An all too lively US labor market is sinking Wall Street and flattens the European price lists, which close positively, but below the highs for the day. The beautiful and the good are not always liked: in fact, it is feared that Jerome Powell, in the light of a brilliant macroeconomic scenario, will not lower his hawkish tone tomorrow, at the end of the meeting of the Federal Reserve which should end with the fourth rate hike to the extent of 75 basis points.
Europe positive, but far from the highs of the day
At the end of the session Business Square it recorded an increase of 0,63% to 22.795 basis points, a far cry from the 23 points and the 2% jump reached in the middle of the day and which had brought the price list to its highest since August 10th. In any case, November starts off on the right foot, after a gain of around XNUMX% in October. Queen of the day is Telecom, +5,15%, thanks to the speculative appeal ignited by the appointment of Alessio Bucci as undersecretary, in the hypothesis that it could favor the takeover bid project on the telephone company by the CDP.
The script of the session was similar to Frankfurt + 0,6% Madrid + 0,48% Amsterdam +0,4%. The rise is more substantial a Paris +0,98%, thanks to the rebound in luxury stocks favored by unconfirmed rumors that China may review its severe anti-Covid restrictions. It stands out over all the squares London, +1,35% with the rally in oil and mining stocks. Well Bp (+1,42%), which more than doubled profits to $8,5 billion in the third quarter compared to a year ago. Yesterday US President Joe Biden called on the major oil companies to stop "war profits", threatening to hit them with higher taxes if they do not increase production.
At the same time, the price of the crude: Brent gains 2,14% to 94,80 dollars a barrel.
The price of the gas around 121,5 euro MWh.
Resumes share on dollar, which leaked in the morning, while theeuro it is slightly down and not far from the levels of the previous day around 0,986 dollars.
Wall Street in red waiting for Powell
Overseas the main Wall Street indices are moving down after a sound start. Mega tech weighs in, starting from Apple (-2%), worst stocks of the Dow Jones.
It was probably i who changed the mood of the market September job data: the number of offers has risen to 10,72 million, above the 9,85 million expected. September was the 10th consecutive month with more than 2021 million offers, a threshold that had never been reached or surpassed before June XNUMX.
This could damper investors' hopes for a slowdown in the monetary tightening by the Fed. After the 75-point increase expected tomorrow, an increase of 50 points is estimated in December and two increases from 25 points at the beginning of next year, for rates at 5% in March, as also forecast by Goldman Sachs.
While awaiting the decisions and words of Jerome Powell i T-bond prices they're up a bit and yields down a bit, but the 4-year Treasury is still over XNUMX%.
Meanwhile in Europe, after the new inflation record in October (10,7%), the president of the ECB Christine Lagarde he reiterated in an interview that “inflation is still too high in the euro area as a whole. Last week we decided to raise interest rates for the third time in a row. And we plan to increase them further to ensure that inflation returns to our medium-term target of 2% in a timely manner”. "We will decide the future path and pace of our rate hikes meeting by meeting."
Spreads are falling and yields are falling
The Italian secondary government bond market closes in green and yields also fall, despite concerns about central bank action.
Lo spread between 10-year BTPs and Bunds with the same duration, it fell by 210 basis points (-5,93%), with rates respectively at +4,26% and +2,16%.
Piazza Affari: oil assets and banks challenged, but Mps flies
In Business Square, Besides Telecom, oil stocks shine, while financial stocks close in contrast.
In money they are confirmed Tenaris +2,58% ed Eni, +1,58%, the latter was the second best stock in Europe in October with an increase of 22%.
Stay in the light Campari, +1,3%, already rewarded yesterday by purchases in the wake of the announced acquisition of 70% of the US distillery and promoted to "buy" by Deutsche Bank.
It appreciates among financial stocks Finecobank +1,21% and among the banks the best is Bper + 1,21%.
However, it flies off the main list Monte Paschi Bank, +4,85% after closure of the capital increase from 2,5 billion, with 93% of adhesions. The stock recovers part of the recent heavy losses, also because things have gone better than expected and a trader, heard by Reuters, observes that the increase has involved unexpected investors "citing Nexi as an example". The latter lost 0,93% on the FTSE Mib.
It bounces Moncler +1,12%, in line with the rest of the sector at European level.
Mixed closes the automatic: good stellantis +0,97%, but Pirelli loses 2,46%.
Profit losses weigh on Diasorin -0,87%.
