“The time has come to slow the pace of interest rate growth.” The president of the Fed Jerome Powell surprises the markets, already resigned to a new tightening: in December. After four increases of 75 basis points, the cost of borrowing will “only” increase by 50 basis points. Not much stuff, but enough to unleash a wave of euphoria that has overshadowed the negative data coming from the US economy, which is clearly slowing down. But November, a lucky month for price lists, ended with two other "gifts": theinflation it slows down in Europe, interrupting a 17-month streak of increases while in China, crossed by protests that overcome the most powerful censorship on the planet, the signs of the reopening of the economy are multiplying.
Powell's words unleashed the "animal spirits" of long-repressed markets. The stock exchanges of Europe should open up more than 1%, as anticipated by the future of the EuroStoxx50 index. US futures are more cautious, however, returning from an amazing session.
At the Nasdaq Netflix flies +8,8%. Apple and Musk at loggerheads
Stock indexes run: the S&P rose by 3,09% (+5,4% in the month) recovering part of the losses from January (-14,4%). The Dow Jones closes at +2,18%, best of all the Nasdaq: +4,41%.
Lead the race Netflix +8,8% followed by Nvidia and Meta. Elon Musk goes to war against Apple intending to eliminate access to Twitter after The bird has reopened the doors to the most violent comments.
The dollar falls, bonds fly
The bond market's reaction to Powell was immediate: the ten-year T bond slipped to 3,622% (-12 points), the two-year downturn was even more marked (4,337% -13,6 basis points), the most sensitive to the maneuvers of the Fed .
falls the dollar, especially against the euro traded at 1,0404. It is necessary to go back to September 2010 to find a similar monthly reduction.
The decline in the US currency was reflected in the quotations of Petroleum, showing a strong recovery also due to the prospect of a revival in Chinese demand. The markets are not expecting big news from Sunday's OPEC+ summit which will be held via streaming.
Oscar of the month goes to Btp, Milan +9%
The positive wave promises to continue on the European stock exchanges, already returning from a more than brilliant month: Business Square closes November with a 9% increase in line with the Eurostoxx 50 +9,60% and the Dax of Frankfurt + 8,70%.
From even better the BTP, in first place among the bonds with the ten-year bond that outclasses all with a gain of almost +4%, to find better we have to go back to July 2019.
China rises, the anti-Covid strategy changes
Positive scenario also for Asia.
The index CSI300 of the Shanghai price lists e Shenzen earns 1,3%, theHang Seng of Hong Kong 1,5%, the Taiex of Taipei the 1%.
The vice-premier sun chunlan he said tonight that the war on the virus has entered a new phase. In the statement released after the meeting with the experts of the National Health Commission, there are no longer any statements of principle on the containment of the infection. Bloomberg reports that the government is working on a fourth vaccination campaign.
Il Nikkei of Tokyo rises by 1%. Kospi of Seoul +0,3%, BSE sensex of Mumbai +0,4%.
Gas returns to rise, oil in the red
Il Petroleum recovers but not enough to cover the losses of the month: Brent at 86,40 dollars. The energy agency EIA said U.S. crude inventories fell by 12,58 million barrels, far more than the estimated 2,76 million.
Dates the gas: +25% in November to 146 euros per mWh. The rise discounts the delays and uncertainties of EU countries on the price cap discourse.
Spotlight on Tim. Elkann: "No raise for Juve"
In the spotlight Tim after statements, surprising by the undersecretary Alessio Butti, by now the controversial star of the endless game on the net. "Part of a totalitarian takeover bid by CDP is a fantasy" he declared on the open stock exchange, causing a drop of 5%. Tim's board co-opted the board Julius Gallazzi to replace Renault number one Luca de Meo, who resigned in September.
Eni is in preliminary talks on the purchase of Neptune Energy, a Norwegian oil and gas producer, worth about $5-6 billion, Reuters reported. Renewable energy subsidiary Plenitude is expected to announce an agreement to purchase Plt Energia in the coming days, said two sources familiar with the situation.
Exor. Juventus do not need a new injection of capital, said CEO John Elkann. The club believes that the Prosecution's disputes on its financial statements are unfounded and, in the belief that it has always operated correctly, intends to assert its reasons in all venues.
CNH Industrial Citi raises the target price to 19 dollars. Going from double to single listing doesn't mean delisting, Elkann said.
