The financial week of Business Square closed well, with an overall increase of around 6% and an increase of 0,25% for the day, which brings the Ftse Eb at 24.455 points. The Milanese price list confirms itself as one of the best on a continental level, in today's session with a serene/variable climate, which sees Madrid e London down by 0,44% and 0,59% respectively, while the previous year's gains increased Frankfurt + 0,58% Paris + 0,58% Amsterdam +0,32%. Overseas the sky of Wall Street is contrasted, where the Dow Jones is down 0,8% and the Nasdaq earn 0,5%. There is a certain volatility in the first hours of trading on the Stars and Stripes stock exchange, because today is a holiday (Veteran Day) in the United States; therefore, schools and government offices are closed, as is the bond market, while the New York Stock Exchange and Nasdaq They are open.
A certain caution is understandable after yesterday Wall Street closed the best session since 2020 and infected the European markets, thanks to the slowdown in inflation.
Fears for growth in the euro area and for inflation
The mood remains good overall in Europe, despite i winds of recession announced by the EU Commission and ainflation which continues to grow at an impressive rate in Germany. German consumer prices, adjusted for comparison with other European countries, increased by 11,6% year on year in October.
Investors may be underestimating the "persistence of inflation," argues the vice president of the European Central Bank Luis de Guindos. Instead, a clear deceleration of global and underlying inflation is needed to stabilize expectations on future increases in ECB interest rates.
As regards economic growth, the European Commission has revised upwards for this year the GDP of Italy (to 3,8% from 2,9%) and of the Eurozone (to 3,2% from 2,6%) but lowered his forecast for next year. In Italy they fell to +0,3% (from +0,9%) and in the block to +0,3% (from +1,4%).
La energy crisis it is eroding the purchasing power of households and is weighing on production – argues the Commission. “The euro area and most of the member states will find themselves in a phase of recession in the last quarter of the year”.
Oil flies; the Superdollar deflates; gas under 100 euros
However, the data seen yesterday, lower than expected, is still giving strength to the marketsUS inflation, which eases fears of future heavy Fed tightening. Today's easing also contributed to boosting positive sentiment anti-Covid measures by Beijing, such as the reduction of the quarantine to two days after close contact with infected people and for arriving travelers, as well as the abolition of a fine for airlines that bring infected passengers.
The Chinese move gave wings to the Petroleum and luxury stocks.
Brent appreciates by 3,45% to 96,91 dollars a barrel. Crude also benefits from the decline in the dollar, which could close today the worst two days for 14 years now. According to MPS Capital Services analysts, the slowdown in inflation is Kryptonite for the Superdollar.
THEeuro thus he continues his recovery and is treated in area 1,03.
The mild climate helps Europeans contain the gas prices, which fell below 100 euros per MWh today, reaching the levels of mid-June.
Piazza Affari supplements its earnings with oil and luxury goods
Business Square it is still growing today, thanks to purchases of oil and luxury stocks, while the publication of quarterly reports that satisfy the market continues.
The best blue chip of the day is Saipem +7,81%, in an oil sector where it also shines Tenaris + 2,11%.
In the upper part of the price list Azimuth, +4,14%, after the accounts seen in recent days.
Moncler it appreciates by 3,93%, in an overall well-bought luxury sector throughout Europe due both to Chinese decisions and to the rally of the Swiss giant Richemont (+12,83%), which announced higher than expected margins and sales.
It is confirmed in money Amplifon +3,2%, while among utilities A2a +2,64% is the best after the quarter's data.
On the contrary, in the sector they are in red Terna -3,33% Snam -3,27% Italgas -1,89%.
The black jersey goes to Telecom -3,46%, after indiscretions from Repubblica on the fact that CDP could not directly launch a takeover bid on Tim, as instead envisaged in the Minerva plan. The stock is also penalized by a cut in the target price by JP Morgan.
Sales on Prysmian -2,84%.
The galaxy suffers Unipol, with the parent company losing 1,27% after the end of a quarter in line or even higher than analysts' expectations. The red can be partly explained by gains on a stock that has been trading at its highest since early June.
The subsidiary is also down Unipolsai -0,57% and Bper -1,38%.
Out of the main list it floats Ps, +0,12%, despite a red of 360 million euros in the first nine months after costs for personnel departures.
Widening of the spread and the 4,19-year yield returns to XNUMX%
After yesterday's rain of purchases, today the Italian paper rewinds the tape negatively.
Lo spread between the ten-year benchmark Btp and its German counterpart, it jumped by 16,26% to 218 basis points. The yield of the Italian stock, at the close, is indicated at +4,19% from yesterday's 4%, while that of the Bund drops to +2%.
Finally, on the primary market, the BTp Green 2035 made its debut at auction, with a gross yield of 4,26%. 3- and 7-year bonds were also allotted, with yields down 35 basis points respectively from last month's record, to 3,22% and 41 basis points from October's record, to 3,84%.
