Direct from the markets | Ftse Mib fell slightly, the spread reached 188 points
European stock markets remained in the red except for Frankfurt, which rose 0.15%. Paris -0.29%, London -0.33% and Milan -0.20% at 24,637 at 10:30 a.m., with a Btp/Bund spread of up to 188 basis points and a EUR/USD rate above 1.05 1, 0526 (+) 0.34%). Stellantis, Tenaris-Enidi pair mirrored the retreat of Brent Crude Oil (-0.16% to $86.74 per barrel), Pirelli, Moncler, Bper Banca and Unipol fell on the Milan Stock Exchange with losses of more than one percentage point. No good news came from the Bank of Italy’s Eurocoin index, which deteriorated sharply last month, falling from -0.31 in October to -0.62 in October, slipping further into territory. “The trend of the indicator mainly reflects the worsening of the confidence of manufacturing companies for the ninth consecutive month,” the Bank of Italy said. Eurocoin provides an approximate real-time estimate of the current economic situation in the Eurozone, expressing this indicator in terms of the quarterly GDP growth rate, removed from the most volatile components (seasonality, measurement errors and short-term volatility).
09:05 European US labor market data is weak
European stock markets were weak at the start of the session (-0.13% Dax, -0.42% Cac40, -0.25% Ftse100 and -0.27% 24,619 points Ftse Mib), while the rally on Wall Street was led by Fed Chairman Jerome Powell ’s comments on interest rates are already out (Dow Jones futures -0.11% and S&P500 -0.12%). “The yield on the 10-year U.S. Treasury fell to 3.53% from 3.6%, the dollar is at its lowest level since last August, and the fear index has hit 20, a level that has never done stocks much good. .” Integrae Sim’s Fabrizio Barini notes. In any case, “post-Powell, the market is starting to discount rate hikes below 5%, and ultra-hawks were even advocating a 7% target. After all, the labor market continues to be strong, and unemployment benefits have fallen more than expected.”
Much attention will be focused this afternoon on the United States’ nonfarm payrolls and unemployment figures for November. “Then personal spending and income increased, while savings fell to their lowest level since 2005. So inflation continues to weigh on Americans’ pockets,” Barini added, wondering if peace in Ukraine is imminent. It seems so after the meeting between Macron and Biden, who announced a peace conference in Paris on December 13. The request has not yet been answered by Vladimir Putin, who will almost certainly not participate, but as a sign of comfort, he can send Foreign Minister Lavrov, who has already made proposals for a diplomatic solution to the conflict.” Barini concluded.
On the Milan price list, Enel is stable at 5.25 euros after the State Council’s decision published yesterday, December 1, fully canceled the fine imposed by the Antimonopoly Authority on December 20, 2018 against the energy giant Enel Energia and Servizio. Elettrico Nazionale was initially reduced to €27 million by TAR, which was valued at around €93 million. Elsewhere, Enel is in no rush to list Enel X Way and could consider an IPO in 2024, CEO Francesco Starace said. Tim (+0.05% to 0.2139 euros) stopped after Alessio Butti, deputy chairman of the Council of Ministers responsible for tlc, confirmed that “there was never a totalitarian opa in the government’s plans”. Among the manufacturers, sales of Stellantis (-0.47% – 14.83 Euros) recorded 36,892 vehicles in November against 36,363 vehicles in the same period of the previous year (+1.5% year-on-year). The market share decreased by 3.9% compared to the previous year and amounted to 30.9%. Nova, a company 100% owned by De Agostini, has launched a fully public tender offer for DeA Capital (+29.2% in theory) for the remaining 32.156% of its share capital at €1.50 per share. Purpose: To withdraw traffic from Piazza Affari.
08:05 A slight decline is expected in Europe, the euro-dollar exchange rate will rise above 1.05
Against the backdrop of Asian stock markets (Nikkei -1.6%) and Wall Street (Dow Jones futures -0.13% and S&P500 -0.14%), European stock markets are expected to fall at the beginning of the session (Eurostoxx50 futures -0.15%). ). The market turns to US jobs data after recent signs of cooling inflation.
Focus on the American labor market
US non-farm payrolls are expected to rise to 200,000 from 261,000 in November. Unemployment is expected to be unchanged at 3.7%. At 11:00, the Eurozone Producer Price Index (PPI) for October is due (previous: +41.9% yoy; consensus: +31.2% yoy). Awaiting these macroeconomic data and speeches from some central bankers (ECB’s De Guindos at 1pm, Fed’s Evans at 4:15pm), the 10-year US Treasury yield rises to 3.545%. -year Btp income decreases by 3.70%.
The euro/dollar exchange rate is above 1.05
On the other hand, in currencies, the euro-dollar cross rose above 1.05 to 1.05277 (+0.35%), the highest level since June. Oil prices (Brent +0.23% at $87.08 a barrel, Wti -0.01% at $81.21 a barrel) are holding their breath ahead of the OPEC+ meeting on December 4. On December 1, the European Union reached an agreement in principle on the limit of 60 US dollars per barrel of Russian oil. However, the more sensitive issue of the gas price cap still needs to be addressed. Gold fell 0.12% to just above $1,800/oz.
Look out for Enel, Stellantis, Tim and Dea Capital in Milan.
On the Milan Stock Exchange, Enel should be considered after the decision of the State Council published yesterday, December 1, after the energy giant Enel Energia and the Antimonopoly Authority completely lifted the sanction imposed by the Antimonopoly Authority on December 20, 2018. Servizio Elettrico Nazionale, amounting to around 93 million euros, was first reduced by TAR to 27 million euros. The companies in the group were accused of alleged conduct involving abuse of a dominant position in favor of Enel Energia. In addition, Enel is in no rush to list Enel X Way and may consider an IPO in 2024, CEO Francesco Starace said. Interest in Tim has not waned since Telecommunications Council deputy chairman Alessio Butti confirmed that “a full recovery was never in the government’s plans”.
Also noteworthy is Stellantis, which registered 36,892 vehicles in November, compared to 36,363 in the same period last year (+1.5% year-on-year). The market share decreased by 3.9% compared to the same month of a year and amounted to 30.9%. CEO Carlos Tavares will speak at the Ballroom at The Venetian Resort in Las Vegas during CES on Thursday, January 5, 2023, and will unveil the world-first Ram 1500 Revolution Battery Electric Vehicle (Bev) Concept and the Peugeot Inception Concept. . The event will showcase Stellantis’ vision for clean, safe and sustainable mobility for all. Norges Bank, which remains among industrialists, has a 3% stake in Prysmian, according to Consob’s notifications of large holdings. Nova, which is 100% owned by De Agostini, has launched a full takeover bid at DeA Capital for the remaining 32.156% of its share capital at €1.50 per share. Purpose: To withdraw traffic from Piazza Affari. ()
