Home » Europe positive with USA after inflation, Piazza Affari +1.45%

Europe positive with USA after inflation, Piazza Affari +1.45%

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Europe positive with USA after inflation, Piazza Affari +1.45%

European stock markets close on the rise, supported by Wall Street’s gains after better-than-expected data on US inflation. At Piazza Affari, the Ftse Mib ended up 1.45% at 29,344 points, with Diasorin (+6.9%) in evidence after the acquittal of the CEO by the Court of Milan. Erg (+6.7%) also did well following the accounts and MPS (+5.1%). Leonardo (-2.9%), Tenaris (-1.4%) and Unipol (-1%) fell instead.

In October, US consumer prices remained unchanged on a monthly basis and slowed year-on-year growth from 3.7% to 3.2%. The core index increased by 0.2% cyclically, less than the 0.3% expected by analysts, and by 4.0% on a yearly basis, compared to 4.1% in the previous month and the consensus.

Numbers that definitively strengthen the prospect of an end to the Fed’s restrictive cycle and consolidate the expectation of a rate cut in mid-2024.

Also released during the day were the German Zew index, which changed little at -79.8 points (worse than estimates) and the Eurozone GDP, which fell by 0.1% on a quarterly basis in the third quarter (preliminary reading).

Tomorrow, attention will mainly be focused on the meeting between US President Joe Biden and Chinese leader Xi Jinping.

Purchases on bonds, where the BTP-Bund spread is reduced to around 180 bp, with the Italian ten-year bond falling to 4.39%, awaiting Moody’s judgment on Italy’s rating on Friday.

On the Forex, the euro/dollar jumped to 1.086 and the yen recovered ground to 150.85 against the greenback, in the wake of American data which weakened the US currency.

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Among raw materials, Brent oil continues the recovery started yesterday, returning to 83.6 dollars a barrel.

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