Business Square conquers the peak of 30 thousand basis points (30.082), which it had not seen for 15 years and closed with an increase of 0,56%, continuing the November rally, driven today by Pirelli (+4,92%). Government bonds also remain on the table and the yield on the 4-year BTP falls below the XNUMX% threshold for the first time since last July.
Euroland at the top with Schnabel
The others behaved similarly to the Milanese one stock lists of the euro zone, supported by the belief that the season of monetary tightening is over and comforted by the fact that Isabel Schnabel, hawk of the ECB's executive committee, agrees with this reading. Now the chess game between the European Central Bank and the markets shifts to the timing of the first rate cut.
Also in light of the November PMI data and the drop in industrial producer prices in the Eurozone, Frankfurt it appreciates by 0,79% and reaches a new historical high, Paris 0,74% salt, Amsterdam + 0,45% Madrid + 0,63%.
London in red, Wall Street mixed
Out of the block he retreats London -0,31% (Barclays -2,46%), while overseas the opening on Wall Street was weak. However, the climate has improved in New York with the macro data (PMIs expanding and job offers at their lowest since 2021). At the moment the trend of the main indices is mixed, the Nasdaq is recovering +0,26%, the Dow Jones remains down -0,28%, the S&P 500 is flat. In the stock market, we note the good performance of Ermenegildo Zegna (+1,23%) at the NYSE, after the presentation of the new growth estimates at the Capital Markets Day.
- Investors they move with caution, remaining optimistic about the Fed's next moves as well as those of the ECB (this morning the fact that the Australian central bank did not raise rates was interpreted as a 'dove' attitude), but they are worried about the geopolitical framework and the cut in the outlook by Moody's on China, to negative from stable, although the rating of the world's second largest economy was confirmed (A1).
Euro weak, oil rises again
From a monetary perspective, market expectations and the fact that Schnabel believes "a new increase in rates is unlikely" accentuate the weakness of the euro, which gives further ground against dollar for a change in the 1,08 area. Among raw materials, oil stands out again. The words of Russian Deputy Prime Minister Alexander Novak according to which OPEC+ is ready to strengthen production cuts in the first quarter of 2024 to eliminate speculation and volatility contribute to giving verve to black gold. Novak, writes the Tass agency, will begin to tighten restrictions from this month and intends to fulfill his voluntary reduction obligations of 500.000 barrels per day as early as January. At the moment, Brent appreciates by 0,4% to 78,35 dollars a barrel, while Texas crude grows by 0,6% to 73,46 dollars a barrel.
However, prices continue to fall gas in Amsterdam, for a January futures price of around 38 euros per MWH (-5%).
Metals are down, with an effect that reverberates on sector stocks. L'gold, which reached new records yesterday, is currently moving around 2019,5 dollars an ounce.
Eurozone PMI improving; producer prices in industry go down
The broad macroeconomic page of the day, you see SMEs improving in the euro area e prices at production in decline.
In November the composite PMI index - which summarizes the expectations of purchasing managers in industry and services - rose to 47,6 points, compared to 47,1 expected and 46,5 points in October. The services PMI index rose from 47,8 to 48,7 points compared to the expected 48,2 points. The indices came out better than expected in Germany and Italy. In Italy the services indicator has almost reached the threshold of 50 beyond which there is expansion (49,5, from 47,7 in October). However, Istat has cut its GDP growth estimates for 2023 (+0,7%), but also for 2024 (+0,7%).
THEinflation However, it continues to slow down significantly in the Eurozone. According to Eurostat, in October, producer prices in industry rose into the hole by 0,2% and decreased by 9,4% compared to October 2022.
In the USA, meanwhile, theISM services of November surprises on the upside: the economic activity of the sector in November shows an expansion to 52,7 points (from 51,8 and expectations at 52,5).
The final reading of thePMI services index however, it is in line with forecasts and the preliminary data at 50,8 points.
Job offers, however, fell below nine million, to the lows for 2021, but what really matters for investors will be the November non-agricultural employment data, expected on Friday, which will offer greater clarity on the state of the labor market and the consequent monetary policies.
Piazza Affari at its highest since June 2008
Square Business It has been trading at highs since June 2008 and today sees progress in many automotive stocks. It is at the top of the list Pirelli, promoted by Ubs with analysts recommending buying the stock.
There are also on the podium of the price list Iveco +3,04% and Ferrari + 2,57%.
Bounce day for Diasorin + 2,37%.
It also regains altitude Saipem, +1,39%, which is the best among oil stocks, where Tenaris -0,66% results in a loss.
In the banking sector the spotlight does not go off Monte Paschi bank of Siena +1,63%, the cornerstone of a possible banking risk. However, the other candidates in the game do not show the same charm: Bper -0,52% Bpm bank -0,23%.
They are at the bottom of the list Leonardo -1,59% nexi -1,3% Amplifon -0,97%.
Spreads down
Bets on the ECB's monetary policy support government bonds in the single currency area on the secondary market, where yields fall. The ten-year BTP falls to +3,98% and the Bund of the same duration to 2,24%, for one spread which narrows to 174 basis points (-1,44%).
