Piazza Affari floats around parity on a weak day for stock markets awaiting indications from the macro front. In this context, Milan consolidated the gains made in the last five weeks: during the morning the Ftse Mib index has exceeded the barrier of 15 thousand points for the first time in 30 years, but then backtracked to 29.890 around 13pm. The Italian banking index shone at the start, reaching its highest level since January 2016, after closing November with a leap forward of +7,20%. The fever then ran out during the morning in the absence of evidence regarding the hypothesis of building a third banking hub around Monte Paschi as aired by Corriere della Sera, involving Bper, Pop Sondrio and Monte itself.
Latest stock market news: banks and Pirelli give the charge to the Ftse Mib
While waiting for possible developments of these rumors, it should be noted that the performance from the beginning of 2023 of theFtse Italy Banks index it is equal to +45%, much larger than the +17,40% recorded by the Eurostoxx Banks index and the +9,6% recorded by the Stoxx 600 index.
Also giving impetus to the Italian Stock Exchange is thePirelli exploits + 5%, at the highest since September 21st thanks to the UBS report: the recommendation goes from hold to buy and the target from 5,00 to 5,70 euros. Good start to the session for STMicroelectronics +1,3% thanks to Foxconn's indications. The Taiwanese group, the world's leading supplier of electronic components, announced that the fourth quarter will be better than expected thanks to strong growth in demand from customers (Apple, Amazon, Xiaomi, HP and many others).
Latest stock market news: bad day for luxury
Little move Moncler -0,12%: Royal Bank of Canada (RBC) and Bernstein lower the target price on a negative day for luxury, held back by Moody's negative rating on China, the main customer of the brands. The agency, while confirming Beijing's A1 rating, reduced the outlook from stable to negative, thus punishing the increase in debt and the problems of the real estate sector.
In Helsinki, Nokia loses 7%, in Stockholm, Ericsson gains 9%. The two variations are connected. The American telephony giant, AT&T decided to buy from the Swedish company the technological equipment necessary to update its network, Nokia was also in the running for the huge order of devices and services. The supply contracts could be worth $14 billion.
In London, Barclay's loses -3%. Bloomberg reports that the Qatar Sovereign Fund, one of the bank's stable shareholders has put half of his share up for sale: there are 316 million shares on the market. If they were sold at the price proposed yesterday, the collection would be just over half a billion pounds, approximately 640 million pounds.
Stock market latest news: bonds, gold and Bitcoin
The situation of the bond market is evolving. “We will present ourselves at the gates of the new year – writes Alberto Tocchio of Kairos – with a light-dark situation. On the one hand, the Fed and ECB have been successful in reducing inflation, but on the other hand we are still in the presence of real rates and conditions of monetary restriction which are slowing down demand." The European Central Bank can rule out further interest rate hikes given the "considerable" drop in inflation, Isabel Schnabel, a member of the ECB's governing council, told Reuters. This morning's comments mark a turning point, as Schnabel was considered the most influential voice of the hardline inflation camp on the central bank board.
European governments react to Isabel Schnabel's statements. XNUMX-year bund at 2,27%, -7 basis points. XNUMX-year BTP at 4,03%, -9 basis points. Yield at lowest since July.
Euro dollar -0,2% to 1,081, fifth consecutive session of decline.
Gold +0,1% to 2.030 dollars an ounce, yesterday -2,1%, worst session since February. Bitcoin -0,7% to 41.750 dollars, from +5,5% yesterday. Physical gold and what is also called "digital gold", bitcoin, move in harmony.
