European stock exchanges positive halfway through the session. In the last weekly session, European stock markets went through a period of fluctuations, influenced by the disappointment with the failure to announce a cut of the cost of money in 2024 by the ECB, unlike the Fed which predicts as many as three. Despite this, the stock markets of the Old Continent tried to close in positive territory: Milano (+ 0,51%), Paris (+ 0,56%), Frankfurt (+ 0,32%) and Madrid (+0,30%). The worst in Europe is London which yields 0,51%.
Central bank decisions continue to be in focus, with macroeconomic data guiding choices. In particular, attention was paid to data oninflation in France (-0,2% monthly in November and +3,5% annually) and Italy (-0,5% monthly in November and +0,7% annually), in addition to the indices Services PMI e manufacturing inEurozone, in Germany and France. Provisional survey data indicates that the manufacturing sector remains stable while the decline in services continues. In December, the composite Hcob PMI index of production in the eurozone, compiled by S&P Global, fell to 47 points compared to 47,6 in November.
Inflation drops but debt hits a new record
In November 2023, inflation in Italy recorded a 0,5% decrease on a monthly basis and an increase of 0,7% on an annual basis, from +1,7% in the previous month (the preliminary trend estimate was +0,8%). This decline is driven by the decrease in prices of energy goods and the deceleration in the prices of some services and processed foods. L'underlying inflation, net of energy, is +3,6%.
As inflation falls, the Italian debt touch a new record in October. The absolute value of public debt in October rose by 23,5 billion compared to the previous month of 2.867,7 billion. This is what emerges in the statistical supplement "Public finance: needs and debt" by Bank of Italy. This increase is mainly due to the increase in financial resources available to the Treasury, the needs of public administrations and other factors such as the discounts and premiums linked to the issuance of securities, the revaluation of securities indexed to inflation and changes in interest rates. exchange.
Tim shines in Piazza Affari, with a splash for Diasorin and Campari
A Business Square shoots upwards Telecom Italy (+5,75%) now that there is certainty that the sale of Netco to Kkr will continue. Vivendi has filed an appeal with the Milan court against the sale of the network, but in the legal action, according to what we understand, there is no request for a suspension. Very good too stmicroelectronics which recorded an increase of 2,78%, supported by UBS's upgrade which raised the rating from neutral to buy and revised the price target from 52 to 54 euros per share. Black shirt instead Diasorin which drops more than 4%, % awaiting the presentation of the strategic plan with the markets closed. Also Campari is decreasing (-2,17%), one day after the start of exclusive negotiations to acquire Courvoisier, historic producer of premium cognac.
In terms of performance, stellantis, Iveco Group e Cnh Industrial are traveling in positive territory, with increases of 2,58%, 2,64%, and 0,70% respectively.
Overall, the banking sector recorded a sharp decline with B for Bank, bpm e Unicredit which marked decreases of 2,17%, 2,08%, and 0,18% respectively. Bpm also announced the complete acquisition of Vera Vita and Vera Financial from Generali Italia.
The euro strengthens; oil goes up and gas goes down
The currency market saw a weak dollar, with the euro hitting the $1,1 mark. Oil recorded an increase, with WTI at 71,91 dollars a barrel and Brent at 76,84. While natural gas on the Ttf square in Amsterdam is in sharp decline, equal to 33,56 euros/megawatt hour.
The day of the witches
On the day of the "three witches", the third Friday of the last month of each natural quarter which marks the expiry of bonds, futures and options, the Stoxx 600, the European area index, recorded an increase of over a quarter of point, driven in particular by the energy sector.
Finally, the spread it is stable at 167 points, with the benchmark ten-year yield at 3,72% and the ten-year Bund at +2,04%.
