Falling European stock market: analysis of macroeconomic data
The European stock market closed negative, with the Ftse Mib falling 1.2%, closing at 34,502 points. Among the most affected stocks, Campari fell by 18.5% due to lower than expected results in terms of revenues and adjusted Ebit. Amplifon (-4.6%), Stm (-3.6%) and Prysmian (-3.6%) also showed negative performance
, pending the publication of their quarterly results.
Analysis of macroeconomic data in the eurozone
Despite the market decline, positive signs have come from the growth of the eurozone, with GDP expanding by 0.4%. Germany avoided a recession that seemed imminent, while Italy disappointed with a stagnant performance in the third quarter. German and Spanish inflation rose above expectations, creating expectations for the data on consumer prices in France, Italy and the eurozone scheduled for tomorrow
.
Impact of US and quarterly data
In the United States, GDP registered a solid +2.8% annualized in the third quarter, supported by consumption. The ADP report showed higher than estimated growth in new jobs in the private sector, creating expectations for Friday’s job report. The quarterly reports of important companies such as Alphabet, Meta, Microsoft, Amazon and Apple are in the spotlight, with Alphabet reporting results above expectations, also reassuring on the
artificial intelligence front.
Trend in the bond and commodity markets
On bonds, the Btp-Bund spread widens to more than 124 basis points, with the Italian 10-year period rising to 3.61% and the German benchmark to 2.37%. In the commodities market, Brent oil returns above 72 dollars per barrel, while gold rises to 2,785 dollars an ounce. Bitcoin maintains a value of more than 72,000 dollars, backed by inflows in ETFs and speculation about next week’s US elections.
Situation on Forex and future prospects
In the currency market, the euro/dollar exchange rate appreciated at 1.086, while the dollar/yen remains in the 153 area, waiting for the Bank of Japan meeting tomorrow. The current situation of the stock and commodity markets, together with macroeconomic data, suggests a period of uncertainty and opportunities
for investors.