“His lesson helped shape one of the most memorable explanations of monetary policy.” The Financial Times pays tribute this morning to the football genius of Diego Armando Maradona, disappeared on Wednesday, revealing the reflections in the board of sir Mervyn King, at the time (2005) governor of Bank of England, in memory of the two goals of the Pibe de Oro trimmed against England during the 1986 World Cup.
THE FT: BANKERS, FOLLOW MARADONA'S LEAD
“The first, that of the hand of God – said the banker – is an excellent example of one of those memorable, unexpected and against the rules choices that a central banker may be called upon to make”. The second, that interminable gallop in which five defenders were discarded like bowling pins before the goal, is no less instructive: “Maradona ran for sixty yards in a straight line, without deviating from his path. How is it possible that no one stopped him? The answer is that all the defenders tried to figure out if Maradona would deflect to the right or to the left. But he shot straight, surprising the defense. Monetary policy works the same way. There are times when central banks can guide the markets without moving rates, but only by acting on expectations”.
This memory comes in the midst of hot days for the Fed, which published the minutes of the last board meeting yesterday, and for the ECB which will do so today before revealing the next steps against the slowdown in the economy, especially employment . While waiting to understand the choices of Christine Lagarde and Jay Powell, the markets are slowing down.
WORLD INDEX +12,7% IN NOVEMBER
The MSCI World super index, which includes 49 stock indexes, gains another 0,1%, an increase that brings the increase since the beginning of the month to 12,7%, a performance never seen in history.
The Fed has chosen to stall, in no hurry to get out of the emergency season: “Soon” there will be signals about the securities purchase plan, but not before 14/15 December.
Yesterday the Dow Jones (-0,58%) fell below the 30 mark it had just conquered. The S&P was also down (-0,16%). On the other hand, the Nasdaq rose (+0,475%).
The closure of Wall Street today for the Thanksgiving holiday is leading to a reduction in volumes and also in volatility in almost all markets, with the exception of the cryptocurrency market. The best known, Bitcoin, is down 6% to $17.730, the largest daily negative change in three months.
BRENT OIL NEARS 50 DOLLARS
In Asia, this morning, the Nikkei of Tokyo (+0,5%), the Kospi of Seoul (+0,6%) and the Jakarta Composite (+0,7%) rose. On parity Hong Kong and the CSI 300 of the Shanghai and Shenzen lists are slightly down.
Meanwhile, oil continues to rise: Brent can be bought this morning at 48,9 dollars a barrel, up 0,7%. Yesterday, the benchmark crude oil from the North Sea recorded a gain of 1,6%. US oil inventories unexpectedly dropped by nearly a million barrels.
MILAN STILL AT THE TOP, TODAY THE ECB'S MINUTES
Piazza Affari never stops. Yesterday the Milanese price list achieved yet another rise: +0,83%, to 22.329 points, the highest since the end of February. A 26% rebound was achieved from November XNUMXst, particularly significant because it coincided with a sluggish session in the other markets of the old continent, already tuned in to the long American Thanksgiving weekend. The declaration of Yves Mersch, a member of the ECB, helped to set the tone in the morning, which hinted at the possibility that the Eurotower could remove the ban on banks paying dividends. The minutes of the bank's last meeting will be published today, the last signal before the December decisions.
BRAKE LONDON. VON DER LEYEN: EU READY FOR BREXIT
A completely different climate in London (-0,65%). "Real progress" has been made in Brexit talks, but the risk of Britain leaving the EU without a new trade deal on 31 December 2020 remains and the Union is prepared, said European Commission President Ursula von der Leyen.
The vice president of the ECB, Luis De Guindos, took to the field yesterday to advocate the launch of the EU "next generation" fund, essential for EU projects.
Frankfurt consolidates the positions achieved (+0,2%), as well as Paris (+0,23%) and Madrid (+0,28%).
BTP, THE 0,55-YEAR DOWN TO XNUMX%
Contrasted ending for the Btp, with the short and medium segments in negative territory and the long instead above parity.
In closing, the spread on the ten-year Bund is at 115 basis points, from 114 yesterday.
During the session, the 0,55-year rate reached a new all-time low of 0,58%, to then settle in the 0,57% area, after closing at XNUMX%.
BUT PORTUGAL DOES BETTER: 0,15%
A new record also for Portuguese bonds, which maintain a discrete advantage over the Italian ones: the 0,016-year yield has reached a minimum of XNUMX%.
With tomorrow's eight billion auction, the Italian Treasury should have arrived a month ahead of its 2020 funding target: 340 billion.
THE FERRAGNI EFFECT CONTACTS AEFFE (+17,7%)
And who stops her anymore? Chiara Ferragni, the blonde blogger from Bocconi has added a new card to her constantly growing clothing network thanks to the push of her followers. The Cremonese influencer, already the protagonist of agreements with Giglio Group (e-commerce) and Monnalisa (children's clothing, +49% at Aim), yesterday entered into a licensing agreement with Aeffe (+17,70%) through the subsidiary Velmar on swimwear and underwear.
INWIT AND PRYSMIAN AT THE TOP TOGETHER WITH TIM. COLD SNAM
The best blue chip of the day was Inwit (+4%). De' Longhi also rebounds strongly (+5%), after the crash on the eve. Prysmian shines (+2,27%), which has launched a new project aimed at accelerating its race towards zero net CO2 emissions.
Among the best stocks, Tim (+2,5%) as well as Eurostoxx Tlc, +1,8%, is the highest earning sector in Europe. Enel CEO Francesco Starace has confirmed his willingness to sell 50% of Open Fiber (OF) in a short time, hoping that control of the asset will remain in public hands and be exercised by the CDP, even if other solutions exist.
Snam's hydrogen projects (-0,3%) are not heating up the market. In the industrial plan presented iri, 7,4 billion euros of investments are envisaged over four years, half of which in hydrogen. The gas transportation company expects to go carbon-neutral in about twenty years.
WAITING FOR THE COUPONS PUSHES MANAGEMENT
Among the banks, the Big ones do well: Unicredit +1%, Intesa Sanpaolo +1,2%. Bank Bpm -0,5%. Down by 4% Monte Paschi, which is affected by the effect of the placement of shares subject to withdrawal, equal to 2,14% of the capital, at a price of 1,162 euros, with a discount of 7,2% on the closing date.
On the other hand, asset management stocks are flying, the first candidates to return to dividends if and when the ECB gives the go-ahead: B. Generali +3%, Azimut +3,4%, Mediolanum +2,6%, Fineco +1,6, XNUMX%.
DIASORIN+1,45%: THE MINISTRY COMPLETES THE SEROLOGICAL TEST
Hera -1,86%: the company completed the update of the medium-term bond issue program (Euro Medium Term Notes Program), with the increase from 3 to 3,5 billion of the maximum limit.
Diasorin +1,45% in the wake of press rumors according to which the Italian Ministry of Health confirmed that the procedure for testing and approving the company's serological test carried out by the San Matteo hospital in Pavia was correct.
Realizations at Autogrill (-6,1%). Weak Atlantia (-1,14%).
