Even Europe, in the wake of Wall Street, chooses the path of optimism in view of the data on US consumer prices, out at 14.30. To trigger the spark in mid-morning is the survey on German business confidence recovering to 23,6 points in November, the highest value since March.
Weak the Italian industrial production but, according to Prometeia, glimmers of recovery could open in the first months of 2023.
The latest news on European Stock Exchanges
European stocks improve after above-expected confidence data. FtseMib +0,98% over the barrier of 24.500 points. Index EuroStoxx50 +0,6%. Dax of Frankfurt +0,6%: the take-off of Lufthansa +4,2% after the increase in estimates.
Wall Street warms up in anticipation of US inflation
Taurus warm up their muscles a Wall Street minutes away from November inflation data, expected to slow down. Runs after the bills Oracle (+2,5%). The software company reported second-quarter results that beat expectations. The Pharmaceutical/Biotech sector is also effervescent, always at the center of attention after yesterday's maxi operation between Amgen and Horizon Therapeutics.
Btp: medium-long term auctions are doing well
The performance of bonds characterized the session before the US data. THE BTP have overcome without trauma the stumbling block of the medium-long term auction in which the Treasury has assigned the maximum amount of 7 billion euros in the reopening of two 3- and 7-year BTPs, as well as an off-the-run with deadline December 15, 2024. The ten-year BTP trading at 3,84% from yesterday's final 3,82%. The spread with the Bund on the same stretch it is stable at 187 cents.
The opinion of analysts and that 2023 may prove to be the year of bonds, as concerns about rising inflation ease, according to a survey conducted by Bofa Global Research. 90% of respondents expect lower consumer prices within the next 12 months, wrote strategists led by Michael Hartnett
the yield on the ten-year T-bond stands at the lows of the last three months at 3,59%. It compares with the record peak of the last 12 years reached in October at 4,34%. In view of the ample cash liquidity, the Treasury said on Friday that the auctions of Bots and 'short' BTPs scheduled for December 28 and the medium-long ones scheduled for December 29 will not be held. This has made investors more optimistic about bonds than stocks. About 27% of survey participants - surveyed Dec. 2-8 - said government bonds will be the best-performing asset in 2023, followed by equities at 25%. Corporate Bonds follow, i.e. bonds issued by companies.
The focus is on the next decisions of the central banks. Notes Oanda's Craig Erlam that “When a meeting or event generates a lot of hype, it can often disappoint and be a bit of an anticlimax, but I'm not sure that will be the case this time around. It's not so much the decision itself, but what goes with it that sets the scene for next year.
Pirelli and Banco Bpm rush to Piazza Affari
The rally of Pirelli (+4,95%) in full recovery in line with the competitor Continental.
In evidence right from the start Bpm bank +3,9%: Enasarco has launched a Reverse ABB operation for purchase up to approximately 1,97% of common stock at a price not exceeding 3,40 euro per share. The bank has gained 24% since the beginning of the year against -5% in the Italian sector index, -11% in Europe.
Brilliant too stm +2,69% on the wave of the Nasdaq rally. Oil prices are also on the rise Tenaris in the lead (+2,66%) against the slight rise of Brent +1,3%. salt Eni: Stifel started hedging with Buy, target 19,10 euros. Saipem +1,5%. The Algiers Court of Appeal has accepted the defense documents presented by the company in the GK3 project trial. Instead, the utilities are weak: in red Erg, Italgas and Snam.
