Stock market: Milan closes down with banks, Prysmian slips
Btp-Bund spread at 108 points, Avio and Geox among the few positive stocks
Quick Look
- The Milan Stock Exchange closed the day down by 0.61%, in contrast to the other European stock exchanges.
- On Piazza Affari, the banks weighed down the market with Bper and Banco Bpm falling, while Prysmian collapsed by 5.5%.
- The spread between BTPs and Bunds rises to 108 points, with the yield on the Italian ten-year bond at 4.54%.
AI-generated summary
Why It Matters
The Milan Stock Exchange is going through a phase of volatility, with investors attentive to the ECB's moves on German banks and M&A operations in the Italian banking sector.
The Milan Stock Exchange (-0.61%) closed lower, in contrast to the other European stock markets.
In Piazza Affari, weighed down by the banks, Prysmian slips (-5.5%). The spread between BTPs and Bunds ended the day rising at 108 points, with the yield on the Italian ten-year bond rising to 4.54%.
Negative session also for Amplifon (-2.4%), Stellantis (-2.3%) and Nexi (-2%). Among the credit institutions, Bper suffers (-1.9%), Banco Bpm also suffers (-1.6%). Weak Intesa (-0.6%), struggling with the takeover bid on Mps (-0.3%), on the day in which even the proxy advisor Glass Lewis, after ISS, rejects Luigi Lovaglio's defense plan in view of the meeting on 29 October in Siena. Unicredit is weak (-0.3%), awaiting the ECB's green light for Commerzbank. Unipol is down (-0.7%) while Generali is little moved (+0.07%).
In the main price list Avio shows its muscles (+5.3%). Campari (+2.9%) and Italgas (+2.2%) stand out. Positive Cucinelli (+1.8%), in view of the results, and Moncler (+1.8%). Inwit goes up (+1.1%), with general director Diego Galli no comment on the rumors of a possible delisting with the purchase by two funds.
Geox is flying (+5.8%) after the board of directors approved the final terms of the capital increase reserved for the controlling shareholder Lir of the Moretti Polegato family.
What to Watch
AI outlook — possibilities, not facts
The BTP-Bund spread could continue to rise in the coming weeks if concerns about Italian public finances persist
Possible · Within weeks
The MPS meeting on 29 October could see a confrontation between management and activist shareholders on a defensive level
Likely · Within days
Open Questions
- What will be the outcome of the MPS meeting on 29 October?
- Will the ECB give the green light to Unicredit to acquire Commerzbank?
- What will be the effects of Geox's capital increase on its competitive position?
