US markets are betting that the wave ofinflation, at least on American soil, has begun its retreat. And so, even before the November data on prices, the lists have taken the path of the rise, anticipating that tomorrow the Fed he will settle for a half point hike. It's not time to party yet, please. Species in Asia, where Covid explodes again, or in Europe, held back by energy. But the bear rally can continue.
Yesterday on Wall Street the S&P500 index closed up 1,3% at 3.990 points. NASDAQ+1,3%. The Dow Jones +1,6% gained more than 500 points. Futures are flat. To highlight, in addition to Microsoft, landed in the capital of London Stock Exchange, it was the energy companies, especially the refiners. Valero Energy +5%. Worst stock of the S&P500, Moderna -7%. Sharp tumble also of electric car manufacturers: Tesla and Rivian Automotive -6%. Lucid Motors -4%.
Cryptocurrencies, Sam Bankman Fried in handcuffs
Sam Bankman Fried, the founder and CEO of cryptocurrency trading platform FTX, was arrested in the Bahamas after the United States filed criminal charges against him. Bankman-Fried was scheduled to testify before Congress today about his company's bankruptcy.
Prices, Taurus is ready to spring
In November, US inflation should have dropped to 7,3% on an annual basis and +0,3% on a monthly basis. Better results could, Bloomberg anticipates, trigger a +10% jump in the S&P 500 as investors are defensively positioned, he said JPMorgan. The consensus is that price hikes have cooled enough to warrant a smaller Fed hike tomorrow. CPI growth should slow to +0,3% on a monthly basis and +7,3% on an annual basis, from +0,4% and +7,7% in October. However, an article by Nick Timiraos, the Fed guru of the Wall Street Journal invites caution: tomorrow Powell will be more hawkish than expected.
Eurostoxx unchanged, today the Zew
The euphoria of US stock exchanges is not echoed. for now, in the European markets. Europe's price lists should open plates. The EuroStoxx50 future is unchanged. Alone Milano +0,11% closed with a plus sign in a weak European context Frankfurt -0,44%. Today the macro agenda includes the second reading of German consumer prices for November, expected at 11,3% and 0%. Attention in the morning also to the Zew survey on the morale of German investors in December. Keep an eye on the Istat statistics on Italian industrial production, negative expectations in October, although an improvement after the -1,8% of the previous month.
Not just rates. Outlining the priorities for 2023, the ECB announced that it will monitor the financing of the banks under its supervision in particular on the management of credit risk and the ability to diversify. Government bonds also weakened fractionally yesterday. 3,60-year Treasury yield at 1,94%. The Bund restarts from 3,81%. BTPs at XNUMX%.
Inflation slows down in India, Covid doesn't stop in China
Contrast Asian stock exchanges. Hong Kong +0,5% rises thanks to the push of companies linked to travel and travel. City officials announced tonight a review of anti-spread measures Covid 19, including that of the obligation to have the contact tracing app installed on your phone. President John Lee said that tourists and travelers in the city will be able to go freely to bars and restaurants. But the easing of the measures collides with the increase in infections.
The CSI 300 of the Shanghai and Shenzen price lists falls (-0,3%). Taiwan and Tokyo's Nikkei were also down, +0,4%. Sydney's S&P ASX200 +0,5%. On the other hand, the BSE Sensex of Mumbai rises +0,2%. In India, consumer prices rose 5,88% yoy in November, the weakest growth in eleven months.
Oil recovery, the US pipeline does not restart
Oil restarts +1,4%: Brent at 79,10 dollars, Wti at 74,10. The management company of the Keystone pipeline, the infrastructure that crosses North America from North to South, has not yet provided precise indications on the timing for restarting the flow, still interrupted due to an accident in Kansas. Meanwhile, Citi has reduced its estimates of the price of Brent for 2023 to 80 dollars. European natural gas -2% to 136 euros per mWh. The European Union has enough gas for the winter, but it could be insufficient next year if Russia cuts supplies further. This was stated by the International Energy Agency (IEA), urging governments to act more quickly to save energy and to increase renewable energies. Consumption is down in Italy thanks to the savings of companies.
Saipem wins in Algiers, Generali/Cattolica synergies increase
Saipem has reported that the Algiers Court of Appeal has rejected a request for damages from the Algerian treasury, confirming the first instance sentence in which the Italian company was accused of inflating the price of contracts. As a result of the decision of the Algerian Court, it is an amount equal to 63,2 million euros was released,
Tim: the first meeting between the government and the representatives of Telecom Italia's main shareholders, Vivendi and Cassa Depositi e Prestiti, will be held on Thursday 15 in the morning to discuss the plans of the new executive for the former monopolist after the halt to the offer on the network.
Generali raises the estimate of synergies from the Integration of Cattolica Assicurazioni to 120/130 million by 2025 (from 80 million). Unicredit it has entered into agreements for the sale of current and future non-performing loans of up to 550 million euro, as part of the strategy to reduce non-performing exposures. Banco BPM: Enasarco has entered into a Reverse ABB operation to purchase up to approximately 1,97% of ordinary shares at a price not exceeding €3,40 per share.
