European price lists are advancing between reduced exchanges with one eye turned to Wall Street: at 14 pm the data on personal expenses will be released, one of the statistics most followed by the Fed.
To favor optimism is the trend of gas price natural: for the first time since the Russian aggression on Ukraine the price falls below the threshold of 5 dollars to 85 euros per mwh, -6%. In ten days it has lost -40% and the balance sheet since the beginning of the year has been reduced to +22%. From the peak in August it has decreased by -75%. In Europe, temperatures are expected to remain above average until early January.
Weak too Petroleum, despite the prospect of a decline in Russian supplies via the Baltic.
Banks and stocks in the health sector support the prices of the Old Continent. Milan scores + 0,2% just under 24 points.
The vaccine manufacturer Bavarian Nordic it increases by 6,5% after an agreement with the USA. Meanwhile a supply of mRna vaccines from Modern reached the port of Shanghai. But the vaccines will be reserved for the German community: China, which does not admit the greater effectiveness of Western drugs, remains excluded.
Credit companies also rose, following the latest statements by Luis de Guindos: the vice president of the ECB argued that in the future increases of half a point in rates should be judged "normal".
Non-life bancassurance becomes the driving force of the banks
In a more domestic key, little moves Bpm bank e Bper which yesterday signed bancassurance agreements respectively with Crédit Agricole ed Unipol. Mps drops -2,2%, again below 2 euros, the value of newly issued securities. UniCredit +1,1%.
Italian secondary sluggish in the late morning, without an appreciable reaction to the better-than-expected data from the Istat confidence indexes.
Government Bonds: spread stable at 211 points
The ten-year BTP remains firmly above 4,5%, but sales do not neglect the German paper, which highlights the new high since 2008 on the two-year rate and from 2022 on the five-year rate. spread stable at 211 points.
Tenaris and Tim do well in Piazza Affari, new business for Leonardo
In Business Square Also today Leonardo +1,2% moves to new period highs thanks to positive news: the former Finmeccanica has announced that it has been awarded a contract worth 690 million euros for the upgrading of 16 helicopters.
In the meantime, the ascent of Juventus +2,6%, regardless of the reopening of the sports justice investigations. The market gives credence to the prospect of a takeover bid by Exor. Today the controlling holding of the group, listed on the main index of the Amsterdam Stock Exchange, announced the cancellation of approximately 3% of the capital relating to the treasury shares purchased through the buyback plans implemented starting from November 2018 until 30 June.
Interpump e shines in the Milanese price list Tenaris +1,4%, followed by Telecom Italy+1,3%, still on the shields due to the complicated negotiations wanted by the government. The new technical meeting with the main shareholders of Tim – Vivendi and Cdp addressed the issue of employment levels and that of debt in view of the final structure. It will continue on December 29 with a new meeting which it is hoped will be decisive: not many believe in it.
Spotlight on the PCE index in the US
US stocks are expected to open slightly higher ahead of the release of macroeconomic data Nasdaq salt by 0,4%. Before the start of the negotiations, personal income and spending come out. At the same time, the key data of the day comes out: the Personal Consumer Expenditure, an inflation indicator closely followed by the Federal Reserve: the PCE is less unbalanced on rents and more exposed to wages. The consensus expects an increase of 5,5% year on year, from +6% in October.
To follow the possible rebound of Tesla, which dropped to $125. Wedbush cut the target price to $175 from $250. Analyst Dan Ives confirms the Outperform judgment and in the note writes that in the fourth quarter the company should deliver no more than 415.000 cars, about twenty thousand less than the latest estimates.
