quarterly above expectations, while for Unicredit (which today unites the board of directors for the quarterly but which will give the accounts tomorrow) stands out after the max securitization of the Npl. The rest of the banking sector also performed well with Ubi Banca in evidence, Banco Bpm up (with the quarterly coming), Finecobank among the best stocks on the list after the quarterly on the eve. At the end of the list, utilities with Enel are down by more than one percentage point. On the corporate front in Italy today the quarterly accounts of Banca Mps, Banco di Sardegna, Cnh Industrial, Creval, DiaSorin, Generali (which disseminates the note tomorrow), Sit and Tod’s will be approved.

The Tokyo Stock Exchange consolidates the gains who see the benchmark index settle at 13-month highs, following the record set on Wall Street, thanks to investors' optimism about the outcome of international trade negotiations between China and the US. The Nikkei advances 0.22%, to 23.303,82, adding 51 points. On the exchange rate front, the Japanese currency continued the devaluation phase on the dollar, just above 109, and at a level of 120.80 on the euro.