Subdued end of November for the financial markets, yesterday orphaned by Wall Street, which today will open its doors for only half a day. Donald Trump, protagonist of a flashy life in Afghanistan, took advantage of the distraction of the markets to sign the law in support of the Hong Kong protest, trying to limit the damage to Beijing's reactions, so far contained: the director of the Global Times, a newspaper very close to the leaders of the Chinese government, he wrote today on Twitter that the proponents of the two laws will be banned from entering the country, Hong Kong and Macao. A bland response so far that bodes well: the MSCI global index, based on 49 lists from all over the world, remains one step (-0,08%) from the absolute record, established shortly before the start of the trade conflict between the two Greats.
TOKYO AND HONG KONG, ALIBABA SUPERSTAR, HOLD BACK
But the Asian markets are in the red this morning: Hong Kong falls by 2%, -1,2% for the Korean Kospi. Tokyo -0,1%, but November closes at +16,5%. In his latest interview as CEO of Nissan, Hiroto Saikawa reveals that there are nationalist forces in Japan that point to a break in the alliance with Renault.
Chinese stock markets were also down (-0,9%) pending the data on manufacturing activity, which is forecast to drop for the seventh month in a row.
The happiest note comes from Alibaba, which celebrated its debut on the Hong Kong Stock Exchange in the best possible way: +16%, the first Asian company by capitalisation.
The currency markets were little moved, with the exception of the South Korean won dollar exchange rate, down by 0,2% against the dollar: tonight the country's central bank confirmed the current monetary policy guidelines.
The euro was stable at 1,1010 against the dollar.
EMERGING: RED ALERT IN CHILE, GOLD RISES
Among the emerging currencies, the weight of Chile suffers: -3,5% during the week, -10% after the outbreak of protests over the high cost of living. The central bank started selling dollars this morning to support the exchange rate.
Gold was up 0,2% to $1.459 an ounce. On these prices, November should be the worst month of the last three years: -3,6%.
NEW REDUCTION FOR OIL
Third consecutive day of decline in Brent oil, at 63,5 dollars a barrel (-0,5%). In view of the OPEC meeting of 5/6 December, the conviction is growing that the cartel will limit itself to extending the current cuts until June. But the balance for November is positive: +6%, the best performance since April.
At Piazza Affari Saipem +0,6% after signing two contracts750 million euros for the construction of offshore wind farms in Scotland and Taiwan.
MILAN BLACK JERSEY. THE EU COMMISSION STARTS WITH THE ENVIRONMENT
The European Stock Exchanges were also weak yesterday. Piazza Affari was the worst, also suffering the effect of the bitter confrontation between the political forces on the reform of the Stability Mechanism. Little news from the macro front for Euroland: the general economic index in November rose (101,3 from 100,8 in October, above the consensus) and that on consumer confidence (from -7.6 to -7,2) , instead the business confidence index in November was worse than expected. The data on German inflation for November, on an annual basis, stands at +1,1%, just below expectations at +1,2%, and in line with the previous figure at +1,1%.
Il Financial Times writes this morning that one of the first measures of the von der Leyen Commission will be to achieve at least a 50% cut in emissions by 2030, compared to the current target of 40%. Yesterday the EU Parliament declared the climate emergency: a move of mainly symbolic value in view of the COP25 which will start on 2 December in Madrid.
The worst stock exchange is Piazza Affari: -0,61%, at 23.342 points. In the rest of Europe: Frankfurt -0,3%; Paris -0,24%; Madrid -0,01%; London -0,18%.
SPREAD TO 161, YIELD UP TO 1,27%
Rising rates, declining demand on the bond front on the day of medium-term auctions which still have the absorption of the securities offered. The absence of American operators weighs heavily
The spread between BTP and Bund rates on the 10-year segment stood at 161 points after having reached a maximum of 164 since mid-November immediately after the auctions. Cairo Communication was also clearly visible (+8%).
The 1,24-year rate closed at 1,27% after a session high of 1,21% from XNUMX% on Wednesday.
At auction, the 5-year coverage ratio was 1,29 against the previous 1,38. The yield, equal to 0,64%, rose to the highest level since June.
The seventh tranche of the April BTP, maturing in 2030, for 2,75 billion, achieved a yield of 1,29%, the highest since July.
Bund at -0,36% (+1 basis point). In November, the EU harmonized German inflation accelerates: +1,2% year on year, from +0,9%, the consensus expected +1,1%.
BANKS, 70 JOBS AT RISK
The increase in the spread was reflected in the banking sector. Unicredit sells 1%, Intesa -0,75%).
A report on Italian credit institutions writes that the banks will have to cut at least five billion in costs over the next five years, equal to a cut of 70 thousand jobs and seven thousand branches, to maintain the already reduced current profitability.
Asset management also down: Azimut -1,8%, Banca Generali -0,77%.
MONCLER SHINES, ASTALDI REBOUNDS
The best title is Moncler (+2,7%): tensions ease in Hong Kong after the words of Donald Trump.
Mediaset closes up about 1%. A Board of Directors of the Cologno Monzese television company was convened today to discuss a possible agreement with Vivendi. Time -0,9%.
More sales on Atlantia (-2,38%), penalized by the uncertainty on the issue of motorway concessions.
Astaldi instead rebounds (+13,09%). The bondholders' meeting unanimously approved the increase in the maximum nominal amount of the bond loan up to 190 million.
CONTINUE THE PIR EFFECT: CAIRO +8%
Cairo Communication also stood out (+8%). The PIR effect continues to support small capitalization stocks: Danieli +4,96%, Basic Net +3,93%, Aeffe +2%, Guala Closures +4,2%1 and Brioschi +4,77%.
