The stock markets are looking for new rises between US inflation and a decline in anti-Covid measures in China

(Il Sole 24 Ore Radiocor) – The slowdown in American inflation, combined with that of the severe “Covid zero” measures in China, supports European stock exchanges which, after the sprint of the eve, aim for further rises and travel on the rise, albeit with various changes of pace. The US price index, in fact, under forecasts, is multiplying the hope of operators that the Fed will soon slow down the pace of interest rate hikes. But during the night there was also the news of a first easing of the rigid rules on the anti-Covid quarantine by Beijing, triggering the race of the Asian lists (Hong Kong, at this moment, earns more than 7%).
So after Wall Street closed the best session since 2020, the European indices are also aiming for the bis rise: the FTSE MIB of Milan even gained a point, only to retrace slightly, and the same goes for the CAC 40 of Paris and the FT-SE 100 from London. Further back the DAX 40 in Frankfurt, with Germany having confirmed inflation at + 0.9% in October (+ 10.4% on the year). We also look at the outcome, hitherto unclear, of the American mid-term elections: the Democratic party of President Joe Biden seems to have avoided the clear defeat that was expected.

In Milan, eyes on Unipol, A2a and Mps after the accounts

With the spread stable in the area of ​​200 points, and the yield on ten-year BTPs again above 4%, Piazza Affari is highlighted A2a, after closing the accounts with a profit rising to 461 million. Also fine with luxury Moncler and the rebound of oil, in the wake of crude oil, with Tenaris. Weak Unipol, at the bottom of the Ftse Mib, which in the nine months collected a profit of 854 million (+ 5%). Eyes on Bank Mps after the “red” of 794 million in the third quarter for one-off costs on personnel expenses.

BTP / Bund spread trend

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Stable spread in the area of ​​200 points, waiting for the BTP auction

Stable trend for the spread between BTp and Bund on the MTS electronic secondary market of European government bonds following a session dominated by strong purchases on Eurozone bonds and the collapse of yields after the publication of the best-than-average US inflation data. waited. The spread between BTp and Bund remains on the eve of 200 basis points, a threshold it has not seen since last July. The benchmark ten-year BTp yield dates back, now indicated at 4.05% after falling to 4%, to its lowest value since mid-September, (it was 4.27% at closing on Wednesday). The German Bund yield also rose to 2.07% after yesterday falling to 2% from 2.25% of the previous reference. It should be noted that the Treasury is planning a 3 and 7-year BTp and Green BTp auction for a maximum total amount of 8.75 billion.

Euro and oil stable, gas down. Eyes on cryptocurrencies

On the foreign exchange front, the euro still rises against the dollar at 1.024 (from 1.0167 yesterday at closing) and trades at 144.65 yen (144.23), with the dollar / yen exchange rate at 141.25 (141.89). ). Gas in Amsterdam loses at 107.5 euros per MWh (-5.2%) while oil is also rallying: the WTI with delivery contract in December is worth 88.7 dollars (+ 2.5%), that Brent market in January 96.1 dollars (+2.4 per cent). The main cryptocurrencies are slightly down after the turbulence of the last few days relating to the Ftx platform that will now be purchased by Binance: Bitcoin drops by 2% to 18,327 dollars.

The quarterly season continues in Europe

Still focus on the quarterly reports: in Europe, Commerzabank, Swiss Life and the Dutch group of large-scale distribution Ahold, among others, released the accounts in Piazza Affari among the big names of the Ftse Mib board of directors day on the results for Banca Mediolanum, Terna, Hera , Iveco and Tim. Attention in particular to the work of the board of the latter for possible steps forward in the reorganization process of the group.

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The stock markets are looking for new rises between US inflation and a decline in anti-Covid measures in China


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