Home » Positive EU stock markets, Milan at the top since June 2008. US GDP 3rd quarter. above estimates

Positive EU stock markets, Milan at the top since June 2008. US GDP 3rd quarter. above estimates

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Positive EU stock markets, Milan at the top since June 2008. US GDP 3rd quarter.  above estimates

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(Il Sole 24 Ore Radiocor) – After the mid-day threshold, Milan presses on the accelerator, reaching new highs since June 2008. The FTSE MIB, which has progressively gained momentum after a slow start, reached a maximum of 29,661, 96 points, exceeding the 29,645 last reached at the close of 25 June 2008. Frankfurt (DAX 40) also performed well, while Paris (CAC 40), Madrid (IBEX 35) and London remained further behind, although still increasing. (FT-SE 100).

Third quarter US GDP above expectations (+5.2%)

Investors look to macro data, looking for insights into central banks’ next moves. US gross domestic product rose 5.2% in the third quarter of 2023, above initial expectations, according to the second reading of the data just released by the Commerce Department. Consumer spending, which represents 69% of the US economy, increased 3.6%, after 4% in the first reading.

The PCE data on inflation in the United States increased by 2.8% in the third quarter of 2023, against expectations for a confirmation of 2.9%. The ‘core’ figure, adjusted for energy and food prices, increased by 2.3%, despite being initially forecast at 2.4%. Useful indications may also come from the Beige Book of the Federal Reserve, while, in Europe, the indices on confidence in the economy and, above all, among consumers have risen (+16.9 points in November after -17.8 in the previous month) . Meanwhile, the impact on the markets of tensions in the Middle East is diminishing, although they remain the subject of great attention, while attempts are being made to prolong the truce between Israel and Hamas.

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German inflation slows down

Meanwhile, German inflation slows down in November and does so more than expected: the consumer price index, according to the preliminary reading of the federal statistics office Destatis, fell by 0.4% in November compared to the previous month. On an annual basis, it recorded +3.2%, against 3.8% in October and 3.5% of expectations. November’s annual change is the lowest since July 2021 (when it was 2.4%).

Saipem runs in Piazza Affari, Banca Mps in the spotlight

As regards the securities, supporting the Milanese index almost entirely in the positive, are above all Banca Mps, which exceeded the 3 euro threshold and returned above the pre-placement prices of the Treasury, and Stellantis, in a positive session for the European automotive. In the spotlight Saipem, which was awarded two offshore contracts, one in Guyana and the other in Brazil, worth approximately 1.9 billion dollars. Inwit also did well. Davide Campari brings up the rear, already down on the eve.

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