I European stock markets close weak today, due to profit taking and disappointing macroeconomic data. In reverse Wall Street moves in tune halfway through the session, after the caution of the previous days.
Il main Milanese stock exchange drops 0,67% on the occasion of the long Sant'Ambrogio bridge (the stock exchange, however, remained open and will remain open tomorrow), weighed down by sales on banks and oil stocks, but saved 30 thousand basis points.
Red is on a Madrid -1,13%, while it is pale at Frankfurt -0,11% and Paris -0,1%. London e Amsterdam in the end they are flat.
Overseas runs the Nasdaq (+1,18%), with mega techs in the money. A (Google) gains around 5%, following the launch of the most advanced artificial intelligence model called Gemini. Also Apple Lossless Audio CODEC (ALAC), rises by 1%, recovering a capitalization level of 3000 billion dollars.
Focus on central banks, the "hawkish" BoJ surprises
The markets' focus remains on central banks and the belief that the era of tightening is over is at the origin of the recent rally. The macroeconomic data seen so far seem to confirm the markets' bet, even if tomorrow there will be yet another proof with the important report on US non-agricultural payrolls (the expectation is for an increase of 180 thousand after the 150 thousand in October). Meanwhile, in the US today, weekly requests for unemployment benefits were higher than projected.
To cool the general euphoria a little, however, this Thursday was the central bank of Japan, the only one, among the most important, which has continued to maintain an ultra-accommodative policy in this season of rate increases and which seems to have suddenly changed its mind.
Today the governor of the BoJ, Kazuo Ueda, surprisingly he said that the Japanese central bank is close to a change of strategy. There would be several options on the table, on which interest rates to focus on once short-term financing costs have exited the negative territory in which they still find themselves (-0,10%).
These words did it soar the yen and the yields of government bonds of the country of the rising sun. On the foreign exchange market the dollar gives way approximately 2,2% against the Japanese currency, which trades in the 144,04 area.
The greenback weakens slightly even against the euro, but the exchange rate is little moved in the 1,078 area.
The macroeconomic news in Europe confirms a general weakening of the situation: the Italian industrial production shows a decline of 0,2% in October (-1,1% per year, better than -2% in September). There Germany disappoints (-0,4%, against +0,2% expected); The GDP in the single currency area it was down 0,1% in the third quarter.
Looking at raw material The rebound in oil is flattening out after yet another crash yesterday.
Piazza Affari weak banks, but Fineco and Mediobanca are bucking the trend
Il banking sector is today among worse than the Ftse Mib, although among the ten best blue chips of the day there are some financial stocks such as Finecobank + 1,55% Mediobanca + 0,78% Azimuth + 0,4% Generali 0,21%.
The stocks of the companies are suffering credit institutions, who have gained so much over the last year. The achievements sink in Bpm bank -3,94% Mount Paschi -2,65% Bper -2,73% Unicredit -2,09%.
The black jersey of the day goes to Saipem -4,14%, on which sales have been gathering for some sessions due to the trend in crude oil prices.
In and out of the main list session was volatile for some luxury titles, penalized by the judgments of some brokers.
Moncler it appreciates and rises by 0,85%.
Ferragamo limits losses to 0,08%, despite Deutsche Bank's demotion to 'Sell' from 'Hold', with target price reduced to 11 euros from 12 euros. Also Tod’s it resists (+0,06%) under the blows of a reduction in the target price which, for DB, goes to 34 from 36 euros.
The more effervescent it is cucinelli, +1,58% which will soon join the exclusive club of the 40 largest capitalized stocks.
Stable spread and rates still slightly decreasing
One little step at a time i Eurozone government bond rates fall, in a context in which the ECB is expected to cut the cost of money next year.
Lo spread between 175-year BTP and Bund is at 3,94 basis points, the rates fall to 2,19% and XNUMX% respectively.
The fact that the Germany is close to the provisional exercise (at least for a few weeks), as it will not be able to approve the 2024 federal budget by the end of the year, as some German media report. At the origin of the tilt there is the ruling of the constitutional court German who declared last month illegitimate a transfer of credits between two off-budget funds, so that the leaders of the governing coalition are trying to plug a hole of 17 billion euros.
