The last little gift under the tree, for the rich stock markets of 2023, arrives today fromUS inflation of November, further slowdown and below expectations. This consolidates bets on a more significant and rapid rate cut by the Fed next year, supports risk appetite and pushes bond yields lower, while the dollar appears weak.
So, in the last session before the Christmas break, Business Square it appreciated by 0,26%, to 30.353 basis points, while the spread narrows to 156 basis points (-4,38%), with falling rates. The ten-year BTP it is indicated at closing at 3,53% (at the lowest since August 2022) and the Bund of the same duration at 1,97%.
Even in the rest of Europe, volumes were reduced before the holidays and the indices closed with little change, remembering however that they are around the highs of many months, if not all time. Frankfurt 0,14% salt, Paris, Madrid e London are flat. Amsterdam stands out in the negative with a decline of 0,56%, weighed down by the Prosus's splash -13,37%, Dutch technology investment group, alarmed by the Chinese regulatory project aimed at limiting the use of video games.
Wall Street rises with inflation. Nike -11%
The climate has turned nice in New York where Wall Street, mixed at the start, is now moving upwards in light of the new PCE data on November inflation. This grew year-on-year by 2,6%, versus the expected 2,8%. On a monthly basis it recorded a decline of 0,1%, against a projection that saw the situation stable. The core component, the measure preferred by the Fed to have greater clarity on the rate outlook, grew by 0,1% against expectations of +0,2%; on an annual basis +3,2% against expectations of +3,3% (+3,5% in October).
After this news, even the Dow Jones, negative at the start, seems to have found the right tone (+0,13%), despite the intense sales on Nike (-11.39%) – worst blue chip of the day – which cut its annual revenue forecasts due to weak consumption.
Weak dollar
In this context the dollar remains weak. The euro finds an exchange rate of 1,1, while the Swiss franc reached a nine-year high against the greenback during the day.
Also the pound strengthens, despite the decline in GDP in the third quarter which raises the probability of a rate cut by the BoE.
The macroeconomic data of the day, relating to Italy, are in chiaroscuro. After four consecutive months of declines, business confidence began to rise again in December and consumer confidence continued to rise. The industry turnover however, it marked a modest +0,1% in October compared to the previous month and fell by 1,7% year on year, decreasing for the seventh consecutive month.
Among raw material Oil is showing some volatility, which is currently at a fractional loss for both Brent and WTI futures.
Shines insteadgold, with spot gold close to 2060 dollars an ounce (+0,67%).
Piazza Affari is sluggish before the holidays
Piazza Affari appears sluggish before the long weekend and sees limited variations up and down on individual stocks.
At the top of the list are the banks: Bpm bank + 1,17% Mount Paschi + 1,02% Mediobanca + 0,99% Bper + 0,67% Understanding + 0,65%.
Bene Diasorin +0,93% and energy and surrounding stocks are in green: Snam + 0,8% Enel + 0,67% Eni + 0,58% Prysmian + 0,54%.
The negative part of the price list hosts equally modest variations. They give in to the achievements Amplifon -0,88% and Iveco -0,47%.
It can't find the fuel it needs to bounce Ferrari -0,55%. Fashion stocks are weak, worried by pressure from Nike.
Outside the main basket yes extinguishes enthusiasm is preferably used for Juventus, -2,12%, rallying yesterday after the European ruling which reopens the doors to the Super League. In the meantime, the Juventus club has appointed advisors for the club's capital increase and the reassurance of the parent company Exor on the subscription of any unopted share.
sapphire yields 1,78% after the divorce from Chiara Ferragni following the panettone scandal. The eyewear company has terminated the licensing agreement for the design, production and distribution of the Chiara Ferragni brand eyewear collections following an alleged "breach of contractual commitments".
For now all is silent Tod’s, -2%, which had relied on the influencer (who sits on the board of directors) to relaunch its brand.
Well instead De'Longhi +2,48%, after an operation with La Marzocco to create a hub in the professional coffee machine segment.
