December 7, 2022

Hardwood Paroxysm

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Markets are cautious awaiting the Fed and ECB meeting minutes. Oil is in the front row in Milan

(Il Sole 24 Or Radiocor) – In the wake of Poor seatAfter half a pound session European stock exchanges It continues at an uncertain pace, between setbacks and attempts at acceleration. The spotlight remains on central banks and the resilience of the economy, yetThe Organization for Economic Co-operation and Development predicted a recession At the end of 2022 for Italy, followed by a slight recovery in 2023, however Rule out global recession for next year. So they travel in alternating current CAC 40 Paris, W.; Dax 40 Frankfurt, W.; FT-SE 100 London, W.;IBEX 35 MadridAEX extension Amsterdam. It works better FTSEMIB From Milan, backed by oil industry titles and investors who are also looking forward maneuver 35 billion announced by the Meloni government. Milano price list comes from a period of significant increases: from October 12 to November 15, it recorded a rise of 20%, which greatly reduced the loss since the beginning of the year, which was about 9%.

Wall Street futures also remain in the window, while investor attention remains focused on central banks, waiting for minutes of recent meetings (Fed meetings on Wednesday and European Central Bank meetings on Thursday), what is Thanksgiving week in the US and we will see US stock market closed on Thursday and midday Friday . Meanwhile, the voices of some “dovey” conservatives who spoke of a slowdown in raising interest rates were heard. Furthermore, potential concerns have been raised internationally New lockdowns that China could announce, following the zero Covid policy, after the rise in coronavirus cases in recent days, as well as the registration of three deaths, which is the first in the past six months. The prospect of tightening lockdowns – and thus a slowdown in the economy – is fueling concerns about demand, including energy.

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OECD: Italy’s downturn, but no global recession

The Organization for Economic Co-operation and Development predicted a contraction in late 2022 for Italy, followed by a slight recovery in 2023, but ruled out a global recession next year. “The global economy is recovering from the biggest energy crisis since the 1970s. The energy shock has driven inflation to levels not seen in many decades, and has lowered economic growth around the world. We now expect global growth to slow to 2.2% in 2023 and then rebound to a relatively modest 2.7% in 2024. However, for the eurozone, the forecast is for an increase of 8.3% this year, which should be followed by a slight decline to 6.8. % in 2023 and declining to 3.4% in 2024. Italy’s GDP is expected to contract at the end of 2022 and then register a modest growth of 0.2% in 2023 and 1% in 2024 after +3.7% projected as a final figure for 2022.

In Milan’s eyes on Enel, oil companies take off

On Avary Square, among the headliners, in the spotlight In the Which presented the new plan until 2025, which provides for the disposal of assets for 21 billion euros. Highlights of the oil: TenarisAnd the Saipem And the Where is it? Among the best, with oil prices returning to stability in the previous day’s recovery after the decline recorded on fears of a further slowdown in the economy and rumors – later denied – of increased production by OPEC countries at the December meeting.

Stable spread below 195 pips, yield at 3.96%

Negative trend in government bond prices traded on secondary information technologies Mts. The Italian 10-year bonds are giving ground in line with other sovereigns in the core countries, thus the spread with the bonds at previous levels was confirmed. At the start, the yield spread between the Italian ten-year BTP standard (Isin IT0005494239) and the same German maturity is indicated at 194 basis points, the same level as Monday’s close. The drop in rates is pushing yields higher: the Italian 10-year bond is now yielding 3.96% from 3.91% on the eve of the final (3.88% last Friday).