Now there are few doubts: there will be no Christmas rally this year or it will be reduced to little. After the new negative session of Wall Street (the fourth in a row) futures on European and US indices signal a start in red. The Eurostoxx should open at -0.9%, as well as the German Dax.
The Bank of Japan owns more than half of the government bonds
Meanwhile, also the Bank of Japan is beginning to bow to the offensive of the other central banks: tonight, big surprise, the institution announced that it will allow a higher fluctuation in 10-year bond yields (0,25 to 0,50%). A move that favored the rebound of the yen against the dollar to 133,3 (+2,7%) and the parallel decline in Tokyo Stock Exchange, still 2,7%.
The other Asian markets are also in red: the Hang Seng of Hong Kong loses 1,8%. The CSI 300 of the price lists Shanghai e Shenzhen -1,4%, the Kospi of Seoul -1%. BSE Sensex of Mumbai, -1%.
The Bank of Japan, in the press release, confirms interest rates at -0,1% and anticipates a January one temporary increase in purchases dbonds at 9.000 billion yen. But to explain the need to change course, suffice it to say that more than half of the bonds belong to the same Bank of Japan.
Yields rise in the USA and Australia, BTPs at 4,36%
Given the importance of Japan, it is no surprise that the move, modest as it is, has already triggered a significant reaction on rates across all bonds: The Treasury Notes of the United States moves to 3,67%, from 3,51% yesterday while the Australia's XNUMX-year bond it weakens to 3,71%, +18 basis points.
The wave has also invested the Eurozone: the Waist restarts from 2,20% (2,15 yesterday) . The BTP trading at the start of the day at 4,36% (from 4,25%) just above the yield on government bonds of the Greece (4,06%).
Gas at its lowest after the EU agreement, the confidence index today
However, the lists of the Old Continent are called to judge the agreement reached yesterday, with the markets closed, on the price cap on natural gas. From February 15, the maximum ceiling will be 180 euros per megawatt hour, against the 275 euros of the initial proposal. The European natural gas yesterday it lost -6% to 108 euros per mWh, the lowest in a month.
lasts the Moscow reaction, which speaks of violation of market rules. The ruble it is at the lows of the last seven months against the euro and the dollar. The currency is starting to feel the effects of the sanctions against Russia and the price caps imposed on the price of oil.
It will be announced today the confidence index Preliminary consumers of December.
In the third quarter of 2022, hourly labor costs increased by 2,9% in the euro area and by 3,4% in the EU, compared to the same quarter of the previous year. The December Preliminary Consumer Confidence Index will be released today.
Pessimistic gurus in the US: "Dear Musk, away from Twitter"
even the Nasdaq futures marks a loss of about 1% this morning. Yesterday the'S&P 500 lost 0,9%, Dow Jones -0,5%. Worst of all the Nasdaq -1,5%. Barring course corrections, the markets are starting to close December in the red: since 1928 the S&P has closed in positive territory 73% of the time.
To spread further pessimism contributes Michael Wilson of Morgan Stanley: In 2023, he writes, corporate earnings will fall as they did in 2008/09, thus plunging markets to new lows "much worse than traders expect".
Elon Musk lost a poll asking Twitter users to comment on whether he would resign as CEO, with 57,5% of voters in favor of leaving
Managers dump stocks and buy bonds
Bloomberg Intelligence reports that the world's largest fund managers are allegedly downloading up to $100 billion in stock in the last weeks of 2022 to rebalance portfolios, in order to reach a mix of stocks and bonds of 60%-40%. This should add to the recent sell-off, with bonds the likely beneficiaries, according to JPMorgan and StoneX. Some bond managers are sensing business opportunities in bonds after the worst year in a decade.
Cryptocurrencies: Shoulder the Coinbase platform
Bitcoin +1% to 16.810 dollars. The price continues to hover below the $17 threshold and the entire crypto-related sector suffers. Global Coinbase Inc., the largest digital asset trading platform in the United States, hit a new all-time low on Wall Street yesterday. By now its market value, 8 billion dollars, has been surpassed by that of the meme Dogecoin, which reached 9 billion.
TIm, Government and shareholders in comparison
The second meeting of the technical table will be held this afternoon which will bring together ithe government and Tim's major shareholders, Vivendi and Cdp, to discuss the national telecommunications network. During the second face-to-face meeting with the Ministry of Enterprise and Made in Italy, the industrial policy tools. There should be a new meeting on the agenda this week with the aim of finding a solution by the end of the year. The bottom Global Infrastructure Partners could support the KKR and Macquarie funds in the consortium of private equity funds working on the preparation of an offer for the network company.
Three more titles in the spotlight:
- Bpm bank: today the board should say yes to the agreement with Crédit Agricole on bancassurance.
- Stellantis: The third fatality this year due to an inflating Takata airbag in a recalled vehicle was recorded, and the company has again warned owners of 274.000 older U.S. vehicles to make urgent repairs.
- Italian post: the Antitrust has given the go-ahead for Poste Vita to acquire Net Insurance through a total takeover bid.
