La European financial week he dies today from consumption, with the slightly decreasing price lists later than expected rate cut decided yesterday by the ECB and in view of a similar decision that probably the Fed will take next week. However, weighing on the stock market is the rising government bond yields, sold out in these hours on both sides of the Atlantic.
The Wall Street is indeed proceeding uncertainly at mid-day, dampened by sales on T-Bonds, which hit rates levels at their highest levels in December.
In the misty landscape Business Square stands out positively with a very timid progress of 0,09%, due to Team, +2,69%, in auto stocks such as Iveco +2,41% and stellantis +1,06% and some banks. They close a Luxury stocks, on the other hand, had a negative session, after yesterday's rally, also because it disappointed the Beijing's reticence to go into detail on reviving Chinese growth.
In the rest of the continent it is flat Frankfurt, step back slightly Paris-0,15% and so on London -0,15% Amsterdam -0,1% and Madrid -0,1%.
Overseas Wall Street is colorless, despite the surge in Broadcom, +20% (on the Nasdaq, -0,05%), after better-than-estimated quarterly revenues and forecasts of strong growth in demand for its customized AI chips.
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New signs of fatigue for the European economy
New signs of weakness they then arrive from the the euro area: the Bundesbank cuts estimates growth forecast for Germany for 2024 (-0,2%) and 2025 (+0,2%), while Eurostat sees industrial production stable in October compared to September.
The future seems uncertain, especially since in January Trump is coming at the White House and the announced changes will probably take shape duties, which they will be able to further weaken the European economy, while acting on inflation.
In the Eurozone, too, the political framework raises many question marks and in France theappointment of prime minister awarded by President Emmanuel Macron to veteran centrist Francois Bayrou it's a step forward, but the feat of putting together a majority is not a foregone conclusion.
It's always super dollar
On the foreign exchange market theeuro recovers some positions, but is overwhelmed by the dollar strength trading below 1,05. The greenback has remained strong since Trump's election victory and remains in vogue as most central banks continue to tighten their monetary policy, while the Fed is seen slowing down next year.
For the next month, the market estimates only a 20% probability that Jerome Powell act again on the cost of money, contrary to what is thought the ECB will do, struggling with a much more palpable economic crisis in the bloc.
Today several European bankers have spoken out in favor of new cuts in 2025. For Centeno the gradual process will continue and for Francois Villeroy de Galhau there will be “more rate cuts next year, rate cuts plural.”
Le Investors' bets are of an overall cut of more than 100 basis points over the course of 2025.
Among raw material Oil is set to close a happy eighth, with WTI, January 2025, trading at 70,73 dollars a barrel (+1,01%) and Brent, February 2025, at 73,95 dollars (+0,73%).
Piazza Affari, eyes on Telecom
Leading the rise of the Ftse Mib today is Telecom ItalyThe explanation would be due to the fact that the mef e Retelit they asked for the deadline to be postponed by two days to submit the offer for Sparkle. So Intermonte does not exclude that the'current offer of 700 million (non-binding) can be improved.
The titles of four wheels have gained ground throughout Europe and also in Piazza Affari, where Iveco and Stellantis stood out positively.
Well some banks, like Ps +1,37% and Bper +1,67%, although the sector has little to gain from a path of rate cuts. Unicredit in fact it gives up 0,79%.
Well managed savings with Banca Mediolanum +1,31% and Azimuth + 0,68%.
The discounts start from cucinelli -1,88% and Moncler -1,84%.
They retreat Amplifon -1,29% Campari -1,15% and Recordati -1,07%.
Spread stable, but rates rise
Lo spread between Btp 10 years Bund of equal duration remains stable at 114 basis points, but rates are also rising today. The Italian ten-year at closing is indicated at 3,39%, against 2,25% of the Bund.
It doesn't do any betterFrench Oat, which sees the spread rise to 78 basis points and a rate of 3,04%.
