I financial markets The week continues at a slow pace with investors preferring not to say too much before Thursday, when the OPEC+ meeting will be held and the data on inflation in Europe and the USA will be released. The European stock markets close like this little moved, recording some small improvement after that Wall Street it moved into positive territory at the end of the morning.
Europe contrasted, Milan positive with fourth PNRR instalment
Business Square closes the session with a slight increase, +0,12%, 29.376 basis points, encouraged by the preliminary green light from Brussels for the payment of the fourth tranche of the Pnrr for 16,5 billion euros in grants and loans.
Frankfurt salt of 0,18% and Madrid by 0,69%, while London it is flat. Luxury sales, however, are slowing down Paris (-0,21%), after HSBC analysts cut the target prices for stocks in the sector. Amsterdam yields 0,37%.
No particular boost to purchases has come from the timid recovery of consumer confidence in France and Germany, as Christmas approaches. In the first economy of the bloc, sentiment remains very low.
Wall Street rises after a flood of purchases during the sales
In New York they go up DJ + 0,49% S & P 500 +0,38% and Nasdaq +0,43% and among the titles they shine Boeing + 1,5% 3M Company + 1,36% Nike + 1,26% Microsoft + 0,66% Walmart +0,62%. The weekend sales and those yesterday, during Cyber Monday, brought a large amount of purchases, which reached record levels even if made in installments. The outcome of Black Friday, however, was disappointing for London.
In the US market, IPOs are also picking up, such as that of the fast fashion company Shein, born in China and based in Singapore and which has submitted an application for an initial public offering which could take place next year.
Tonic oil ahead of the OPEC+ meeting
Il Petroleum it is appreciated as the meeting of the producers' cartel and its allies approaches, which could reserve surprises in terms of cuts for next year.
At the moment, Brent appreciates by 1,8% to 81,4 dollars a barrel, while the WTI gains over 2% and trades around 76,5 dollars a barrel.
The increases in oil prices have had a significant impact on theinflation in recent years and remain a critical element in the fight against rising prices, even if values have fallen by around 20% in recent months.
From the front of central banks Fed futures estimate rate cuts of up to around 85 basis points next year, starting from June and some of the main banks expect even more, but the ECB's statements remain rather aggressive and even today Bundesbank President Joachim Nagel reiterated that Eurotower could raise interest rates again if the inflation outlook were to worsen. Furthermore, the central bank should not be in a hurry to ease monetary policy after the fastest series of rate hikes on record.
In this context the euro trades ever closer to 1,1 against dollar, while spot gold consolidates the gains achieved so far in the 2030 dollar per ounce area.
Piazza Affari, Inwit in command
In Business Square he is in command of the blue chips today Inwit, with an increase of 3,52%.
The industry appreciates itself with Iveco + 2,56% Cnh + 1,44% Leonardo +1,14%, while the new Energy decree-law approved yesterday by the Council of Ministers and which poses end to the protected electricity and gas market offers support to some utilities that could reach new customers.
They appear in the top ten of the day Erg + 1,55% A2a +1,04%. Among the oil stocks the best is Eni +1,12% and the worst Saipem -1,35%.
Financial stocks are highlighted with Mps Bank + 1,15% Understanding +0,94% and Post +0,68%, but red prevails Bper -1,18% and Unipol -1,17%.
The black jersey of the day goes to Diasorin -2,78%, which will hold its Investor day next month with the presentation of the industrial plan. The end of the Covid era and Equita's cut in its 2024-2025 estimates, as well as the target price to 104 euros, weigh on the diagnostics company. The stock also dropped out of the broker's 'Best Pick' selection which reduced its weight in the main portfolio by 50 basis points.
Sales on Campari -2,11% Amplifon -1,43% Moncler -1,13%.
Spreads and rates not moved
Movements were modest on the secondary side. The spread between the Italian and German ten-year bonds it widens slightly to 176 basis points (+0,99%), with rates remaining little changed, at +4,24% and +2,49% respectively.
