Business Square, after the gains of the last eighth, opens the new week with a drop of 1,29% which brings it back to 24.356 basis points, weighed down by the coupon detachment of eight big caps, which weighs on the index by 0,68%. The Milan stock market is thus the worst in Europe in anticipation of the new financial package of around 30 billion and in a climate disturbed by the new Covid infections in China, after the recent easing of the restrictions that had given financial markets hope world. The China syndrome, together with rumors about an increase in production, also sends oil to the bottom.
In European equities they post fractional losses Frankfurt -0,36% Amsterdam -0,3% Paris -0,15% London -0,08%. Bucking Madrid + 0,81%.
Overseas moves in red Wall Street, heavily weighed down by the energy sector, which loses 4% on the S&P 500. The Dow Jones is also down, despite a good start thanks to the leap of Disney +6%, rewarded for the decision to recall Bob Iger "with immediate effect" for the role of chief executive officer, in place of Bob Chapek.
The New York Stock Exchange will be closed on Thursday for Thanksgiving and will operate half a day on Friday, which suggests below-average volumes on other days as well.
Texan crude plunges below $76 a barrel
Texan crude trades below $76 a barrel, down 5,44%. Losses are more than 5% even for the Brent, which hovers around 82,3 dollars a barrel. The situation, already shaken by the Covid problem in China, worsened after the WSJ wrote that Saudi Arabia and other OPEC member countries could discuss a substantial increase in production at their December 4 meeting. A move aimed at healing the rift with the Biden administration and which would come on the eve of the announcement by the European Union on the embargo on Russian oil.
Spreads up
The session closed in the red for Italian government bonds, despite Fitch's confirmation of the sovereign debt rating at “BBB” with a stable outlook. The spread 190-year BTPs and Bunds of the same duration once again exceed 194 basis points and close at 5,49, with a leap of 3,92%. The yield of the BTP grows to 1,97%, while that of the Bund falls to +34,5%. Perhaps thanks to producer prices in Germany which moderated their growth rate in October. According to the German Federal Statistics Office, the annual increase was 45,8%, against +4,2% the previous month. On a monthly basis, prices marked a change of -2,3%, a clear slowdown compared to the +0,9% in September and compared to the +2020% estimated by the market. This is the first drop since May 0,4 (–2020% on April XNUMX).
Lane (ECB): next increase will not be 75 basis points
Inflation, central banks and the war in Ukraine are the other variables constantly in the spotlight of the markets. The minutes of the last meetings of the ECB and the Fed are expected to be published this week.
Speaking of central banks for the euro zone, it is assumed that the rate hike will be 50 basis points in December. Philip Lane, chief economist of Eurotower in an interview, said in fact that in December the ECB will approve another hike of such dimensions as to continue "progress towards the necessary level" of interest rates and "I don't think it will be the last hike ”, but “one of the conditions for considering a very substantial increase, such as 75 basis points, no longer exists”.
While waiting to read the minuteseuro it retreats against the dollar, but remains beyond parity and trades at 1,024.
OECD, the economy slows down in the third quarter
On the other hand, the economy continues to move ever more slowly, as certified by the OECD. In the third quarter, Italy rose to +0,5% after the brilliant +1,1% of the second quarter. In any case better than the average of the OECD area, equal to +0,4% after +0,5% in the previous period. However, the USA are out of the technical recession (+0,6, after two negative changes) and Germany is improving (+0,3% from +0,1%). On the other hand, Great Britain (-0,2 from +0,2%) and Japan (-0,3% from +1,1%) are negative.
Piazza Affari in the red with the coupon detachment, also bad for Saipem and Telecom
To weaken Piazza Affari are above all the securities that today have detached the coupon or a down payment starting from Mediobanca -7,44%, followed by Tenaris -5,42% Eni -5,24% Understanding -3,41% Banca Mediolanum -2,89% Post -2,62% Terna -1,04% Recordati -1,06%.
Outside this club files a heavy session Saipem -5,7%, after the Algerian Supreme Court on Friday rejected the appeal against the sentence in the criminal case relating to the LNG3 Arzew project. “The news has negative repercussions for the stock due to the implications on the NFP relating to the fines of around 0,2 billion”, comments Equita.
Male Telecom, -4,97%, still at the center of attention for the single network, pending November 30, the deadline day for the presentation of non-binding offers. Date which, according to some rumors, could slip.
Shy purchases, which have been slightly more intense up Inwit + 1,3% Unicredit + 1,24% Bpm bank + 0,92% stellantis +0,92% and Ferrari + 0,87%.
