A "substantial majority" of Fed bankers are convinced that the time has come to reduce the pace of rate hikes. For now from 0,75 to 0,50%, we'll see later. A discount on the eve of Thanksgiving enjoyed by Wall Street, closed today and half service tomorrow for the shopping party. But without enthusiasm: the minutes of the last meeting of the US central bank confirm that the cost of money is destined to rise further, even if a good half of the participants are convinced that the recession, however short, is on its way.
After the publication of the minutes, the US Stock Exchanges, the attention paid to mini-holidays, achieved a timid rise: Nasdaq + 1% S & P 500 + 0,6% Dow + 0,3%.
More significant the drop in T-bonds, in view of a less aggressive approach by central banks. The 3,72-year Treasury Note closed at 3,81%, from XNUMX% the day before.
The dollar falls, the euro to 1,044
It was the dollar that paid the price, falling close to its lowest level since August. The South Korean won and other emerging currencies appreciated this morning.
Euro Dollar near the highs since June at 1,044. The minutes of the last ECB meeting come out today. Among the interventions of the members of the executive committee of the central bank of the countries of the euro area, also that of Isabel Schnabel.
The BTPs boom, the Bund under 2%
The good intonation of the bond paper was also the keynote on the European markets. The yield of the BTP it fell to 3,75%, the lowest level since August. The price rises by 1,1%.
Positive effects also on spread, which drops to 185 basis points, the lowest since July. The 1,92-year Bund slips to 2,01% from 20%. At XNUMX the minutes of the last ECB meeting will be published.
Flat calm on stock lists, now without the support of American counterparts. Futures anticipate a slight rise at the opening. The markets are confirmed at the highs of the last three months.
Spotlight turned on today on the world of luxury. Confirmation of the resignation of Alessandro De Michele, creative director of Gucci (about half of Kering's turnover).
Il London's FTSE 100 +0,3%, on the highs since September. The raw materials giants are up: Glencore +4,5%, BP +2%.
Asia, rising price lists. Korea raises rates by 0,25%
Wall Street's closing higher left its mark on Asia Pacific stock markets' session. The Nikkei of Tokyo gains more than 1%. Hang Seng of Hong Kong +0,5%. BSE sensex of Mumbai +0,5%.
Kospi of Seoul +0,8% on the day of the interest rate hike. The central bank of South Korea has chosen the path of soft increases, the increase of 25 basis points brings the reference rate to 3,25%. The decision, in line with analysts' expectations, came after the cooling of inflation in the last month: consumer prices recorded an increase of 5,7% in the latest survey. The Bank of Korea cut its 2023 growth estimates to +1,7%, from +2,3% in August.
Slightly decreasing CSI300 of the price lists of Shanghai and Shenzen and lo The Straits Times of Singapore. They continue to grow i infections in China, also the signs of an imminent intervention to relaunch the asphyxiated economy. Yesterday a public television channel reported that a credit stimulus measure will arrive within days, the cutting of banks' required reserves.
Gas runs, the EU price cap doesn't like it. Ministerial meeting today
Hot day today for energy. The European gas it closed again up by +8% at 129,6 euros per megawatt hour. Today in Brussels, the ministers of the member countries of the European Union will meet again for an extraordinary meeting of the Energy Council, called to discuss measures against high bills, including joint purchases and the ceiling on the price of gas. The recent proposals of the Commission are absolutely not liked by the countries that should decide (Italy and Spain above all).
On December 5, the cap on Russian oil comes into effect
On the other hand, the decline Petroleum: Brent at 85,30 dollars, Wti at 77, the lowest since January. The EU is considering introducing a ceiling on the price of Russian oil at 65-70 dollars a barrel, in line with the decisions of the G7 (and Australia). The decision should enter into force on December 5th, the day after the OPEC+ meeting. China, which is not part of the G7, has apparently decided to temporarily suspend imports of Russian oil.
Improve bitcoin. El Salvador risks crack
Bitcoin +1% to 16.600 dollars after +2% yesterday. It is the third consecutive rebound, driven above all by the rise in risk appetite, certainly not by the news on the crypto sector. In the United States, judicial initiatives are multiplying, especially against testimonials (musicians, sportsmen) who have lent their image to advertising on the Ftx platform.
El Salvador, the country that was the first in the world to adopt Bitcoin as its official currency risks default: the Salvadoran government has about 670 million dollars in bonds that expire today, but there is no money to repay the creditors.
Goldman promotes Stellantis and Snam, new buy for Saipem
New Taurus signals for Saipem, rallied yesterday (+6,3%). Jefferies raises the target from 1 to 1,40 euros and strengthens the BUY despite oil being at its lowest since January.
Su Snam Goldman Sachs raises the target price to 5,10 euros, from 4,65 euros.
stellantis Goldman Sachs raises its target price to $19. The company is studying the possibility of producing compact electric vehicles (EVs) in India for export, but has not yet made a final decision, CEO Carlos Tavares said.
Tim. The prime minister's office has convened the secretaries of the main union organizations on Monday Nov. 28 to discuss the group's situation, two union sources said.
Generali is studying how to maintain commercial relations with Iccrea Banca in view of the expiry at the end of the year of the insurance partnership between Iccrea and Cattolica, now owned by Generali.
Live Campari: Remy Cointreau Reported Better-than-Expected Half-Year Data.
