Home » Piazza Affari closes at +0.2%, oil drops after OPEC+

Piazza Affari closes at +0.2%, oil drops after OPEC+

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Piazza Affari closes at +0.2%, oil drops after OPEC+

Closing just above parity for Piazza Affari and the other European stock exchanges, while Wall Street proceeds mixed in the last session of an overall positive November for the stock markets. The Ftse Mib ends the session up by 0.2% to 29,737 points, with purchases in particular on Saipem (+3.4%) and Tenaris (+2.7%) while Ferrari (-1.4%) and Unicredit (-1.3%).

A day full of macroeconomic events, starting with the data on Eurozone inflation, slowing to 2.4% with a core figure of 3.6%. In Italy, harmonized consumer prices slowed to 0.7%, while in the USA the core PCE went from 3.7% to 3.5%.

Numbers that strengthen the prospect of stable rates in the next meetings of the ECB and Fed, while operators intensify their bets on cuts in the cost of money in 2024. A speech by the president of the American central bank, Jerome Powell, is expected tomorrow.

The signals coming from the economy and monetary policy in recent days have favored a decline in bond yields, which today, however, are rising in the wake of doubts that the movements of recent days were excessive. The ten-year Treasury returns to 4.32%, the Bund to 2.45% and the BTP to 4.22%, with the spread between the Italian and German ten-year notes increasing to 177 basis points.

On Forex, the euro/dollar falls to 1.091 while the dollar/yen appreciates to 147.8. Among raw materials, Brent oil loses 3% and returns to 80 dollars a barrel, despite the additional cuts of 1 million barrels per day decided by OPEC+, even if the details of the agreement between the producing countries remain uncertain.

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