Weak stocks and bonds well bought today in Europe and the USA: the financial markets of the Old Continent close a session weak and Wall Street appears volatile, while the prices of T-Bonds rise and their rates fall.
Business Square it lost 0,1% and closed at 24.241 basis points. On the secondary instead it is spread drops to 181 basis points (-2,66%) with itaxes of 10-year Btp and Bunds of the same duration which decreased respectively to +3,6% and +1,78%. The Italian card, in the middle of the day, lost the derby with Greece, when the ten-year Italian flag yielded more than the Greek one, but in the final the BTP recovered.
Returning to European equities, the losses are more substantial a Madrid -0,71% Amsterdam -0,74% Frankfurt -0,59% Paris -0,41% London -0,43%.
THEeuro it moves around 1,05 against the dollar.
Commodity prices are down Petroleum, hovering around one-year lows. Brent -1,49%, 78,17 dollars a barrel; Wti -2,03%, 72,74 dollars a barrel.
The cost of US labor falls in the third quarter
US labor costs rose less than expected in the third quarter of the year and investors, for some moments, have once again begun to hope for a softer Fed next week. There Canadian central bank however, it raised rates again by 50 basis points, for a record rate of 400 basis points in nine months to 4,25%, a level not seen since January 2008. The large American investment banks on the other hand are preparing to a recession in 2023.
The week thus proceeds gropingly on the financial markets, with investors at the mercy of various macro data and conflicting news, while awaiting the meeting of the Fed, ECB and Boe next week.
To act as a driving force for purchases on T Bond today (and for a few moments it seemed that Wall Street too had changed its mood) was therefore the good news on the'inflation, arrived from the second reading of the data on productivity and labor costs in the third quarter: the index obtained by dividing production by the number of hours worked increased at the annualized rate of 0,8% compared to the previous three months, against expectations for a +0,7%; in first reading, recorded a +0,3%. Unit labor costs fell to 2,4%, against expectations for 3,1%, after 3,5% in the first reading. In the second quarter, recorded a 8,9%; in the first quarter, cost at 12,7%. The figure is disclosed together with productivity and represents an important thermometer of inflationary pressures, which is why it can tip the balance towards a more dovish Fed.
Piazza Affari boom for Cucinelli and Finlogic
At the end of a practically flat session in Piazza Affari, the tastiest news can be found outside the main list.
The best headline of the day is Finlogic, which marks +62,22% (11,55 euro per share), after the announcement of the tender offer of Credem Private Equity. The investment fund has in fact reached an agreement with the controlling shareholder of the ICT company, Bf capital Spa, and will promote an offer aimed at the delisting at 12 euros per share.
Among the mid cap is in light Brunello Cucinelli, +9,84%, which revised upwards the estimates for the current year for the fourth time. The King of cashmere, yesterday with the markets closed, announced that in the light of the results for the first nine months and the sales trend in October and November, the year should end with a growth in turnover of around 28%, revised estimate by +25% indicated in October. Forecasts also improve for 2023, which should lead to growth of 12%, against the +10% indicated two months ago. Things didn't go so well at the Juventus, which marks a new loss of 3,52%, with accounts still under observation.
On the Ftse Mib, purchases have returned to pharmaceutical stocks: Amplifon +2%; Diasorin +0,94%. To invigorate the sector at the European level have been Gsk (+ 8,26%) and Sanofi (+6,1%) after the US federal justice rejected thousands of complaints presented by producers or distributors of Zantac, citing links between the drug against gastric acidity and cancer.
Well the utilities: Ivy + 2,38% Italgas +1,26%. Shop on Prysmian +1,74%. They stand out among the financial ones Post + 1,22% Unipol + 0,93% Generali + 0,64%.
Among the banks, it strengthens cautiously Unicredit + 0,61%.
The worst blue chips of the day are oilmen: Saipem -3,71% Tenaris -2,17% Eni -1,51%.
Letter for Iveco -1,73% and Telecom -1,9%.
