MILANO – The European stock exchanges open upwards with the markets already looking towards next week, when the ECB and the Fed will announce their new decisions on the subject of monetary policy. Yesterday the first data on American GDP in the fourth quarter showed how the US economy still holds the specter of recession at bay for the moment, even despite the aggressiveness of the American central bank on the monetary policy front. Optimism discarded today, US futures are oriented towards prudence. In Asia, with Chinese stock markets still at a standstill for the Chinese New Year, Tokyo archives trading with a very slight increase, at +0.07%.
The descent of the gas continues. The high level of inventories reassures operators also in view of next winter and prices continue their downward trajectory. In Amsterdam, futures fell by 3.5% to 52.9 euros, to the levels of early December 2021.
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Industry, November is positive again for Italy: turnover at +0.9% month on month
Industry, November is positive again for Italy: turnover at +0.9% month on month
After two months of declines, the industry’s turnover returns to growth in November in economic terms. In fact, it is estimated that, net of seasonal factors, it will increase by 0.9% in the month, recording a positive trend on both markets (+0.6% on the domestic market and +1.3% on the foreign market). Istat indicates it. On an annual basis, corrected for calendar effects, total turnover grew by 11.5%, with increases of 10.1% on the domestic market and 14.3% on the foreign market. Among the main groupings of industries, the highest trend increase is for energy (+19.5%).
Spain, economy above expectations: +5.5% in 2022
The Spanish economy grew by 5.5% in 2022 thanks to household consumption and a strong increase in investment. This can be read in a first estimate published by the National Institute of Statistics (INE). This figure, obtained in a context of strong inflationary pressures fueled by the war in Ukraine, is identical to that recorded in 2021 and well above the 4.4% growth target set by the Spanish government. However, it is close to the level projected by the International Monetary Fund (IMF), which raised its forecast to 5.2% in mid-January thanks to a stronger-than-expected recovery in the tourism sector after two years of health crisis.
Milan up slightly, sales on Tim after the black smoke for the network
The Milan Stock Exchange (+0.17%) continues to rise slightly, in contrast with the other European stock exchanges. The negative performance of utilities weighs on Piazza Affari. The spread between the BTP and the Bund rises to 183 points, with the yield on the Italian ten-year bond rising to 4.09%. Sales on Tim (-1.1%), after the technical table on TLCs which did not address the issue of the network but the measures being studied by the government to support companies in the sector. Leonardo also fell sharply (-0.9%). Utilities are down with the price of gas falling further. Enel (-0.3%), flat A2a and Hera (+0.03%). Energy was positive with the price of oil rising again. Tenaris (+1.5%), Eni (+0.5%) and Saipem (-0.04%).
In no particular order are the banks with Mps (+0.7%), Banco Bpm and Bper (+0.2%), Unicredit (-0.1%) and Intesa (+0.2%), in view of the next quarterly . Purchases on cars where Cnh shows off (+2%). Stellantis (+0.6%) and Iveco (+0.4%) also performed well.
Europe cautiously up, Frankfurt lags behind
The main European Stock Exchanges open the last session of the week mixed. In the first few minutes of trading, Piazza Affari recorded +0.20% to 26,270 points, Frankfurt dropped 0.11%, Paris 0.03% and London opened with a tie at +0.07%.
Stable start for the spread
Stable start for the spread between Btp and German Bund. The differential stands at 181 points, with the Italian 10-year yield at 4.04%, compared to 4.02% at yesterday’s close.
Euro declining against the dollar
The euro is down this morning against the dollar. The single currency is worth 1.0872 dollars against 1.0896 yesterday. The euro-pound exchange rate is instead slightly more favorable for the European currency which rises to 87.82 pence from 87.75.