Business Square closed today's session with an increase of 0,59% to 24.510 basis points, driven by asset management, oil and luxury stocks, but weighed down by Telecom, -5,24%, suspended several times in volatility during the session after the words of Undersecretary Alessio Butti who branded the hypothesis of a Totalitarian takeover bid on the telecommunications giant. Furthermore, this morning Cdp, Open Fiber and the Australian Macquarie announced that the non-binding offer for the network will not be presented within the November 30 deadline set by the Mou with Tim.
In the rest of Europe the gains are more consistent a Paris + 1,04% Amsterdam + 0,89% London +0,79%. More backward Madrid +0,52% and Frankfurt + 0,31%.
The lists, with today's session, archive the second consecutive month of earnings.
Milan, in the month of November, recorded a progress of 8,6%
Inflation cools down in Euroland
Causing optimism in continental markets today was the slowdown in inflation in the euro area in November, for the first time in many months and more than expected. Consumer prices go up +10%, from +10,6% in October. It still remains at very high levels, but a modest cooling is confirmed after yesterday's data on German inflation. In Italy, however, prices have remained at record levels for almost 40 years: +11,8% in November, the same value as in October and exceeding expectations of +11,3%.
In any case, the data from the block reinforce the hypothesis that the ECB she will be more cautious about raising rates next month when she reconvenes.
Spreads up
The inflation trend favored a recovery of euro area government bonds, but the Italian secondary closed in the red. The differential of yield between XNUMX-year Btp and Bund for the same term, it rises to 196 basis points (+6,93%), with rates rising for the Italian stock to +3,87% (from +3,8% yesterday) and falling for the Bund to +1,91 .1,98% (from +XNUMX%)
Weak Wall Street waiting for Powell
The uncertain start of the afternoon did not cause major shocks in Europe Wall Street, which is moving mixed, in any case getting ready to close a growing two-month period.
Today's uncertainty is caused by mixed macro data and the expectation of Jerome Powell, who will speak at the Brookings Institution and will be the last time he can steer market sentiment before the next Fed meeting of December. The president of the US central bank will be able to find inspiration for his speech in today's macroeconomic data. In the USA, third-quarter GDP was surprised at the second reading, growing by 2,9% after +2,6% in the first reading, with estimates for a figure of 2,7%.
Instead, he disappointedoccupation in the private sector ahead of the most important and comprehensive jobs report expected on Friday. According to the monthly report prepared by Automatic Data Processing (Adp), an agency that deals with preparing payroll, 127 jobs were created in November compared to October, while forecasts were for 190; it is the worst data since the beginning of 2021 and could offer Powell the opportunity for a less aggressive attitude. Today you bet on a next rUS rate hike by 50 basis points, but questions remain as to how long the Fed will continue on the path of monetary tightening.
The Beige Book will also be published this evening (at 20 pm Italian time).
Growing oil by looking at China
Among the raw materials, oil appreciates, in a market that hopes for an adjustment of course of the anti-policy Covid in China and by the decline in weekly crude inventories in the US.
However, gains are held back by OPEC+'s decision to hold its December 4 meeting virtually, "a choice that signals that a change in production policies is unlikely," writes Reuters, citing a source with direct knowledge of the matter.
Brent +2,8%, 85,35 dollars a barrel; wtf +2,7%, 80,3 dollars a barrel.
On the currency market, the. is currently strengthening moderately dollar andeuro changes to around 1,03 after approaching 1,04 in morning trade.
Piazza Affari rises with managed savings
It is asset management and luxury stocks and, in part, oil stocks that are keeping the main price list high even today Business Square.
The best blue chip of the day is Banca Mediolanum (+2,36%) and in the wake, in the sector Finecobank + 2,12% General Bank + 1,26%.
Among the oil stocks the best is Tenaris +2,05%, while profit-taking leads to red Saipem -2,15%. It continues to rise among energy stocks Getting very, +0,47% after yesterday's good debut on the Ftse Mib.
Luxury, always attentive to China, stands out in Europe and in Milan with Moncler + 2,19%.
In the automotive sector it stands out Classic Ferrari for sale + 1,63%.
Banks are few moves and fluctuate between the upside of Unicredit +0,49% and the decline of Understanding -0,59%. Flat Bpm desk, -0,03%, after granting Crédit Agricole an exclusivity period to evaluate a partnership in the P&C sector.
Among the big caps in decline A2a, -1,73% and Leonardo -1,74%.
Off the main list, luxury still shines above all with Salvatore Ferragamo + 4,36%.
It is confirmed in red instead Juventus -1,16%, after the earthquake that hit the top management of the company who resigned on Monday evening. Throw water on the fire though John Elkann: “Juventus doesn't need capital. It is in a situation in which it has a clear direction in front of it” and “we are encouraged by the future”, said the CEO of Exor during the annual conference call to take stock of the holding with analysts and investors.
