The markets are back at the mercy of Omicron and inflation, as seen last night with Wall Street's rapid turnaround due to the first case of Covid, as a new variant, detected in California. And the ups and downs are perhaps destined to last, at least until we have clearer ideas about the morbidity of the mutation identified in South Africa. Inflation also creates a short circuit, above all because it calls central banks into question despite growth encountering the pandemic obstacle and following supply problems for businesses. For Fabio Panetta, one of the ECB's policymakers, the recovery of the euro area is still incomplete compared to the pre-pandemic and is already jeopardized by the recent inflationary shock and the new wave of infections.
Overseas, however, the rhetoric has changed. Yesterday Jerome Powell confirmed that the Fed will have to discuss an acceleration in tapering at its December meeting, a move that could open the door to faster rate action in 2022. US Treasury Secretary Janet Yellen also said today that I am ready to withdraw the word “transient” to describe the current state of inflation.
In this context, the European lists close a negative session and partially cancel the recovery of the day before. There US Stock Exchange instead it moves in a positive direction, after a contrasted start. The Dow Jones shows more than 1% progress. Among the big names, he remains in the spotlight Apple Lossless Audio CODEC (ALAC),, -2%, down after updating its all-time high yesterday during the session. Bloomberg's indiscretion about a slowdown in demand for the Iphone 13 weighs on the Cupertino giant.
Returning to Europe, Milano falls by 1,39% (26.005 points). Among the blue chips it shines Telecom with an increase of 2%. Development Minister Giancarlo Giorgetti observes that for now there is only a manifestation of interest from Kkr; therefore, there is no reason to exercise golden power. Even if "it is indisputable that within Tim there are assets whose public control is essential". Furthermore, any synergies between Telecom and Open Fiber can be evaluated with the aim of accelerating the digitization of the country.
The banks are mixed: Bpm bank +1,47%; Mediobanca +0,26%. You realize about Ps, -2,8%.
They close the circle of the few positive blue chips Eni +0,3% and Saipem + 0,22%.
The black jersey belongs today to Stm, -6,62%, after yesterday's exploit, in the wake of Apple's performance. Technology stocks are among the worst in Europe. Pardon Amplifon, -3,11%, Diasorin -2,73%, Recordati -2,36%, Enel -2,44%.
Closes the secondary in green: lo spread between 10-year BTPs and Bunds with the same duration, it scores 132 basis points (-1,87%), with rates respectively at +0,94% and -0,38%.
In the rest of the continent: Frankfurt it drops 1,36%, with Angela Merkel announcing a lockdown for the unvaccinated and the vaccination obligation starting in February.
In Italy, the news that children between the ages of 6 and 11 will be able to get vaccinated from 16 December gives us hope for the future containment of infections.
Paris marks -1,25%. Luxury brands Hermes and Richemont are in the red, despite the recent entry of the Euro STOXX 50 index. Amsterdam -1,5%; Madrid -1,75%; London -0,55%.
Among the raw materials, the Petroleum, in the wake of OPEC+'s decision to continue the program of moderate increases in daily crude oil production. The group, made up of the thirteen OPEC countries and 10 of their allies, has agreed to "revise upwards global monthly production by 400 barrels per day in January", as it has now done every month since May 2021. The significant correction in crude oil prices in during the month of November and the new uncertainties about restrictions and economic growth induced by the Omicron variant had led operators to believe that the big exporters were opting for a suspension of the output increase programme. In any case, after a sudden decline, Brent and WTI futures are currently in progress. The former trades close to 70 dollars a barrel (+1,5%); the second close to 66 dollars (+2%).
Spot gold turns red: -0,83%, 1766,68 dollars an ounce.
The euro-dollar is flat on the foreign exchange market, with the cross around 1,132.
The Turkish lira is having another day to forget (-3,74% against the dollar at 0,0729) due to the resignation of Finance Minister Lutfi Elvan, replaced by Erdogan loyalist Nureddin Nebati. The uniform of Ankara. The Turkish currency has lost about 40% of its value since the beginning of the year.
The macro agenda of the day highlights the jump in producer prices in the EU in October, above all due to energy. However, unemployment is down thanks to the economic recovery. According to Eurostat, producer prices in the 19 Euroland countries grew by 5,4% on a monthly basis and by 21,9% on an annual basis, a measure higher than expected. THE energy prices +16,8% on month and +62,5% on year. These costs translate into higher prices for consumers: inflation reached 4,9% in November, by far the highest level in the 25-year record, up from 4,1% in a month earlier and well above expectations of 4,5%.
Iunemployment is declining: 7,3%, in line with expectations, from 7,4% in September. The number of jobless people rose to 12,045 million in October from 12,109 million in September.
