The Bull takes a break after the gallop of the last few days. Today, however, could close the week on a high note if the data on USA work confirmed the slowdown in hiring or, more importantly, in the increase in payroll as the Fed hopes in view of the rate decisions. Geopolitics, for once, offers comforting signs: Russia opens up to mediation on Ukraine if he will lead the game John Kerry, the former Secretary of State; in China the grip on the lockdowns loosens. But on Monday the European ban on Russian oil comes into force, with a price cap to be decided over the weekend. And the recession is complicating matters. International Monetary Fund Managing Director Kristalina Georgieva said the odds of global growth falling below 2% next year are increasing.
Stock exchanges today 2 December: futures flat in Europe, down in China
- Flat futures this morning in view of the European opening, those of Wall Street slightly down.
- Stock markets in Asia Pacific drop, Yen continues to rise to highest since August. The Asia Pacific index is down 1%. Tokyo's Nikkei is down 1,7% (-1,9% on the week).
- Chinese lists are also holding back: Hong Kong's Hang Seng -0,5% (+5,8% per week). CSI 300 of the Shanghai and Shenzen lists -0,5% (+2,5%). Kospi of Seoul -1,5% (+0,2%). In South Korea, annualized consumer prices rose by +5% in November, down from +5,7% in October.
S&P: India will be the world's third largest economy
Also declining Indian stock exchange -0,7%, now in the spotlight of US houses looking for alternatives to China. Two reports edited by S&P e Morgan Stanley predict that India should become the third largest economy on the planet within a few years, certainly overtaking Germany and Japan before 2030. The ratings company expects Indian GDP to grow on average by +6,3% between 2023 and 2030. Morgan Stanley calculates that in 2031 the size of the Indian economy will be twice its current size.
Gold breaks through the 1800 dollars and returns as a safe haven asset
Among the luckiest assets in a positive week for stocks and bonds stands out the golden awakening: The price moved above $1.800 for the first time since mid-August. The precious metal of reference closed November with an increase of 8,3%, the first positive month since March. The yellow metal is regaining its position as a true “safe haven” thanks to slowing rates and the dollar
The BTP is still running: yield at its lowest for three months
- No less brilliant is the trend of the BTP which inaugurated December by continuing their run, at the head of the bond sector. The 3,68-year bond slips to a yield of XNUMX%, to a three-month low.
- However, purchases have intensified throughout the bond market in light of the latest inflation data. The 3,54-year Treasury note traded at 1,14% this morning, its lowest in over two months. Nominal and real rates are down: on the ten-year duration we are at 1,81%, the lowest since September. 177-year German Bund at XNUMX%, the lowest yield since mid-September. The spread retreats to XNUMX points.
Stock exchanges today 2 December: we start again from Piazza Affari and Wall Street
- European stock exchanges “colder” yesterday afternoon in the wake of Wall Street. Piazza Affari rose by 0,31%, Frankfurt and Paris also cautiously positive.
- Wall Street started December with a slight decline. Dow Jones -0,6%, down from -8% by SalesForce which presented a below-expected outlook, S&P500 and Nasdaq almost in parity.
Little moved oil waiting for the price cap
- Oil moved little while waiting for crucial days: Brent at 87,20 dollars, Wti at 81,3. Waiting for OPEC+ meeting of 4 December, the EU makes a new attempt to find an agreement on the price cap to Russian oil. The compromise proposal put forward by the EU Commission calls for 60 dollars a barrel, five less than the initial scheme.
- Il Gas USA is back below 7 dollars. European gas experienced a very volatile day, with the price going from 151 to 139 euros per mWh, probably in the wake of the new difficult attempt at mediation on the price cap.
Cryptocurrencies: even Yellen against Bitcoin
Bitcoin almost stopped just below $17.000. Janet Yellen, current US Treasury Secretary, reiterated that "I was and remain quite sceptical" about cryptocurrencies, a sector that needs "adequate regulation". Yellen also said she was surprised by the collapse of Ftx and specified that she had never met its founder Sam Bankman-Fried, a great financier of the Democrats.
FT announces the supersonic Fighter, car sales are on the rise
Il Financial Times announces today the forthcoming signing of an agreement for the construction of a new supersonic fighter that will be produced by Mitsubishi, Bae System and Leonardo.
Stellantis. The group's registrations in Italy rose by 1,4% year on year in November, against a general market growth of 14,7%, according to data from the Ministry of Transport. The market share of the Stellantis group stood at 30,77%.
nexi will handle digital payments from Commerzbank, taking over from Worldline.
Enel. The Council of State has fully canceled the fine issued by the Antitrust Authority on December 20, 2018 against Enel SpA, Enel Energia and Servizio Elettrico Nazionale, for an amount of approximately 93 million euros, already reduced to 27 million in the first instance from Tar.
General: KBW raises the rating to Outperform but cuts Unipol Sai to Underperform.
