December 5, 2022

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Geopolitical risks are slowing the stock market rally, and Milan (-0.7%) takes a breather

(Il Sole 24 Or Radiocor) – tensions Geopolitics ai suggest caution European markets Which, after several sessions in a row, interrupted the recovery in the lists and sparked achievements in many sectors. But it was a nervous session from the start, for fear of a military escalation after yesterday evening, a missile hit, which later turned out to have been fired by Kyiv anti-aircraft fire, Poland. hypothesis Recession global, with the new slowdown in oil, and B.C.E. Who warned that the risks of financial instability in the euro area have increased due to energy prices, high inflation and low growth, as banks may need to increase capital allocations due to declining asset quality. Moreover, indicators from Great Britain are worrying, as consumer prices rose 11.1% in October, marking a new 41-year high in the US.inflation. The FTSEMIB From Piazza Affari, which rebounded 20.7% from its mid-October lows, thus ending the day lower, while in the bond market BTp-Bund spread Still narrowed less than 200 points.

Wall Street weakness, focus remains on inflation and interest rates

Wall Street is also weak: the focus, in addition to the news about the missile that fell in Poland – which is fueling tensions in the West against Russia – remains on inflation and interest rates. Recent data on producer and consumer prices confirmed slowing inflation, which was a “glimmer of hope” for Atlanta Fed Chairman Rafael Bostick, who reiterated that “further rate hikes will be necessary.” He said the Fed’s tightening of interest rates “may lead to a recession, but it’s still better than persistent inflation.” “Recession is not a given and the Fed will try to avoid it if possible.” There was also anticipation of US retail sales data, which remained strong in October, rising 1.3% on a monthly basis to $694.5 billion, after an unchanged September. The forecast was for +1.2%. Compared to the previous year, it recorded +8.3%, after +8.2% from the previous month.

In Avary Square Tim suffers, in the “Red” Mfe after quarterly

Among the main stocks in Milan, there was a sharp decline at the end of the negotiations Telecom Italia That fell after ratings agency Fitch downgraded the group’s credit rating to “BB-” on Tuesday. Very weak amplifierAnd the SaipemAnd the Mfe-Mediaforeurope After publishing quarterly accounts in line with analyst expectations, ed Where is it? Despite the hypothesis that in 2023 the taxes on additional profits will, on the basis of the new principles, be less burdensome for the company than in 2022 (but in the meantime, Lazio Tarr who said that the appeals of energy companies are unacceptable) . Fears of an escalation of the war Leonardo – Finmeccanica. Good Hera between utilities and Bpm Bankwhile it is less than parity Moncler Despite the positive indicators emanating from the assembly observatory on the luxury sector. still in “red” Nixie After slipping about 10% overnight, due to the sale of Intesa Sanpaolo stake.

In Paris, sales have been hit Air France-Klm After announcing a $300 million convertible bond. The issue will speed up state aid payments, while prices are also affected by the risk of strikes in the middle of the year-end holidays.

USA: Retail Sales +1.3% in October, above estimates

The Commerce Department said US retail sales rose 1.3% from the previous month to $694.5 billion in October, after a flat number in September. The forecast was for +1.2%. Compared to the previous year, it recorded +8.3%, after +8.2% from the previous month. Excluding auto sales, the number rose 1.3% month over month, after +0.1% in September. Excluding vehicles and fuel, the figure rose 0.9%. Sales between August-October were up 8.9% over the same period in 2021, after +9.2% in July-September.

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