The prospect of more cautious central banks (following the reading of the minutes of the last few meetings) invigorates the real estate sector and supports the European lists which also closed today's session on the rise, despite the absence of Wall Streetcelebrating Thanksgiving.
Business Square it appreciates by 0,61% to 24.730 basis points, following on from Frankfurt +0,79% and Madrid +0,75%. I'm slightly behind Paris + 0,42% Amsterdam + 0,18% London +0,01%. In European equities, i real estate securities, comforted by the improved interest rate outlook. In Frankfurt, Leg Immobilien gains 6,4% and is one of the best stocks in the Stoxx Europe 600. In general, German companies appear more confident in the future, so much so that the Ifo index rose more than expected in November to 86,3 points from 84,5 in October.
On the currency market theeuro trades up against the dollar around 1,042. Among the raw materials, the Petroleum (Brent -0,27%, 85,18 dollars a barrel).
Government bond yields are down
Government bonds also closed an excellent session, including Italian ones, although the spread go up for the greater appeal of the German card.
The yield differential between BTP decennial and Waist for the same term, it grew to 174 basis points (-3%), with rates of +3,67% and +1,92% respectively.
The yields of Italian government bonds also fell in the morning auctions, with which the Treasury placed The Treasury placed bonds worth a total of 2,75 billion euros in auction. In particular, BTPs maturing in May 2024 were sold for 1,25 billion euros with a yield of 2,75% against 2,88% at last month's auction. Placed BTPs maturing November 2024 (13th tranche) with a yield of 2,54%.
In Piazza Affari the spotlight on Telecom, Banca Generali overlooking; utilities rebound
In Piazza Affari the spotlights are still on Telecom, +2,74%, one of the liveliest stocks in this period, in view of a possible restructuring of the company. Yesterday's news that the Prime Minister summoned the secretaries of the main trade union organizations for Monday 28 November, while a meeting with the ministers on the single network is expected in the next few days. These are two key appointments according to Bestinver: "both the meeting with the unions and the one between the various ministers on the single network are fundamental moments in trying to understand the real intentions of the Italian government on the Tim dossier".
Among the best blue chips on the list Recordati, (+2,68%) the utilities are in evidence, strongly recovering after yesterday's losses. Terna is the best +2,26%, but it was already up in the session on the eve. It bounces Enel +1,78%, after the weakness of the last session, with Ivy + 1,69% Italgas + 161% A2a +1,57%. Well nexi +2,2% and Campari +1,57%. Among the stocks oil remains on the shields Saipem +1,55%. Shy Amplifon, +0,18%, returning from an effervescent session. A Barclays report on the medtech sector assigns the Italian group an "overweight" recommendation with a target price raised to 33 euros.
At the bottom of the main basket is General Bank, -5,31%. According to Bloomberg, the parent company Generali (+0,24%) no longer intends to buy Guggenheim Partners, because it is too expensive and therefore no longer needs to sell Banca Generali to Mediobanca (-0,78%) to finance the operation.
The whole sector appears to be suffering managed savings.
Banks are contrasted: it is in red Bpm bank -1,6%, while they go up Unicredit + 0,92% Bper + 0,83, Understanding + 0,72%.
ECB: rates will increase again; De Guindos: "The peak of inflation is near"
Above all, therefore, it was the attitude of that kept the appetite for risk alive Fed e ECB, which seem ready to move with greater caution in the next meetings in the face of inflation which, even in the Old Continent, could be close to the peak. After reading the minutes of the last meetings of the two central banks, the wait is now for one up 50 basis points at the next meeting for both institutions, despite the fact that today the Swedish central bank gave a different signal, deciding to step on the accelerator again and increase its reference interest rate by 75 basis points to 2,50 per cent. Following the decision, the Swedish krona strengthens, while the dollar retreats against a panel of currencies, to make room for riskier assets.
At the meeting of 26-27 October, in which the European Central Bank raised rates by 75 basis points, up to 1,5%, bringing the total hikes to 200 basis points since July, the bankers assessed that "the rates will have to be further increased”, in the context of inflation never this high in decades. A minority of the board would have opted for a more contained increase of 50 basis points and despite the still rather harsh tone of Eurotower, observers expect a 50-point increase at the next meeting.
“A possible compromise – writes Radiocor – could be identified in combining a more limited rate hike with an early start of the reduction of the portfolio of bonds purchased as part of the Asset Purchase Program of the ECB – a program worth 3.300 billion euro – implementing a process known as 'quantitative tightening'.
Secondo Isabel Schnabel, a member of the executive committee, "the scope to slow down the pace of adjustments remains limited, even if we are approaching the estimates of the 'neutral' rate".
According to the vice president of the ECB Luis de Guindos however, "perhaps we are close to the peak of inflation even if it is difficult to make forecasts because all the factors must be taken into account, such as the measures that governments are taking and which have an impact on inflation". Prices could therefore grow less in the coming months, but core inflation could rise above all, net of more volatile elements such as energy and food prices.
