Home » Piazza Affari closes at +0.6%, focus on Powell

Piazza Affari closes at +0.6%, focus on Powell

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Piazza Affari closes at +0.6%, focus on Powell

European stock markets closed the first session of December on a rise, after the excellent performance recorded in the previous month. On Piazza Affari, the Ftse Mib closed trading today with an increase of 0.6% to 29,928 points, with CNH (+4.9%) at the top, after the rating upgrade by S&P to BBB+, followed by Prysmian (+3.3%) and Saipem (+2.45%) while Amplifon falls behind (-1.3%).

During the day, manufacturing indices in Italy, the eurozone and the United States all confirmed a persistent contraction in activity. In the USA, focus on the speech by Fed President Jerome Powell. According to widespread previews, the cahirman rejected speculation on rate cuts in the first half of 2024, stating that the institute will proceed with caution and not ruling out new increases, but confirmed that there will be no movements at the meeting on 12-13 December .

The ECB’s number one, Christine Lagarde, will speak on Monday, while data on the US labor market will arrive from the macro agenda.

Yields falling on bonds, with the 10-year Treasury falling by more than 6 bps to 4.26%. The BTP Bund spread is reduced to 172 basis points, with the Italian ten-year bond at 4.09%.

On Forex, the euro/dollar breaches the 1.09 threshold while the dollar/yen slips to 147.1. Among raw materials, Brent oil stands at 81 dollars a barrel, after the OPEC+ meeting, which agreed on a supply cut of around 900,000 barrels a day, although traders are skeptical about its implementation. Gold recovered to $2,056 an ounce, on track for a third weekly gain, while Bitcoin revisited $38,760 for the first time since May 2022.

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