Table of Contents:
Closing of European markets: a positive balance
The European stock exchanges closed the week with an overall positive balance, despite the recent political turmoil in France. At Piazza Affari, the Ftse Mib recorded a fractional increase of 0.36%, closing at 34,749.50 points. Among the outstanding securities, Moncler gained 5.4% after an upgrade to ‘buy’ by Goldman Sachs, with a target price set at 58.7 euros.
On the contrary, Tenaris fell by 3.1%, followed by Bper and Saipem, which recorded -2.7% and -2.2% respectively.
US economic data: mixed signals
In the United States, labor market data for November showed an increase in nonfarm payrolls to 227,000, exceeding expectations. However, the unemployment rate rose unexpectedly to 4.2%, fueling speculation about a possible rate cut by the Federal Reserve at its next meeting on December 18. In addition, the University of Michigan’s consumer confidence index increased to 74 points, beating forecasts
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Prospects for the eurozone and Italy
As for the eurozone, German industrial production data showed a decrease of -1% in October, while GDP in the third quarter confirmed a growth of 0.4%. In Italy, retail sales fell by -0.5%. Next week, the last meeting of the European Central Bank in 2024 will take place, scheduled for Thursday, December 12, with particular attention to the US inflation data expected for Wednesday, December 11
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Commodity and cryptocurrency trends
In the commodity market, the price of Brent oil fell to 71.3 dollars per barrel, after OPEC+ decided to postpone the increase in production for three months. Gold, on the other hand, is slightly below 2,640 dollars an ounce. On the cryptocurrency front, Bitcoin remains below 100,000 dollars, after reaching a peak of 103,800 dollars in recent days
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Conclusions and future expectations
Wall Street started the day with a positive trend, supported by employment data for November. Despite rising unemployment, analysts predict a possible rate cut by the Federal Reserve. The OneSight EssilorLuxetica Foundation recently signed an agreement with the WHO to support the SPECS 2030 initiative, aimed at improving access to eye care globally. With the Eurozone economy showing signs of growth, expectations for the future remain optimistic, but with attention to the next decisions of central banks
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