Wall Street mourns Chealie Munger, Buffett's right-hand man. His first pay as a busboy at the award-winning Buffett & Son grocery store at the time of the Great Recession was twenty cents on the dollar.
Today the heritage of Charlie Munger of Omaha, right-hand man since 1962 Warren Buffett, it is worth approximately 2.200 billion dollars, net of the billion-dollar donations from one of the most generous philanthropists in the history of Wall Street. Anyone who had faithfully followed his line of conduct over the last sixty years, Bloomberg certifies, could today boast a profit of 3.800 percent. These are some of the records accumulated by Warren Buffett's right-hand man, who passed away during the night in Pasadena, California at the age of 99, already mourned by those who he called his "groupies", i.e. the tens of thousands of fans who followed the lessons for decades himself and his friend Buffett, now 92 years old, in the meetings of Berkshire Hathaway.
The disappearance of a market monument coincides with the feeling that the turning point in the markets is now upon us. He is the interpreter Bill Ackman, one of the most followed investors. “I believe there is a high risk of recession – he writes – if the Fed does not intervene in time to give oxygen to the economy”. Even the governor of the Federal Reserve, Christopher Waller, always an avowed hawk, admitted that the recent slowdown in economic activity leads him to consider the central bank's policy sufficiently rigid. “I am increasingly confident that policy is currently capable of slowing the economy and bringing inflation back to 2%,” he said. These signals arrive at the end of a month, November, which could be the best for exactly three years, with an MSCI World index gaining +8,60%.
Mixed opening for stock markets
• These rosy forecasts find no comfort this morning in the contrasting performance of the markets.
• European and Wall Street futures are flat.
• Yesterday Piazza Affari closed the session with a slight increase of +0,12% encouraged by the preliminary green light from Brussels for the payment of the fourth tranche of the Pnrr for 16,5 billion.
Brick crisis in Frankfurt, Covid scares
• Frankfurt rises by 0,18% despite the real estate giant Signa taking its books to court for a hole of 27 billion euros. Unicredit is also among the banks involved.
• Luxury sales instead weigh on Paris (-0,21%), after HSBC and Citi analysts revised their sales estimates in China downwards for next year, due to the risk of new epidemics.
• Wall Street closed slightly higher, Nasdaq +0,3%, S&P500 +0,1%
• The Tokyo Index was little moved this morning. The dollar cross reaches 147,1, the lowest since September.
• China's stock markets are falling. Hong Kong Hang Seng -1,9%. CSI 300 of the Shanghai and Shenzen stock exchanges -0,7%. On parity the Taiex of Taipei.
Ingots and BTPs are running
• If the day was rather dull for the stock markets, it was not so for the main macrovariables, which offered several operational ideas:
• The yields of the main government bonds fell to new lows for the period; 4,26-year US Treasury at 4,39% from 2,49%. Ten-year Bund at 2,55% from 4,25%, ten-year BTP at 4,28% from XNUMX%. All on the minimum two/three months.
• The future on the 4-year BTP is about to complete its best month since January: +XNUMX%.
• Gold is one step away from the record; The price is at its highest since May and about one point from the historical record of August 2020, marked at 2.075 dollars. Thanks to the latest utterances from central bankers and slowing macro data, the market has become convinced that central banks have reached the turning point. November presents a gain of +3%, which is added to the +7,3% of October, for a total of +12% from the beginning of 2023.
• The dollar is about to complete its worst month of the year with a 4% decline from mid-August highs.
• Good news also for gas while the controversy over the end of the protected market rages in Italy. EU Gas (Amsterdam) yesterday closed down -2,7% at 42,80 euros/mwh, less than two euros from the lows of the last two years. November recorded a -11%, mirroring the +11% recorded in November a year ago.
• ENI accelerates on natural gas. In Indonesia, 85 km off the east coast of Kalimantan, he discovered the well, called Geng North-1, which according to preliminary estimates, contains 140 billion cubic meters of gas - about twice Italy's annual consumption - and 400 millions of barrels of condensates.
Anticipation for the OPEC+ summit is rising
• Anticipation for tomorrow's OPEC+ meeting is rising: Brent at 81,60 dollars. Oil is flat, up from +2,1% yesterday, justified by the wait for the crucial OPEC+ meeting, scheduled for tomorrow 30 November, which will decide the production policy in the coming months. It is likely that some investors have covered the most speculative short positions. Some purchases are also justified by the interruption of supply in the Black Sea: according to state officials and data from port agents, a strong storm in the Black Sea region interrupted up to 2 million barrels per day of exports from Kazakhstan and Russia .
Jp Morgan promotes Intesa, but cuts Campari
Highlighted is Saipem, which was awarded two offshore contracts, one in Guyana and the other in Brazil, worth approximately 1,9 billion dollars. The first contract was awarded by ExxonMobil Guyana Limited, a subsidiary of ExxonMobil, the second was awarded by Equinor for , the development of a pre-salt gas and condensate field in the Campos Basin, located approximately 200 km offshore state of Rio de Janeiro.
Campari. JP Morgan cuts rating to Underweight.
Intesa Sanpaolo. JP Morgan raises the target price to 3,90 euros.
Unicredit. JP Morgan raises the target price to 39 euros.
Leonardo. The Spanish government has approved two loans totaling 3,15 billion euros to a consortium developing fighter jets under the international Eurofighter program. The Eurofighter Typhoon jets are built by a consortium including Spain's ITP Aero, Airbus, BAE Systems and Leonardo. The company has also received an order from Omni Helicopters International (OHI) for two AW189 and one AW189K helicopters, expanding its presence in Latin America, while in Europe it has signed preliminary contracts with Leman Aviation for ten units of the new AW09 helicopter.
BPM desk. The industrial plan is talked about in the newspapers, the presentation is on December 12th. The company's top management aims to give shareholders a level of remuneration similar to that of other large Italian banks.
Maire Tecnimont proceeded with the full early repayment of the bond loan “165,000,000 Fixed Rate Senior Unsecured Notes due April 2024” with consequent delisting of the related bonds.
