Most bankers want a slowdown in rate hikes “soon”. There is a possibility of a recession next year, slower growth and higher than expected inflation. Briefly, these are the contents of the Fed’s meeting minutes, which are published in the evening. Wall Street is accelerating.
Slow close for European stock exchanges, at the end of session wise. In Milan, the Ftse Mib remained almost flat (-0.04%), as in Frankfurt, the Dax40 rose (+0.04%) and in Paris, the Cac40 rose 0.32%. In anticipation of the ECB meeting minutes, attention turned today and tomorrow to a fresh round of macro data. Good indications came from Europe for PMIs, which instead in the US were lower than expected for both services and manufacturing. Other US data also showed a light and a shadow: weekly applications for unemployment benefits were higher than expected, while new home sales in October were better than estimates. However, Wall Street is still in positive territorywhile tomorrow they will be closed for Thanksgiving and Friday will notice reduced hours.
Wall Street goes up a bit
After a steady start, the indices on Wall Street fell slightly. Investors seem to have put the alarming news about the spread of Covid-19 in China behind them and, waiting for new indications of the Federal Reserve’s moves, are reacting positively to the latest. quarterly seriesespecially in the retail sector.
At the aggregate level, the number of workers who have been hired for the first time unemployment benefitsIt rose by 17,000 units to 240,000 (seasonally adjusted) for the week ending November 19, above expectations for a number of 225,000. Better than estimates, and data on Durable Goods Orders for October, by 1% versus expectations of +0.5%. for any concern PMI Manufacturing and PMI Servicesboth came in less than expected, and October new home sales rose 7.5%, beating expectations, the final reading for Consumer confidence Michigan Inventories fell for November but was better than expected and weekly oil inventories are expected.
In Milan, Saipem is doing well, A2A is poor after plan
Among the headlines in Milan, Saipem performed well (+4.87%) which finished top of the Ftse Mib ignoring the decline in the price of crude oil, benefiting from the positive opinion of analysts. It is also evidence that Cnh Industrial (+3.2%) on the day US competitor Deere (+6.3% on Wall Street) made good accounts and indicated that it also expects growth in 2023. Against a signal Tenaris (-2.27%) pays off sales After the jump seen last night, Amplifon (+1.95%) and Prysmian (+2.27%) closed on positive ground, after announcing a €200m investment to build a new cable-laying ship. Recordati (+1.37%) and Terna (+1.17%) also fared well. compared to the banking sector: Bper (+1.12%) and Banco Bpm (+0.75%) closed higher, while Unicredit (-1.58%) and Intesa Sanpaolo (-0.74%) were weaker. A negative session for the European auto sector (-0.36% of the Stoxx600 sub-index) which in Milan saw Stellantis lose 1.48% and Pirelli 0.99%. Utilities under pressure After the government announced the details of the tax increase on additional profits for the year 2022. HERA lost 0.91% and A2A 1.92%, and it was also delayed by the cold reception of the market in 2030, which witnessed a decline in investments and some deposits. Objectives. Also weak were Enel (-0.92%) and Tim (-1.26%), which are still witnessing a volatile trend awaiting clear signs on the single file network.
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