Subdued closure for the European stock exchanges which are still adjusting their shot, after the movements after the American vote. In Milan, the Ftse Mib index closed at -0,71% at 16.580 points. Similar losses for the other lists of the Old Continent. The US markets are also showing signs of fatigue: the American stock market falls with the S&P 500 index losing 0,2%, Dow Jones -0,3%, the Nasdaq is unchanged.
The recovery of oil continues. Brent is traded at 47,1 dollars a barrel (+0,3%) and Wti rises by 0,5% to 46 dollars. An informal meeting of OPEC member countries will be held in Doha on Friday, ahead of the November 30 meeting. Exxon: loses 0,7%. According to Bloomberg, the leading US oil company is reportedly negotiating with the African state of Chad over a record $74 billion fine for unpaid royalties. In Milan Eni -0,6%, Saipem -1,3%, Tenaris unchanged.
The dollar is accelerating, trading at 1,0670 against the euro (from 1,072 the day before), the highest since December 2015. And interest rates on government bonds are also rising again. The yield on the 2,26-year Treasury rose to 2,22% from 2015% yesterday and marks the new high since December 2,05. Sales on the Italian government bond front still prevail: the yield on the 173-year BTP has returned to XNUMX, XNUMX%, widening the differential with the same German maturity to XNUMX basis points.
The data on US industrial production is disappointing. There was zero growth in October, against a forecast of +0,2%. In September, the definitive data shows a drop of 0,2%, against an initial reading of +0,1%. Thus the fear is growing that after the election of Donald Trump the Fed will aim to accelerate the road to rate hikes, to counter the inflationary effect of the new US president's plans to increase public spending.
Some indication in this regard may arrive tomorrow, when Janet Yellen testifies before Congress. In Piazza Affari the utilities stand out: +1,2% Italgas, +1,1% A2a, +0,7% Terna and +0,5% Snam, heavily penalized in recent days by the prospect of rising rates. Banks, on the other hand, are bad, starting with Bpm -4,7% and Banco Popolare -4,3%, penalized by the assessments of Barclays, Unicredit also down -4,2%.
Widespread earnings among industrialists. Strong recovery Fiat Chrysler +2,2%, back above 7 euros a few hours after the launch of Stelvio, the Alfa Romeo SUV: the stock was under pressure in New York yesterday due to complaints from some customers over excessive Ram emissions Dodge. In a note, the Italian-American company specified that it saw no real basis in the allegations. Cnh Industrial +1%: sales in Italy of industrial vehicles (vehicle weight exceeding 3,5 tonnes) grew by 50% in October, reaching 2.100 registrations (against 1.400 last year). StM +0,2% and Leonardo +1,3% were also positive.
