Passed Moody's exam, Piazza Affari can celebrate today. And not only because it boasts a price increase of 24,9% since the beginning of the year, at the top of the markets, but because today it celebrates an important coupon day: Nine companies, including Eni, Intesa Sanpaolo and Poste Italiane they pay a rich advance dividend: according to the Bloomberg consensus, the FTSEMIB index incorporates a cumulative dividend with a yield of 4,37%.
To give further luster to the week that will culminate on Thursday on US Thanksgiving Day, the news comes from Tokyo that tonight theNikkei index +0,80% exceeded 33,853 il record that resisted from 33 years. The markets thus demonstrate that they feel the turning point on rates is closer. In this regard, it will be useful to read the minutes of the latest meetings of the Fed and the ECB. Even more important for monitoring the health of the economies are the PMI indices in the Eurozone and in the USA due out on Thursday as well as the GDP of Germany.
Flat opening for bags
While waiting for "fresh" indications, European stock markets open flat: FtseMib, +0,09%, Eurostoxx50 futures unchanged. German producer prices are released in the morning.
Milan one point from the highs of 2008
Our FtseMib (29.498) records a weekly budget gaining +3,5% and moving less than one point from the 15-year highs. But today the index will be affected by the detachment of some big coupons, including Eni and Intesa, so there will be a negative (optical) effect on the value of the index.
The Moody's effect will be felt on bonds. In the Eurozone: 2,59-year Bund at 4,34%. Ten-year BTP at 175%. Spread 1,65 bps, both at two-month lows. The XNUMX-year BTP rose XNUMX% for the week.
I livories on the Budget Law they will be at the center of the week that is about to open. The deadline for filing amendments in committee is Tuesday. The Majority, he explained in recent weeks, should not present proposals so only those from the opposition could arrive even if it is not yet ruled out that the executive will eventually present its own maxi-amendment.
Friday night Moody's raised Italy's outlook to stable from negative, Baa3 rating confirmed. Specialists expect that the promotion of the outlook could push the spread close to 150 basis points.
Moody's also promotes Portugal
Moody' also promoted Portugal. With an improvement of two notches, from 'Baa2' to 'A3', the Portuguese rating returned to the 'A' zone on Friday evening despite the political crisis triggered by the resignation of Prime Minister Costa due to an investigation into alleged irregularities by his government. The US agency cited “the positive effects on credit in the medium term of a series of economic and fiscal reforms, the reduction of private sector indebtedness and the continued strengthening of the banking sector.
The far right triumphs in Argentina
The result was released during the night runoff in Argentina,right-wing ultraliberal Javier Milei is the new elected president. With 86% of the votes counted, the anarcho-capitalist won with 56% against the progressive Peronist candidate Sergio Massa (44,04%). “Today begins the end of Argentine decadence. Let us begin reconstruction and turn the page of our history,” said the new head of state in his first speech.
There are no indications from Wall Street futures on the start of the first session of the Thanksgiving week: the United States financial market is closed on Thursday for holidays. It is usually affected, especially in terms of volumes traded.
Turnaround in artificial intelligence
The Board of Open AI, the Artificial Intelligence giant, has appointed president Emmett Shear replacing Sam Altman, torpedoed on Saturday without the knowledge of Microsoft, the company's major financier. A sharp battle is looming over the future of AI between supporters of commercial choice and defenders of the independent spirit of its origins.
On Wall Street, theS & P500 (4.514) and Nasdaq (14.125) closed the week with +2,2% and +2,4% respectively and are at two-month highs. The violation of the respective resistances at 4.400 and 13.618 points favors the return to the July tops of 4.600 and 14.500.
THEMSCI World index (2.985) completed the third positive week in a row (+2,9%) reaching the highest levels since mid-September. Confirmation of the breach of the key threshold at 2.900 points should favor a rapid return to the top of 2023 at 3.071 points.
The auction of 20-year T-bonds begins
This morning we start again with: US ten-year Treasury at 4,46%. Biennial 4,88%. Market in tension a few hours after the auction of 20-year US Treasury bonds.
Chinese stock markets also rise
THEMSCI Asia Pacific index this morning it is at the highest levels of the last two months thanks to the push of the stock markets of China and South Korea.Kospi index earn 0,9%. Hang Seng of Hong Kong +1,4%, CSI300 of the Shanghai and Shenzhen price lists +0,3%.
Chinese commercial banks confirmed the loan conditions, continuing the decision announced earlier this month not to touch interest rates. The yuan strengthens against the dollar for the fifth consecutive day.
The Tokyo stock market slows down after the record. The JPY has been among the biggest beneficiaries of the dollar's recent weakness. Last week it gained 1,25%, its best weekly gain in more than four months. And this morning it falls below the key threshold at 150. The yen was hit hard by repeated dovish signals from the Bank of Japan earlier this month, which indicated that interest rates are likely to remain extremely low for the time being.
OPEC+ is considering new production cuts
Brent at 80,60 dollars, wtf and 76,50. Petroleum up half a point at the start of the session. On Friday it closed with a jump of +4%, when some sourcesOPEC + they told Reuters that the producer group, made up of the Organization of the Petroleum Exporting Countries and their allies, including Russia, is set to consider whether to make further oil supply cuts when it meets on November 26. Oil has reached four consecutive weeks of decline with the price falling to its lowest level since July.
Unicredit and MPS on the shields
Banco BPM issued a 1 million euro AT300 bond to replace another expiring one. The new loan has more favorable conditions than those of the past
Unicredit: Berenberg raises the target price to 34 euros.
Mount Paschi has revised the assumptions on the effects of the damage requests received from the Caltagirone group, the risk of payment is now "remote" from the expected "possible".
Diasorin: the CEO invests $800.000 in a convertible bond.
Enel: CEO Flavio Cattaneo should launch a strategic plan more exposed to Italy, with a more selective approach to investments in renewables in the area. Reuters writes it.
stellantis: members of the United Auto Workers (Uaw) union of Stellantis in the USA voted to ratify the union agreement, which obtained the support of approximately 68% of voting members.
Generali: to deal with the 'protection gap' which makes the risks linked to natural disasters and pandemics difficult to manage by a single state or company, collaboration between insurance companies and the European Union is needed, claims President Andrea Sironi interviewed by Corriere della Sera on Sunday. The group's financial manager Cristiano Borean notes in comments to the Financial Times how the interests of a private equity fund that controls a life company may not be perfectly aligned with those of the insurance company owned.
Tenaris bought its own shares for 78 million euros in the sessions from 6-7 November.
