US banks better than expected, the European gas agreement finally on the way. And the turnaround in London: the new chancellor Jeremy Hunt swept the reforms who had brought sterling and gilts to the brink. Once in a while they multiply positive news on the marketsAnd. For heaven's sake, let's beg you: the Fed is lurking and bond yields are in turmoil. But yesterday's rebound could find confirmation: Wall Street futures indicate that the rally should continue. The strategist of Morgan Stanley, Mike Wilson, generally one of the most pessimistic, wrote yesterday that the S&P 500, which rose yesterday by 2,7% to 3.677 points, could reach 4,150 points (a potential +13%).
Europe also runs
Taurus climate also for the price lists of the Old Continent. The European stock exchanges should open higher, the Eurostoxx50 index futures earn 1,3%.
Effervescent sitting yesterday for Milan +1,86% despite the flop of Monte Paschi, practically zeroed at the start of the capital increase. The other places also did well: Madrid +2,34%; Paris +1,83%; Frankfurt +1,73%; Amsterdam +1,64%; Zurich +1,67%; London +0,89%.
Salt also the Credit Suisse + 2,51%%: rumors suggest Saudi Arabia's entry into the capital is probable.
Euro and pound recovering against the dollar, Btp at 4,64%
Someone explained yesterday's rise not only with the gyrations of the British government, but also with the drop in the dollar, important because just under a third of the sales of S&P 500 companies come from abroad, and are therefore penalized by the strong dollar. Yesterday the euro gained 1,1%, this morning it rose 0,2% to 0,986. The recovery of the pound also continued, with the cross declining by 0,2% to 0,878.
Slow down but not too much pressure on bond market. Yesterday the future of the Bund closed up by 0,4%, the future of the BTP by 0,9%. Italy's 4,64th anniversary restarts from 238%. The spread rises to XNUMX basis points.
Banks passed on Wall Street, runs the Nasdaq
Wall Street lived yesterday the best session since last July: Dow Jones +1,86%, S&P +2,65%. Nasdaq even +3,43%.
Above all, it was they who gave the boost to the price list the bank quarterly: Bofa +6.06%, Mellon +5,7%. The rate hike has led to a sharp increase in profits, provisions have been limited.
Today he will give the numbers Goldman Sachs +2,5%. It is also expected to announce a major reorganization merging its longstanding investment banking and trading businesses into one unit. The plan also envisages the absorption of the consumer banking business by the wealth subsidiary: the landing on the mass market has failed.
In great evidence on the eve of Netflix and Tesla accounts, strong increases also for Amazon and Apple.
Brakes the New York State Manufacturing Index: -9,1, much more than the previous figure, equal to -1,5. This data, along with others that emerged last week, could signal that the slowdown in the US economy is already underway.
Xi abolishes GDP so as not to upset Congress
There are those who give the numbers. And who suppresses them on the basis of the no news, good news principle. Surprisingly China has postponed to a date to be defined the publication of third quarter GDP data is already scheduled for this morning. The desire not to disturb the atmosphere of the Communist Party Congress with is evident confirmation of the economic slowdown.
The market expected from Xi Jinping's speech at the opening of the Congress at least some indication on the housing issue. Instead the passages to the subject have been few and vague. The Bloomberg Asia Ex Japan USD Credit China High Yield Index hit i least in history at 55,7 US cents. L'index of Chinese junk bonds today it is composed mostly of real estate companies, the victims of the government's tightening on excessive borrowing that began in 2020.
This morning in Asia Pacific stock markets rise. Tokyo Nikkei +1,3%. CSI 300 of the Shanghai and Shenzen price lists +0,2%. Seoul's Kospi +1%, Sydney's S&P ASX200 +1,8%. BSE Sensex of Mumbai +1%.
Even in New Zealand inflation remains a concern, data released tonight is worse than expected. In the third quarter, the consumer price index recorded an increase of 7,2% year on year, more or less the same change as in the second quarter: the consensus was expecting +6,5%.
Gas at 127 euros, today the proposals of the EU commission
WTI oil up 0,8% to 86,2 dollars a barrel. Reuters he wrote last night that the White House has alerted oil sector operators of its intention to release about forty million barrels from strategic reserves.
Il gas traded at the Amsterdam node it closed at 127 euros per megawatt hour. The EU Commission will present today measures to tackle gas and electricity price increases. Brussels wants to introduce a ceiling on the price of gas traded in Amsterdam in cases of emergency, and on a temporary basis. The measure is not considered sufficiently incisive by many countries, which insist on official interventions in times of war.
Piazza Affari: Stellantis on the attack, Goldman reviews Unicredit
Carlos Tavares on the attack against the choices of Brussels to impose the electric car by 2035. The owner of Stellantis did not hesitate to dispute the non-arrival indications from Emanuel Macron himself. The EU proposal to ban fossil fuel cars in 2035 should be amended to give to the hybrid a greater role in the transition towards zero emission vehicles.
UnicreditGoldman Sachs raises its third-quarter revenue forecast by 3% in its note released this morning. Analysts reduce the target price to 16,25 euros, from the previous 17 euros, following the effects of the increase in buyback spending.
