European stock exchanges slip into the red in the late morning after a positive start awaiting today's US data on producer prices, the last test before the meetings of the major central banks, before the Fed (Wednesday) then the ECB , Bank of England (Thursday).
It was the banks that caused the change of course. Bank stocks started off positive but then Unicredit -2,8%, Banco Bpm -2,2% and Fineco Bank ended up at the bottom of the index. The market fears, beyond the rates, severe measures reduction of the ECB budget.
Business Square -0,6% however it remains above 24.000 points in the session in which it bids farewell to Atlantia, today last quoted before delistedan increasingly widespread phenomenon. Three takeover bids took place during the week aimed at withdrawing the securities from the list: the offer of Credem funds on Finlogic, that of the private Peninsula and Alpha on Prima Industrie and the withdrawal from the market of Goddess Capital by De Agostini.
The other squares are positive starting fromEurostoxx +0,3% also thanks to the optimism on the situation in China, able to compensate for the weakness of the energy sector.
Lo BTP/Bund spread it confirmed its increase to 190 basis points after the annual Bot auction. In today's placement, the Treasury placed 6 billion Bots at 12 months with expiry on 14 December 2023 achieving a yield of 2,669%, down by 2 cents compared to the previous month's auction. Good demand: 8,546 billion euros, with a supply-demand ratio of 1,42.
Plus sign for Frankfurt: the federal court in Karlsruhe has dismissed the appeal against the Mes presented by some Members.
S&P however he sees black on 2023 for Europe. Accomplice inflation and war Ukraine: Eurozone growth will be 90 basis points (bps) weaker than in the baseline scenario in 2023. Germany would experience a protracted recession, with growth 1,2 percentage points lower in 2023 and 90e in 2024. Inflation would be 1-2 percentage points higher than in the baseline scenario in 2023 and gradually decrease, remaining above the target until 2025.
Shines Swiss credit +2% after the success of the 4 billion capital increase subscribed by the Saudis.
Also Wall Street it seems destined to confidently await the opening of the session. After five consecutive sessions of decline, the S&P finished up 0,7% yesterday. The future anticipates a slight upturn this afternoon. The market is awaiting the release of November producer price data (14:30). The consensus expects a slowdown in growth, to +7,2% from +8% in October.
Returning to business square, extends Amplifon +2,1% which precedes a handful of industrialists: Prysmian, on the fifth day of increases, boosted by the ok to the works of the submarine electricity interconnection between Italy and Tunisia by Terna +0,5%. Interpump and Stm go up +1,5%.
On positive ground too Leonardo +0,3% after the announcement of the partnership in the Gcap (Global Combat Air Programme) aimed at creating an operational aircraft from 2035.
They retrace the oil company. Eni is down by 0,5%, Saipem -1,1%. Volatile Saras which dropped 1,2% after the jump of more than 5% at the start in the wake of the enhancement of the Isab refinery and with the market making comparisons with that of the Moratti family in Sardinia. However, the stock is up 87%.
Also sold today the automotive sector, with stellantis down by 2,4% in a weak European sectoral context (-0,2% the sectoral Stoxx).
