Departure in recovery for Avary yard. The Ftse Mib index rose from -0.6% at the beginning of the eighth, by 0.55% to 25,601 points. At the top are Unicredit (+1.9%) and Moncler (+1.4%). Leonardo was also among the best (+1.1% for €7.34) with rumors returning to the DRS list. According to reports from Reuters, the group led by Alessandro Profumo is preparing to list the Wall Street DRS, to place about 20% between the end of October and the beginning of November. ENI (+0.48%) and Saipem (+0.45%) are also doing well thanks to oil that reached its highest levels since 2014 after OPEC + yesterday confirmed the current agreement on a gradual increase in crude oil production. So there will be an increase in production of 400,000 barrels per month until at least April 2022 to phase out the 5.8 million barrels per day of current production cuts.
Markets recovered from yesterday’s lows with sales fueled by Wall Street’s negativity. The tech sector in particular is struggling, with the Nasdaq down more than 2%. “This builds on persistent concerns that developing stocks typically underperform in a tight monetary environment,” IG experts noted in their morning call. Added to this is the turmoil spread in a number of American technology platforms such as Whatsapp, Facebook and Instagram. Facebook stock (-4.9%) posted its biggest daily loss since November 2020.
Today, European and US services PMI surveys will be watched, followed by US trade balance data.