European stock markets closed mixed today, in day of the three witches, third Friday of the month of each quarter, when three types of derivative contracts expire simultaneously, futures on stock indices, options on indices and options on individual stocks.
A condition that increases volatility, as can be seen in recent hours also from the trend of Wall Street, uncertain at the start. Especially since it is the last deadline of this type of the year and appears to be the largest of 2023, if not ever, for a total value of over 5 trillion.
On the other hand, the stock markets also need to take a breather, after having continued to rise in recent weeks (five in a row in Europe and seven in a row in the USA), in the belief that the cost of money has reached its peak and that in 2024 rates will begin to fall, the Federal Reserve confirmed on Wednesday.
Europe contrasted; Flat Milan, good Tim
Business Square after various ups and downs it closed flat, +0,05% at 30.373 basis points, with Telecom (+2,36%) in progress after the presentation of Vivendi's appeal against the decision to sell the network to KKR, but without the request for suspension.
The banks are weak, depressed by the prospect of falling rates.
In the rest of Europe Frankfurt it is colorless, Paris 0,28% salt, Amsterdam of 0,41%, London loses 0,94% e Madrid 0,75%.
Overseas Wall Street she is now shyly positive with the DJ (+0,08%), which updated its record for two days in a row, while the Nasdaq earns 0,5%. Flat it S&P 500.
On the currency market the dollar raises its head again'EUR it retreats, for an exchange rate in the 1,09 area, weighed down by the decline in inflation in France and Italy in November and by the PMI manufacturing and services data in the single currency area in December, which confirm a contraction, although they are provisional.
Sales are back on Petroleum, with Brent falling 0,74% to 76,04 dollars a barrel and Texas crude losing 0,82%, to 70,99 dollars a barrel.
Bank of Italy cuts estimates for GDP and inflation, while debt hits a new record
The markets' optimism is largely due to the belief that the US central bank's tightening has not depressed the world's largest economy, which is expected to have a soft landing.
However, the European situation, and in particular the Italian one, is a little more difficult.
While the tug of war over the Stability Pact is still ongoing, the Bank of Italy cuts its GDP estimates for the Bel country for 0,6 to +2024%. (+0,8% expected in October), while the government expects growth of 1,2%.
For Palazzo Koch also there'inflation will be in sharp slowdown over the next three years and growth will be less than 2%, the ECB's target level.
On the subject of inflation today Istat announced that in November prices fell by 0,5% month on month and rose by 0,7% annually, compared to +1,7% in October.
Il debt instead he continues running. For Bank of Italy in October it reached a new record of 2.867,7 billion with a growth of 23,5 billion compared to September.
Piazza Affari, banks still in the red; Stm in pink jersey
The banks are the ballast that Piazza Affari has been carrying with it in recent days, also because this is the sector that supported the Ftse Mib during the year.
Among the worst headlines of the day are Bper -2,2% Ps -2,07% Bpm bank -1,72%.
However, today's black shirt goes to Diasorin -5,53%, which partially resizes after the 10% jump on the eve while awaiting the 2024-2027 strategic plan arriving with the markets closed.
There is also one at the bottom of the list Campari -2,86%, which announced its commitment to advertising last night acquire the Courvoisier brand from Beam Suntory, in a transaction with an enterprise value of $1,32 billion.
The list of profitable stocks opens with stm, +2,74%, in a chip sector well in tune at a continental level and thanks to the promotion from Ubs which raised the recommendation to "Buy" from "Neutral" and target price to 54 euros from 52 previously. Citigroup also raised its target price, bringing it to 80 euros from 67 previously.
I'm in money nexi +2,41% and Leonardo +2,39%. In the automotive sector they go up Iveco +1,54% and stellantis +1,34%, while Cnh closes its adventure on the Piazza Affari with a loss of 1,13%. Its place in the blue chip index will be taken on Monday by Brunello Cucinelli (-2,84%).
Spread stable, rates drop
Rates on the secondary market for government bonds continue to fall, where the ten-year BTP benchmark shows a yield of 3,7% and the Bund of the same duration of 2,01%, for one spread stable at 169 basis points.
