Piazza Affari closed higher today by 1,01% and exceeds 43 thousand basis points again (43.130), at the end of a positive session across Europe and well underway on Wall StreetThey are on the same wavelength: Frankfurt +1,14%, London +0,89%, Paris +0,88%, Amsterdam +1,17%, Madrid +1,38%.
Risk appetite still comes from expectations that the Fed is ready to cut rates by 0,25% in December (unlike what was thought about ten days ago), especially since late yesterday afternoon the rumour began to circulate that the top of the US central bank will go Kevin Hassett, a man close to US President Donald Trump and currently director of the National Economic Council. Among the issues under the spotlight is also the path to peace in Ukraine, with the United States continuing to display optimism, Moscow now pushing for an agreement (on his terms) and theEurope remains cautiousThe EU writes Reuters, is increasing efforts to help Kiev and to find an agreement on the plan to use frozen Russian assets.
Hot topics that in any case point the weather and stock market towards clear weather, even if the ECB, in a preview of the Financial Stability Review published this morning, urges caution: "Measures of uncertainty about trade policies have eased significantly from their April highs," it writes, "but uncertainty continues to persist, with the potential for new peaks." Since April, global stock markets have reached new all-time highs, and credit spreads are currently tight by historical standards. However, the ECB warns that financial markets, and equity markets in particular, remain vulnerable to sharp adjustments due to persistently high valuations and increasing stock market concentration. Market sentiment could shift abruptly.
Wall Street rises for the fourth consecutive day
Wall Street, on the other hand, appears poised to recover the ground lost in November, with interest, and is trading higher for the fourth day in a row, even though it will take a Thanksgiving break tomorrow and will be partially operational on Friday due to Black Friday. Currently: DJ +0,8%. S&P 500 +0,9%, Nasdaq +1,04%.
The turning point, towards the end of last week, was brought about by some macro data, after the long silence caused by the shutdown and the statements of some Fed bankers in favor of a rate cut. This combination has reversed the bets on the central bank's next moves.
Today however the weekly requests for the Unemployment benefits came in lower than expected, -6000 to 216, according to the Labor Department. Estimates were for 225. Durable goods orders rose 0,5% in September, beating forecasts for a 0,3% increase.
In the stock market, Nvidia gradually regains ground today (+1,91%) and responds sharply to the agreement between Alphabet (-1,3%) and Meta (+0,18%) on chips for artificial intelligence“We’re thrilled with Google’s success,” but “Nvidia is a generation ahead in the industry.”
Among other stocks, Dell is trading up 3,8% while HP is losing 2,6%.
Euro cautious, while pound strengthens
On the foreign exchange market theEuro-dollar appears little moved, with the single currency improving the positions reached around 1,159. The progress of the pound against the greenback is more solid, for a cross around 1,32 (+0,43%) while the Labour government of Keir Starmer He raises the curtain on public finances by presenting a budget that includes a £26 billion tax increase by the end of the parliamentary term. The Financial Times calls this a record tax increase.
The dollar strengthened against the yen (+0,2%, at 156,34) despite increasing odds that the Japanese central bank will raise rates next month.
Among raw materials gold strengthens further, with spot at $4166,99 an ounce (+0,88%), while oil remains weak. Texas crude is trading around $58 a barrel (-0,17%), Brent at $61,84 (+0,06%). Last week, oil stocks In the United States, crude oil production rose, contrary to expectations, rising by 2,774 million barrels to 426,929 million units, according to data released by the Department of Energy. Expectations had been for a decline of 1,3 million.
Piazza Affari bets on Lottomatica
The main list of Piazza Affari is led today by Lottomatica, which marks a rise of 3,47%, followed by Prysmian +3,04% and Azimuth +2,9%. Specifically, the asset management company's stock will have to submit its plan for the Azimut Capital Management asset management company within the month, taking into account the Bank of Italy's concerns regarding governance.
Banks are positive as of Bper +2,02%, which together with Unicredit (+ 1,08%) and Ps (+0,53%) received a positive rating from Moody's.
The oil sector is seeing clear skies again Eni +1,95%, after UBS's promotion to “Buy”, a choice that also applies to Equita.
Among the insurance securities Unipol is up 1,79%, while Generali is up 1,58%. The Lion stock is benefiting from a price increase from JP Morgan, which raised its target price to 40 euros from 39 euros.
It is at the bottom of the list nexi, -2,54%, penalized by profit-taking following the previous day's gains on rumors of a possible capital strengthening by CDP.
A day of achievements also for Stellantis -1,08% and falling back Amplifon -1,72% and Campari -1,05%.
Outside the main basket, the decline is confirmed Fincantieri, -0,91%, a candidate for inclusion in the FTSE MIB with the next revision. The stock was weighed down today by the redefinition of the "Constellation" program with the U.S. Navy. The cancellation of the contract for four already commissioned frigates, which will be subject to compensation, did not benefit the shipbuilding giant, although work on the two frigates currently under construction remains ongoing. The stock nevertheless limited the damage, after once dropping as much as 4%.
Spreads down
It's still spring on the secondary, where the spread The spread between the Italian and German 10-year bonds falls to 72 basis points (from 73 yesterday) and the BTP rate takes a small step back to 3,39%.
Rates also slightly down on packagingToday, the Treasury auctioned 7,5 billion in six-month Treasury bills maturing May 29, 2026. The bid amount was over 10,7 billion, with a coverage ratio of 1,43%. The yield achieved was 2,036%, down 1 basis point from the previous auction.
