Home » Bags, the great comeback in November. Now Milan (+7.6%) is looking at 30,000

Bags, the great comeback in November. Now Milan (+7.6%) is looking at 30,000

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Bags, the great comeback in November.  Now Milan (+7.6%) is looking at 30,000

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(Il Sole 24 Ore Radiocor) – After a terrible October, the European stock markets closed the month of November in a decidedly brilliant way, thanks to the American and European inflation data which fell more than expected; this fuels bets on expectations of rate cuts coming next year. The FTSE MIB recorded an increase of 7.6% in the month (today +0.16%) settling above 29,700 (+25% since the beginning of the year), followed by the CAC 40 40 of Paris which rose by 6.2% . Among the best performances was the DAX 30 which rose by 9.2% and the IBEX 35 of Madrid +11.8%. Overseas this month, the S&P 500 is gaining 8.5%, the Nasdaq almost 11%: for both, it would be the best monthly performance since July 2022.

Positive November for all sectors in Europe

In Europe all sectors are positive, starting with the automotive sector which recorded progress of 10.5%, followed by banks (+7.1%). Real estate stands out, gaining 15.2% in the month, while retail also did well with +13.6%. As for stocks, small caps did well (with the Ftse Italia Small Cap Index up by 6.8%), banks did well (+7.3%) and utilities did well (+7.6%). On the exchange rate front, the euro strengthened its position on the greenback, with a rise of 3.1%. Worth noting is the drop in oil prices with Brent dropping by 5.3% on a monthly basis and WTI at -8.2%.

Inflation is falling in the Old Continent and in America

European stock markets slowed down towards the end but closed the November 30th session on a positive note, driven by inflation data from the Old Continent and Americans which fell more than expected. In particular, inflation in Europe slowed to 2.4% in November. This fuels bets on expectations of rate cuts coming next year. PCE inflation in the USA fell to +3% annually in October, ‘core’ inflation to +3.5%, as expected. Analysts therefore predict that interest rates will be kept unchanged at 5.25%-5.50% for the third consecutive time and believe the first cut is possible as early as March. Tomorrow, indications are expected from the speech of Fed President Powell. The slowdown in prices in the Eurozone is also encouraging for investors, with inflation reaching +3.6%, better than estimates.

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On European stocks, oil stocks stand out, dragged by rising oil, after the OPEC+ countries reached a preliminary agreement for a further reduction in production by over one million barrels per day.

Wall Street closes mixed

Wall Street closes mixed. The Dow Jones gains 1.47% to 35,950.89 points, the Nasdaq loses 0.23% to 14,226.22 points while the S&P 500 increases by 0.38% to 4567.78 points.

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