Thanks to the recovery of energy stocks the European markets are making positive progress. Piazza Affari +0,55% over 24.500 moves in line with the other price lists despite the new signs of economic contraction, this time coming fromOECD: The organization has forecast that the euro zone economy will slow from 3,3% growth this year to 0,5% in 2023, before recovering and expanding by 1,4% in 2024. a slightly better result than the last September report, which estimated growth of 3,1% for this year and 0,3% in 2023. The most toned stock market is Madrid +1% ahead of London +0 ,.6%.
Stock exchange latest news: maneuver and Enel plan pass the exam
Milan generally promotes the 35 billion maneuver launched during the night from Palazzo Chigi. The index is driven by energy stocks: Tenaris +4%. Saipem +3%. Eni +3%. Citi raises the target price to 14 euros. The increase to 35% of the tax rate does not matter extra profit tax of energy companies expected for 2023 (2,5 billion). The new levy replaces the regime that had sparked criticism and payment refusals from numerous energy companies. The tax base also changes, no longer on turnover but on profits. For 2022, the expected rate will rise from 25% to 35% but calculated on profits and no longer on turnover.
Also up sharply Enel +2% after the presentation of 2023-25 plan: the company intends to sell assets for 21 billion euros between 2023 and 2025. The business plan provides for an increase in Ebitda. The company confirmed its dividend policy.
In Piazza Affari banks and Generali do well, summit on Tim
Another strong point i banking: the Stoxx Banks index, up 0,80% today, pushes to the highs of the last five months.. This morning the broker Keefe, Bruyette & Woods raised the target prices of the main Italian banks, including Unicredit unchanged ( outperform, price target from 16,20 to 20 euros). Since July, the stock has risen by 62%.
Salt also the ratings of Generali promoted by Barclays: (target at 17,5 euros).
Even today he stands out among the protagonists Telecommunications + 1,3%. In the afternoon, said the Economy Minister Giancarlo Giorgetti, "a meeting is scheduled" on the project to integrate the former telephone monopolist's network with that of Open Fiber. "We have said and reiterate - said Giorgetti - that the State must have control over the part of the network that has a strategic interest", adding that control can be exercised in many ways.
In negative ground Interpump -2%. The controlling shareholder sells almost half a million shares.
Bond market mixed, waiting for the ECB and the Fed
The bond market has thwarted. The ten-year BTP trades at 3,94% (from 3,92%). The spread with Germany on the same stretch returned to 191 basis points. The short section of the curve suffers more. The 2-year rate rises to 2,76% from 2,72%, with the maturity still affected by the early repayments in the LTTRO sphere announced last week.
Mixed signals awaiting the choices of the ECB: the president of the Bundesbank Joachim Nagel opens, for the first time, to softer increases, the Austrian Holzmann insists on 75 points.
They kick off on Thursday Treasury end-of-month auctions which will see up to 2,75 billion euros on the table between short BTPs and the reopening of an old 7-year 2024. Friday will be the turn of the six-monthly Bots.
On the other markets prevails a atmosphere of anticipation in view of tomorrow's release of the minutes of the Federal Reserve, which will be followed by those of the European Central Bank (ECB) on Thursday. Nasdaq futures rose slightly.
Coming this afternoon (16:00) the consumer confidence data from theEurozone and the Richmond Fed Index. Attention also to the advances of the API (American Petroleum Institute) on weekly crude oil inventories.
Il Petroleum Brent and WTI rebounded 1%, after falling to XNUMX-month lows on Monday. L'Saudi Arabia categorically denied that OPEC+ is thinking of increasing production, as reported in the morning by the Wall Street Journal. Cartel members meet in Vienna on December 4.
