(Il Sole 24 Ore Radiocor ) – The European stock markets are uncertain after three consecutive sessions and in particular after the net contraction of Wall Street at the beginning of the week, in two sessions -3.2% S&P500 and -2.9% the Nasdaq. The FTSE MIB of Piazza Affari is down after losing 1.7% in three sessions. Investors’ nervousness about the next moves by the central banks – the key appointment is that of the Federal Reserve next week, but the choices of the central banks of Poland, Canada and Brazil are already expected today – is accompanied by fears of a recession arriving as predicted by the leaders of two major US banking groups, the CEO of JpMorgan Jamie Dimon and that of Goldman Sachs David Salomon. In Asia, relief from China‘s reopening is offset by negative export data.
Investors’ eyes are focused on two dates: 13 and 14 December. The first (next Tuesday) is the one in which the new inflation data will be released in the United States. The second, i.e. Wednesday 14, is the day on which the Federal Reserve, the American central bank, meets. If it is taken almost for granted that it will raise interest rates by 50 basis points (therefore less than the 75 at the last meetings), the biggest unknown factor keeping the markets on their toes is another: what will the Fed do in 2023? How far will interest rates take? This has kept the markets on their toes on Monday and Tuesday, and will likely keep them anxious until next Wednesday.
In this context, in Asia the Tokyo Stock Exchange (NIKKEI 225) ended the session lower, with sales concentrated on stocks in the technology sector, following the correction of the Nasdaq listing in the United States, while fears of a new acceleration of monetary tightening by the US Federal Reserve. The reference index Nikkei dropped 0.72%, to 27,686.40, and a loss of almost 200 points. On the currency market, the process of strengthening of the yen begins to take shape, against the dollar at a level of 137.50, and against the euro at 143.70
The other Asian markets are also negative (HANG SENG).
China, sharp decline in trade in November
China ends November with a trade surplus of $69.84 billion, about 10 billion less than analysts forecast, discounting weakening external demand and anti-Covid lockdowns on the domestic front that have hit domestic consumption . According to data released by Chinese Customs, exports recorded an annual drop of 8.7% (against estimates of -3.5%), while imports recorded a 10.6% (against -6%) .