Stock exchanges in random order, but still in the historic high area, waiting for the key event of the week, the upcoming press conference by Fed chairman Jerome Powell: European markets close in contrast and Wall Street moves mixed, after three record sessions, with oil stocks falling due to strong sell-offs on crude oil.
Business Square it is the best in Europe, +0,69% and grabs 27.377 basis points thanks to the performance of Ferrari +3,99%, which updates its record to 221,6 euros per share after the accounts presented yesterday. In the wake it is appreciated Exor +3,42%. Also highlighted are other industrial stocks such as Leonardo +2,57%, Interpump +1,84%, Pirelli +1,62%; go back instead Prysmian -1,2%. It bounces Finecobank +2,35% and raises his head Telecom +1,73% after recent losses. The banks are mixed. They go up Bpm bank +1,77% and Unicredit +1,69%. It's slightly negative Understanding -0,4% after a series of rising sessions and the excellent quarterly report presented today, at the end of which CEO Carlo Messina forecast a minimum profit of 5 billion next year.
Red is on for Eni -1,28% Tenaris -1,28% and Saipem -0,81%. At the bottom of the listing is the stock of the diagnostics company Diasorin -1,47%. Outside the main basket, the Medica freshman stands out +23,89% and the accounts are rewarding Soul Holding (+2,73%), which closes the first nine months of 33 with a normalized net profit, up by 180% to around 2021 million, a year that "confirms to be the best in our history so far", for the to Alessandro Melzi d'Eril.
The closing is positive for bonds: lo spread between Italian and German ten-year bonds it falls to 120,4 basis points (-2,58%) and the BTP rate decreases below 100 to +0,99%.
In the rest of Europe they are at a fractional loss Madrid -0,85% and London -0,4%. It's flat Frankfurt, they go up Amsterdam +0,46% and Paris +0,34% which at 6.950,65 points exceeds its record dating back to 21 years ago (6.944,77 points).
An overall cautious picture, but still very positive for the financial markets, enlivened by a higher-than-expected earnings season, which puts worries about inflation, supply problems and labor into the background. Today, the data on jobs in the US in October are good: last month, private companies in the stars and stripes hired 571 people (against a downwardly revised increase of 523 in September), well above market expectations an increase of 400 thousand. This was the fastest pace since June as labor demand continued to recover and the summer surge in Covid infections subsided. This was revealed by the usual survey by the Adp, while the official data on the market as a whole will be released on Friday.
Labor is today the guiding star of the Fed's monetary policy, which tonight, at the end of its two-day meeting, will lift the veil on its decisions and on the start of tapering. Expectations are for a gradual reduction in bond purchases put in place to deal with the pandemic (120 billion a month) which, according to many experts, has already been priced in by the market. The surprises could come from a reduction in purchases at a faster pace and from what Jerome Powell will say, speaking at around 18pm (Italian time). The focus is on topics such as inflation and rate hikes.
In the meantime, the rates on T-bonds rose moderately, with the 1,566-year bond registering +XNUMX%.
On the other hand, the government bonds of the euro area are taking a breather, especially the Italian ones for the second day in a row. On the other hand, the number one of the ECB Christine Lagarde continues to send reassuring messages on Eurotower's monetary policy. "A tightening of financial conditions is not desirable now that purchasing power is already compressed by energy and fuel price increases - she said, participating in an event for the 175th anniversary of the Bank of Portugal - and would represent an unnecessary brake on the recovery ”. The ECB, through the 'forward guidance' on interest rates, has "clearly articulated" the three conditions for a future rate hike, and these conditions "are very unlikely to come true next year".
The currency market is flat there'euro-dollar, with the exchange rate around 1,158.
The most violent jolts come from raw materials: oil futures are in deep red, dropping more than 3%. The Brent trades at 82,12 dollars a barrel. The Wti at 81 dollars. Black gold is down due to pressure from President Joe Biden for an increase in production on the eve of the OPEC+ meeting, while US stocks surprisingly rise.
bad toogold: spot gold loses 1,4% and trades around 1762,86 dollars an ounce.
