The markets mark time waiting for the conclusions of the federal summit and the press conference of Jerome Powell, scheduled for 19pm. The PMI indices also confirm the slowdown of the European economies: the data for the Eurozone stood at 46,4 points, down from 48,4 points in September. Italy also down for the fourth month in a row to 46,5, the worst figure since May 2020, conditioned by "the fastest decline in production and new orders", commented Lewis Cooper, economist at S&P Market Intelligence.
Stock exchange latest news: everyone is still waiting for the Fed
La Milan Stock Exchange, however, is holding up better than its cousins in the Eurozone: the main index advances at 12.30 at +0,22%, just below 22.900 points. Flat instead Frankfurt. Waiting for the much-criticized mission of the premier Olav Scholz in Beijing (the sale of a share of the port of Hamburg to the Chinese) ) German exports mark an unexpected drop of 0,5% in September. Another sign of a slowdown in international trade comes from the accounts of the Norwegian Maersk, the world's largest container ship owner: despite the new record quarter (the sixteenth in a row), the board has lowered its forecasts for the growth in global demand for containers .
Even the US stock market shouldn't move much at the start of the session, the future ofS & P500 it moves very little. But Wall Street is expecting Airbnb to drop sharply -6% in pre-opening trade after the leading short-term rental firm warned that booking growth is expected to slow in the last three months of the year, and certainly will be a slightly lower than the +25% of the third quarter.
There were also modest variations on the bond front. Little moved the Treasury Notes ten-year on yesterday's levels at 4,05%.
The cross Euro dollar it is little moved at 0,988. Yesterday's data on the labor market should not change the trajectory of the rate hike, which the consensus sees in the final phase, after today's 75 basis point increase, another 50 basis point increase will be announced in November and then perhaps a a couple more in early 2023. However, the current macroeconomic context could push Jerome Powell not to be too explicit today on the next change in monetary policy.
Il XNUMX-year BTP trades at 4,28%, the spread widens to 215 points. For now, Moody's has not left its mark, worsening its forecasts on the banking sectors of some countries including Italy, bringing it to negative from stable, due to the prospects of a weakening of growth linked to the energy crisis, high inflation and increase in interest rates. "We expect - reads the report on Italy - that Italian GDP growth will slip to 0% in 2023 from the +2,7% expected for 2022, feeling the impact of the military conflict in Ukraine, the energy crisis and high inflation”.
Oil and gas recovery, full stocks in Italy. Wheat goes down
Among the raw materials salt the Petroleum +1%, Eni +1,5, but holds back Saipem -1,4%. Back to climb the European gas at 122 euros per MWh. Snam communicated that the stocks have exceeded 95% of filling. Eneel is also on positive ground +.4%.
It deflates the tension on the wheat -5% after the Russian Defense Ministry announced that the agreement on Ukraine's grain exports through the Black Sea has returned to force after the suspension announced on Saturday. Kiev has pledged to Turkey not to intervene militarily in the corridor maritime.
Latest news from Piazza Affari
In Piazza Affari the advance of Tim +2,54% As an alternative to Alessio Butti's project, in the deputy minister for communications, who is proposing a takeover bid by CDP on Tim and the simultaneous sale of the retail assets of the former incumbent of the TLCs, it seems that other competitors are ready to enter the field with offers for the whole company or just a part.
Under braking Ferraris -1,43% awaiting the board of directors on the accounts. The group revises its 2022 guidance upwards after recording a net profit of 228 million in the June-September period, on revenues of 1,25 billion, up by 18,7%. The numbers are higher than analysts' expectations.
Sale Stellantis +0,48%: in the evening the Ministry of Transport releases data on car registrations for October.
Bene Leonardo +1%. The top management of the subsidiary DRS confirmed that the company will be listed on the Nasdaq starting from the end of the month.
