Closure in deep red for Business Square, which rewinds the tape up to 26.939 points, -1,62%, falling below the 27 thousand mark for the first time since last October 29th. Weighs the thud of Telecom (-4,72%) after yesterday's boom. The secondary market for sovereign bonds is also bad: lo spread between the Italian and German ten-year period it rises to 126 basis points (+4,1%) and the BTP rate closes at 0,99% (-0,27% for the Bund).
In the share they go up nexi + 1,52% Buzzi + 0,78% Inwit +0,71%, Unicredit +0,62%, but they sink stm -4,01% General Bank -3,83% Campari -3,79% Ferrari -3,78% Moncler -3,78%. Telecom archives a session on the roller coaster, after the exploit the day before when it gained more than 30% following the expression of interest by the US fund Kkr. Investors go to cash in a game that remains open to any possible outcome, while Vivendi, the main shareholder of the Italian company, emphasizes that it has no intention of selling. Kkr, with a possible takeover bid, could still exceed 51%, but the complexity of the situation it still requires many steps, including political ones. Out of the main basket sinks the Juventus, -7,27%, with the green light from the board under the definitive conditions of thecapital increase of 400 million euros, with the subscription price of the new shares in option incorporating a discount of 35,32% compared to the theoretical ex right price (TERP) based on the Stock Exchange closing price on the day before.
To cause a general short circuit on the markets, which does not touch London (+0,2%), but sinks most of the euro zone lists (Frankfurt -1,1% Paris -0,85% Amsterdam -1,61%) and Wall Street at the start (in particular the Nasdaq), the growth of Covid cases in Europe contributes, the consequent restrictions and the rekindling of fears of a monetary tightening sooner than expected by central banks starting with the Fed, in the light of Jerome's confirmation Powell for president.
In this perspective, a movement, already seen yesterday, of falling prices and rising rates of US bonds continues, where the ten-year bond reaches +1,644%.
In Euroland we also look at the PMI indices for November, which surprisingly are estimated by IHS Markit to rise. The manufacturing PMI is estimated at 58,6 (from 58,3 in October), that of services 56,6 (54,6 October), the composite 55,8 (54,2 October). A nice growth, given that 50 is the line of the Piave between contraction and expansion. Despite this, the prospects for the fourth quarter are slowing down, according to Chris Williamson, Chief Business Economist of Ihs Markit: "it is difficult to avoid a deceleration especially in view of an increase in infections which in December will probably cause further upheavals to the economy". Moreover, “considering the combination of supply delays, sharp cost increases and renewed worries about Covid-19, corporate optimism has plummeted to its lowest level since January, adding significant near-term risks to the economy of the Eurozone”.
Covid on the one hand, inflation that has many roots on the other and central banks under pressure are a cocktail that suggests to many that they should take profit after the large gains achieved in recent months.
And the US attempt to put a stop to the growth in oil prices is not much use, with the decision to use 50 million barrels of strategic reserves, an operation carried out in concert with other countries, such as China, India, South Korea, Japan and UK.
Black gold restarts and the cost per barrel rises: Brent +2,44%, $81,65; Wti +1,8%, $78,13.
Back again thegold: -1,2%, close to 1783 dollars an ounce.
In the foreign exchange market, theeuro following the excellent macro data and the cross with the dollar rose by 0,3% to around 1,1267.
Instead, she lives a new day of passion there Turkish lira, which came to lose up to 9% against the dollar, reaching a minimum below the symbolic threshold of 12 lire per greenback, following the words of President Recep Tayyip Erdogan.
Erdogan praised the recent interest rate cut and said the country was fighting "a war of economic independence".
