I markets Europeans they closed today's session cautiously up and filed the second week of gains, after having left the difficult 2022 behind them, although Wall Street did not provide much support today and is moving in contrast in the American morning. The big banks' accounts and above all their worries about a forthcoming recession are the catalyst for US attention.
Positive Europe, Piazza Affari recovers around 9% compared to 2022
Square Business is bringing up the rear and appreciates by 0,19% to 25.783 basis points, driven by the banks, but held back by stellantis (-3,66%). In these 15 days, however, the Milan stock exchange has recovered approximately 9%.
It is in line with the Ftse Mib Frankfurt +0,19%, while today's progress is more convincing a Paris + 0,69% Amsterdam + 0,83% Madrid + 0,58% London + 0,68%.
On the currency market theeuro still trades over 1,08 vs dollar.
Among the raw materials the Petroleum is preparing to close a positive week and is in progress with Brent at 85 dollars a barrel (+1,15%) and Wti at 79,5 dollars (+1,42%).
shines thegold, which trades at over 1911 dollars an ounce, +0,8%.
Drop the price of gas, returned today to around 65 euros per Mwh.
Big US banks fear recession
Investors are guided today by mixed feelings: on the one hand theUS inflation could have already reached its peak (as we saw yesterday with the slowdown in consumer prices), on the other hand the recession remains a possibility to be taken into account, at least for the big banks in the stars and stripes which are also showing quarterly numbers higher than waited. These include BofA, Wells Fargo, Citigroup.
Jp Morgan Chase, which had higher-than-expected revenues, increased provisions in anticipation of negative economic growth.
Furthermore, some signs of pessimism come from the world of mega tech, with Tim Cook, CEO of Apple, who has decided to cut your salary of 35 million, for an annual "salary" that will drop to 2023 million in 49. On the other hand, several analysts in the past had judged excessive the remuneration of Cook, who has assets estimated at 1,7 billion dollars.
Industrial production is doing well in Euroland, but Italy is doing worse than expected
From the macroeconomic front, the European news is mixed and dark and the darkest part concerns Italy. According to Eurostat, in fact, industrial production in the euro area in November was higher than expected, +1% conjunctural against expectations at +0,5%, but Italy fared worse than the average for the block and, writes theIstat, the figure fell by 0,3% month against a consensus of +0,3%.
According to several analysts, including Prometeia, the November numbers reinforce concerns about the trend of Italian production in the coming months, considered a good predictor of GDP.
Stable spreads
In this context, the Italian card is still well bought and so spread with the German one it appears stable. The closing is at 187 basis points (+0,87%) with yields not far from those of yesterday. The ten-year BTP is indicated at +3,98% and the Bund with the same duration at +2,12%.
In Piazza Affari the banks stand out
A Milano the best blue chips of the day are two banks, with the prospect that the coming months will see new marriages in the sector. To soar are two candidates for possible marriages such as Bper +3,25% and Bpm bank +2,96%. The first is also supported by a study by Mediobanca Securities which brought the recommendation to "Outperform" from "Neutral" and a target price of 2,70 euros.
Out of the main basket it is shy Ps, +0,2%, although today Mf writes that Siena has started work to integrate both Mps Capital Services and Mps Leasing & Factoring into the parent company with the aim of completing the merger by June and making the institute more attractive in privatization view.
The automotive sector is opposed. On the one hand it stays in the running Iveco +2,84%, while stellantis he is even in black jersey. Wicked too Pirelli -0,77%. A negative impact on the sector may have contributed to the decision of Tesla (-3,9% on the Nasdaq) to cut the prices of its electric cars by 20% in Europe and the USA.
Conquer a position at the top of the list Moncler, +2,77%, with the world of big names in turmoil for the men's fashion weeks in Florence and Milan. The favorable judgment of Intesa Sanpaolo, which revised upwards the estimates on the growth of turnover for 2022 from +10% to +11,5% to 2,524 billion euros. “We adjusted revenue estimates following China's decision to reopen its borders,” say the experts.
