MILANO – A little move on the European lists, with the EU stock exchanges moving weakly after the records last night for S&P and Dow on Wall Street. Milano marks a decline of 0.3% in the early stages. On the eve of the meeting of the ECB that will see engaged Christine Lagarde to convince the markets that rates will not be raised too quickly, despite the galloping inflation, from Germany comes the cut in the growth estimates of the German economy: it should be 2.6% in 2021, a significantly post-pandemic recovery weaker than expected due to disruptions in global supply chains. This was stated by the minister of the economy Peter Altmaier: the government, which was still counting on a 3.5% increase in GDP in the spring, lowered its forecasts because “many goods cannot be delivered, because raw materials are lacking”, said the Minister of Economy on the channel Zdf. However, it is counting on a strong rebound in growth in 2022 “to over 4%”.
Investors continue to believe that the quarterly season justifies support for high equity prices, and indeed the accounts have been solid so far. The latest proof of this was the quarterly reports of Google, Microsoft o Twitter which have bracketed the fears related to advertising sales (Snap had suffered heavily from the change to Apple’s privacy policy) and showed results beyond expectations. Fears remain in the background that the supply crisis, the price increases of raw materials and wage pressure are an obstacle to maintaining this pace of recovery: Citi, remember Bloomberg, cautioned that profits may have reached their peak of growth. the
Asian stocks continue to decline after the US revoked China Telecom’s license in the name of national security, a decision that threatens to exacerbate tensions between Beijing and Washington. The composite index of Shanghai drops by 0.95%, ad Honk Kong the Hang Seng drops by 1.63%. The square of is also negative Tokyo where the Nikkei drops 0.25%. The Chinese real estate crisis continues to weigh on the markets: Beijing authorities have told billionaire Hui Ka Yan to draw on his wealth to meet Evergrande’s debts, while regulators urge companies to properly prepare the payment of coupons due on offshore bond.
Having said the slowdown in GDP, good news also came from Germany with the Gfk index on German consumer confidence rising in November, despite rising inflation. The institute expects an index of 0.9 points in the month, up by 0.5 points on a cyclical basis. “With this second consecutive rise, consumer sentiment is challenging rising inflation,” noted Rolf Burkl, a specialist at GfK.
Among the raw materials, the price oforo is falling on the markets. The immediate delivery metal is down 0.31% at $ 1,787 an ounce. Stop running the price of Petroleum which yesterday reached its highest level since 2014. Texas WTI crude oil is trading at $ 83.88 with a drop of 0.9%. Brent from the North Sea fell to 85.7 dollars (-0.73%).
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