Strong sales in Piazza Avari

Another day of strong sales in Milan List (-2.4%) and in other European markets. Fears of a possible recession and high inflation remain dominant.

On the macro front, it is worth noting that the German CPI, in the preliminary reading for September, grew by 1.9% on a monthly basis and by 10% on an annual basis (+0.9% on a monthly basis, +9.3% on a yearly basis on consensus). Then the HS CPI rose 2.2% m/m and grew 10.9% y/y (+0.7% m/m and +9.8% y/y when approved).

But in the US, second-quarter GDP, in the final reading, came to -0.6%, in line with the preliminary and consensus reading, while weekly claims for unemployment benefits fell by 16,000 units. Consensus units of economists contacted by The Wall Street Journal).

It should also be noted that the index of economic confidence in the eurozone countries fell to 93.7 points in September from 97.3 in August, which is clearly lower than the consensus of economists at 96 points. On the other hand, the industrial companies confidence index settled at -0.4 points, down from 1 in the previous month (consensus -0.5 points).

On the main Milan basket, large-scale sales on all stock. In contrast only Leonardo SpA (+ 0.96%) and Eni (+ 0.15%). Pesanti Stm (-5.4%), Pirelli (-4.44%), Prysmian (-4.65%), Stellantis (-4.77%).

Banks are also bad: Banco Bpm -2.15%, Bper -2.84%, Mediobanca -1.86%, Intesa Sanpaolo -2.57%, Unicredit -2.71%, B.Mps -13.55%.

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