(Il Sole 24 Ore Radiocor) – They are positive European stock exchanges, who follow Asia and Wall Street in hopes of a slowdown in the pace of restrictive monetary policy in the US. The minutes of the last Fed meeting revealed the willingness of most members to proceed with rate increases, but at a more moderate pace than in recent months, when four consecutive 75 basis point hikes were launched. Yields on US bonds also fell, with the 10-year bond falling to 3.7%. On Thanksgiving Day, with Wall Street closed for the holidays, all eyes are on the minutes of the last meeting of the ECB, from which they expect indications on the monetary policies of the Old Continent. Meanwhile, at an international level, the surge in Covid cases in China is causing concern.
In Milan the banks are doing well, the utilities are recovering
In Piazza Affari the banks are positive. Utilities raise their head again, after the weakness of the day before caused by the announcement of taxes on extra profits. In evidence Is in thestay behind A2a. Instead, it is weak Moncler, together with luxury stocks, on the fear that a new tightening to fight Covid will be proclaimed in China. It remains under the lens Telecom Italy, awaiting developments on the negotiations for the sale of the network. Oil shares are still in good demand, Saipem ahead.
The price of gas is falling
In Amsterdam, the value of gas is slightly down: the December future falls by 1.2% to 128 euros per megawatt hour. On the other hand, the January contract is stable at 135.9 euros. Yesterday several EU countries including France, Italy, Poland, Spain, rejected the proposal for a “price cap” of 275 euros because it was considered too high.
Spread rises to 188 points, 10-year yield barely moved
It moves upwards BTp/Bund spread. In the first stages, the yield differential between the Italian ten-year benchmark BTP and the German equivalent maturity is indicated at 188 basis points from the 184 points of yesterday’s closing. Note the marginal decline in the yield on the ten-year benchmark BTP which at the start stood at 3.75% from 3.76% on the day before closing.
Tokyo on the highs for two and a half months
The Tokyo Stock Exchange ends the session on the highs in two and a half months, after yesterday’s holiday, in the wake of the consolidation of the US stock indexes, following the publication of the minutes of the Federal Reserve which imply the possibility of a slowdown in the tightening monetary. The Nikkei reference list marks an increase of 0.95% to 28,383.09, and a gain of 267 points. On the foreign exchange market, the yen gradually strengthened against the dollar to 138.90, and against the euro slightly below a level of 145. The Seoul Kospi advanced by 0.89% to 2,439.44 points and the Hong Kong Hang Seng Kong +0.65% (to 17,637 points), while the Shanghai Composite fell by 0.11% to 3,093.51 points. Below the parity of 0.02% at 10,970.54 points, the Shenzhen Component.
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Positive bags, waiting for the ECB minutes. Well Piazza Affari with Saipem and Tim
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