The spread flies, but the Milan Stock Exchange, after a day in the black shirt, closes, unique in Europe, in positive territory at +0,07%. Frankfurt -0,48%, Paris -0,42%, Madrid -0,28%, London -0,03% remain in the red. An upward push comes from Wall Street in the evening, with the Dow Jones which, a few hours after opening, reaches a new record, beyond the threshold of 19000 crossed yesterday. The other stock markets are cautious, on the eve of Thanksgiving, with the S&P 500 and Nasdaq reporting fractional declines. Many macro data from the American front: the initial requests for unemployment benefits rise more than forecasts and orders for durable goods beat forecasts, while the growth in prices on the US real estate market continues. Instead, houses do not appear so exuberant in Italy, where, according to Nomisma, there is a recovery in sales, but prices remain at a standstill and it will be necessary to wait for 2018 to see any positive signs.
There is a certain nervousness in Europe, which focuses on our country around December 4, date of the constitutional referendum. Bonds pay the price, with the spread resuming its run. Today the comparison between the Italian 10-year BTP and the German Bund closes at 186,20 basis points, up 5,44%, while the yield rises to 2,15%. The euro is still losing ground against the dollar (-0,74%) and, in general, investors are betting on a strengthening of the greenback due to the expansionary policies that Trump wants to implement and which could push the Federal Reserve to raise rates faster than expected as inflation picks up. The minutes of the last FOMC meeting should also be released in these hours.
From the European front, we point out a certain post-Brexit pessimism on GDP of Great Britain: The Office for Budget Responsibility estimates 1,4% growth in 2017, down from its March estimate of 2,2%, and 1,7% growth for 2018 (previous estimate was + 2,1%).
At the sectoral level, on the continent's lists, financials weigh with banks and insurance companies under sale. The script is initially replicated also at the Ftse Mib, but then changes register. Generali remain under pressure (-3%) after the presentation of the plan and followed by Mediobanca, the main shareholder of the company, -1,47%. Mps, on the other hand, recovered in the Cesarini area, closing at +1,55%, on the eve of the meeting on the 5 billion euro capital increase. Banco Popolare and Bpm also move into positive territory and make respectively +1,12% and +1,42%. The Verona institute specifies that the credit adjustments do not change the plan. New day on the shields for CNH (+6,08%). Good for FCA, +1,55%; Leonardo-Finmeccanica +1,58%; Exor +2,41%; and Recordati +1,54%. Rising oil companies: Eni on par; Saipem +1,32%; Tenaris +2,17%. Brent falls by 0,47%.
