Table of Contents:
The decline in European stock exchanges
Yesterday saw a negative trend for Piazza Affari and for most of the European stock exchanges. The Ftse Mib closed down 1.2% to 34,315 points. Among the most affected stocks, Bper recorded a decline of 2.7%, followed by Nexi and Eni, which lost 2.55% and 2.4% respectively. However, some stocks such as Brunello Cucinelli and Stm showed some resilience, closing
slightly higher.
Waiting for Federal Reserve decisions
Pending the Federal Reserve‘s resolutions, which will take place tomorrow evening, investors recorded an increase in retail sales in the United States, which exceeded expectations with an increase of 0.7% in November. However, industrial production showed signs of weakness, recording a decline for the third consecutive month, with -0.1%. Analysts expect a 25-basis point cut at the next Fed meeting, but the focus will be on Powell‘s dot plots and press conference, which could provide guidance on
future policies.
Economic Indicators in Europe
In addition to developments in the United States, European economic data have also attracted attention. The German Ifo and Zew indices for December showed mixed results: while the first showed a deterioration in expectations, the second recorded an improvement to 15.7 points. In the United Kingdom, wage growth has accelerated, raising concerns for the Bank of England, which will meet on Thursday to discuss
monetary policies.
Situation on the bond and commodity markets
In the bond market, the Btp-Bund spread is around 115 basis points, with the Italian 10-year yield at 3.38% and that of the German benchmark at 2.23%. On the commodities front, Brent oil declined, slipping below 73 dollars per barrel, while the price of gold fell to 2,637 dollars an ounce. The currency market has also shown stability, with the euro/dollar exchange rate remaining around 1.05
.
Prospects for the Spanish economy
In Spain, the Bank of Spain has updated its GDP growth forecasts for 2024, bringing them to 3.1%, despite recent floods. The Spanish economy seems to be showing signs of recovery, thanks to household consumption and exports, with positive prospects also for the following years. Retail sales in the United States, which rose 0.7% in November, helped to reinforce economic optimism, exceeding analysts’ expectations
.
