The markets are proceeding with the lights off as they await the last, highly anticipated, central bank show: Jerome Powell's press conference, with the market closed, which will be followed tomorrow by a message from Madame Lagarde. Here is a summary of the latest news from the European Stock Exchanges.
Stock exchanges latest news: inflation, spreads, bond yields
- In the meantime, the price lists of the Old Continent are not being charmed by the first successes in the fight against inflation, which emerged yesterday from the data on US consumer prices, held back by the drop in oil and second-hand cars. Too little, probably, to convince the Fed to loosen the grip.
- Also the ECB , Boe they should proceed, like the Fed, with a 50 basis point hike. For all three central banks, analysts expect a reduction in the rate of hike from 75 to 50 basis points. The ECB and the Bank of England in particular are likely to adopt a more cautious tone given the more apparent growth challenges.
- Furthermore, as reported by Reuters, on the eve of the board meeting, it seems that the European Central Bank actually expect inflation to remain above the 2% target for the next three years, exceeding market expectations, in a signal that the fight against the price race is far from over.
- Business Square at 13 pm it dropped 0,10%, better than the Eurostoxx. Eurozone Industrial Production fell -2,0% in October month on month, expectations were -1,5%, +0,80% (revised) the previous month.
- Also declining London -0,4%. In November, inflation in Great Britain grew by +10,7% year on year, slowing down from the +11,1% recorded in October, which represented the highest level reached in the last 41 years. The figure is slightly better than the estimates at +10,9%.
- The bond market sees yields slightly increasing. 3,49-year Treasury Notes at 1,96%, 3,86-year Bund at 189%. The XNUMX-year BTP trades at XNUMX%. The spread with the Bund is XNUMX cents.
- Helps to depress the market this morning, too, the announcement on the full-bodied plan emissions from Germany for next year when Berlin will issue securities for 539 billion euros.
Stock exchanges latest news: oil, Piazza Affari and Wall Street futures
I oil prices are substantially stable, amid bearish signals indicating an unexpected increase in inventories in the US and forecasts by OPEC and the International Energy Agency (IEA) which indicate a recovery in oil demand in 2023. futures on the Brent they are up 31 cents, or 0,4%, to $80,99 a barrel.
In this context, oil companies lead the index of Piazza Affari, with increases of more than one percentage point: Saipem +1,2%, Tenaris +1,1%. Banco Santander raised its rating from Neutral to Outperform.
Asset management is also highlighted. Banca Mediolanum stands out +0,71% ahead of Banca Generali +0,36%. In red Azimuth -1%.
In red General -0,41%: Landesbank Baden-Wuerttemberg upgraded the judgment from Hold to Buy, target from 17 to 20 euros.
In balance two moving blue chips: Enel +0,08% which it intends to create together with its partner Volkswagen, the largest Italian network of recharging for electric cars and Leonardo +0% which on December 29 will provide for the full early repayment of the Term Loan of 500 million euros, expiring in November 2023.
Instead, they retrace Moncler -0,8% and Stm -1,2% in line with the Nasdaq slowdown in the evening.
The tone of the banks worsens Unicredit it is flat, Intesa Sanpaolo down 0,6%. In fractional up Banco Bpm and Bper.
Can signal the rebound of Juventus + 3%.
However, the market's attention is directed overseas while waiting for Jerome Powell's words with closed stock exchanges. THE Nasdaq futures and S & P500 they are little moved. The euro/dollar cross fluctuates around 1,062,
