Weak markets this Monday in Europe and the US, waiting for the Fed to make its monetary policy decisions next week, in the last meeting of 2022. Investors are also adjusting portfolios ahead of the end of the year and after that the lists have achieved substantial recoveries in recent months.
At closing Milano loses 0,3% and stops at 24.547 basis points, in line with the other lists in the euro area, after Commissioner Gentiloni's forecasts of a recession and despite the rejection of the budget maneuver by Bank of Italy, worried by the intervention on the use of cash which can rekindle appetites for evasion and result in conflict with the objectives of the Pnrr.
In the rest of Europe: Frankfurt -0,56%; Paris -0,67%; Amsterdam -0,54%. London went against the tide: +0,17%.
Among the featured titles Vodafone it moved little (-0,13%), after the news that the managing director Nick Read will resign at the end of the year and will be replaced ad interim by the CFO Margherita Della Valle.
Credit Suisse, returning from the heavy losses of the past months, today rises by 2,88% with the news of Wall Street Journal according to which some investors, including the Crown Prince of Saudi Arabia and a US private equity firm run by a former Barclays CEO have shown interest in investing a billion dollars or more in the Swiss bank's new investment banking arm.
THEeuro dollar is stable around 1,053.
Il Petroleum following the morning's gains, he is moving cautiously on the day of the launch of the European ceiling on the price of Russian crude oil. The Kremlin replies that the price cap will not be recognized by Moscow. Brent appreciates by 0,3% to 85,83 dollars a barrel; WTI is flat at $79,92 a barrel.
Il gas, after a morning outburst, limited its gains and, at mid-day, was trading around 137 euro MWH (+1%).
Gentiloni: winter recession
After the gains in Asia (due to the progressive easing of the anti-Covid restrictions in China), dampening the enthusiasm of investors in the euro area was lackluster macroeconomic data. Furthermore, according to Paolo Gentiloni, European commissioner for economic affairs, Europe will enter a recession this winter and growth will only arrive in the spring.
Among the macro data: the PMI November services it dropped to its lowest since February 2021 (48,5 from 48,6 in October), and retail sales in October fell 1,8% month-on-month and 2,7% year-over-year.
The vretail sales are an indicator of consumer demand and their decrease at the beginning of the last quarter of the year is in line with the European Commission's forecast of an economic contraction in the fourth quarter of 2022, followed by a further decline in gross domestic product in the first three months of 2023. Simply put, this is a technical recession.
Wall Street down
Wall Street moves in the red after a sour start. Among the worst stocks in the S&P 500 is Tesla, -5%, weighed down by rumors it cut production of its Model Y at its Shanghai factory by more than 20% in December compared to the previous month; Tesla China has denied the report.
Piazza Affari: thud by Nexi and Bankitalia rejects the maneuver
The black jersey of the day goes to nexi, -3,94%, who looks with perplexity at the decisions being made on electronic payments. On the other hand, Bankitalia rejects the choices of the Meloni government, believing that the provisions on cash payments may prove to be "in contrast with the push towards modernization of the country that animates the Pnrr and with the need to continue to reduce tax evasion ”.
Male Amplifon -2,52%. Sales have also hit some big names in the list more massively, such as Tenaris -1,53% Telecom -1,38% Unicredit -0,89%.
On the earnings side Saipem it is the only stock that shows consistent progress, +2,3%, thanks to the promotion of S&P Global which raised its rating on the oil service to 'BB+' with a stable outlook.
The rises of the other blue chips are fractional. Among the best titles are utilities such as A2a + 0,61% Ivy + 0,34% Enel + 0,21% Terna +0,11%. The automotive sector is also fine with Ferrari + 0,51% Iveco + 0,5% stellantis +0,38%. A dim light remains on luxury, Moncler + 0,1%.
Spreads down
Italian paper resists the various headwinds. The XNUMX-year BTP rate it is indicated as down at +3,75%, that of the Bund at +1,88%, for a spread of 187 basis points (-2,51%).
