The climate remains tepid on the markets, in the aftermath of the virtual summit between Xi Jinping and Joe Biden (the first since the beginning of the US president's mandate) and the reassurances that the ECB will maintain its expansive course.
European stocks close mixed e Wall Street, after an uncertain start, travels at moderate speed, but in positive territory.
Business Square it loses 0,23% and drops to 27.804 points, penalized by achievements after yesterday's highs of the year. Many financial stocks are in the red, while bonds appear to be supported by the cautious stance of the ECB, despite inflation continuing to push. Istat certifies that consumer prices in Italy increased, in October, for the fourth consecutive month (mainly due to energy prices): +0,7% monthly, +3% annually, a level not seen since September 2012.
The yield differential between the Italian and German ten-year yields closed at 119 basis points (-1,74%) with the BTP rate slightly decreasing to +0,91% (-0,27% for the Bund).
Among the actions of the Ftse MIb industrial stocks such as Interpump +3,26%, Cnh +1,38%, Stellantis +0,78%, Pirelli +0,86% appreciated. Telecom is confirmed in money, +1,29% in a tonic telecommunications sector throughout Europe thanks to Vodafone accounts. Today we talk about the contract with Dazn. According to press sources, Telecom Italia is evaluating the possibility of renegotiating the partnership agreement after the worst-than-expected results in commercial terms, even if the two companies do not comment.
Diasorin did well, +1,46% and Campari +1,04%; Moncler rises again, +0,91%, with luxury finding new confirmations.
It stands out among the oil companies Eni, +0,41%, in view of the investor day of 22 November from which greater visibility on the R&R IPO is expected.
The list of negative blue chips starts with Generali, -2,47%; they suffer Amplifon -1,74%; Terna -1,65%; General Bank -1,46%; Bper -1,3%; Unicredit -1,24%.
Out of the main basket, it debuts with a bang Racing Force, +19%, among the world leaders in the sector of motorsport safety equipment.
The other European markets are in contrast, which however are in the maximum area.
Frankfurt +0,6%; Paris, +0,34%, driven by Kering +5%, following the positive 2021 forecasts of the Gucci brand. For HSBC now the title is "buy". Fly high Amsterdam, +0,4%, with the leap of Prosus +4,2%. Pardon Madrid -0,6% and London -0,34%. On the British market, however, Vodafone closed a euphoric session (+5%), which raised its cash flow forecasts for the current financial year.
Wall Street is up fractionally. After a hesitant start, the quarterly results of the large retailers and the macro data contributed to improving the mood, from which it emerges that retail sales grew by 1,7% in October, more than expected. Americans have already started Christmas shopping, to protect themselves from possible shortages due to supply problems. Industrial production did well: +1,6%, against expectations of +0,7%.
The strength of the US economy pushes the dollar, which started racing last week on the wings of inflation data. The greenback index trades up about 0,4%, while theeuro changes to the downside around 1,1335. The resurgence of the pandemic in Europe weighs on the single currency, which is causing several countries to take measures that could slow down the economy.
In this context, we are waiting for every whisper from the Fed, which could suggest a tightening of US monetary policy sooner than expected and an acceleration of tapering, while waiting for Joe Biden's decision on the next president. According to Sherrod Brown, head of the Senate banking commission with stars and stripes, the announcement would be "imminent". About ten days ago, Biden met in the White House both the current president Jerome Powell, whose confirmation many would like for the second four-year term (the first expires in February), and the governor Lael Brainard, a possible antagonist for the position.
The session does not seem to move much for the Petroleum, with Brent and Wti futures trading on vial levels.
On the other hand, natural gas is running, which marks an increase close to 8% after the German Energy Agency announced that it has suspended the process of certification for the Nord Stream 2 pipeline to transport Russian gas to Europe. The agency said the consortium, based in Switzerland, needs to form a company under German law in order to obtain an operating licence.
