The rise of European stock exchanges
The European stock exchanges recorded a positive session, with the Ftse Mib in Piazza Affari closing 1.0% higher, reaching 33,829 points. This increase was supported by significant purchases in securities such as Banca Popolare di Sondrio, which saw an increase of 7% thanks to a report by Jefferies that raised the target price from 6.6
to 8.0 euros.
Securities performance and market analysis
In addition to Banca Popolare di Sondrio, Saipem and Prysmian also showed positive performance, with an increase of 2.8% and 2.1% respectively. However, not all the news was positive: Nexi fell by 3.8%, while Italgas registered a decrease of 1.6%.
Azimut also fell by 1.6% after a downgrade by Deutsche Bank, which reduced the target price from 30.16 to 27.8 euros.
Focus on macroeconomic data and monetary policies
The day was poor in macroeconomic ideas, with the only significant figure concerning job offers in the United States, which increased more than expected, reaching 7.744 million in the month of October. This increase in vacancies suggests a slowdown in the demand for workers, pending the November job report, scheduled for Friday. This report will be crucial in defining the outlook for the Fed‘s next monetary policy moves
.
Bond and Commodity Market Analysis
In the bond market, the Btp-Bund spread fell to 119 basis points, with the Italian 10-year spread at 3.25% and the German benchmark at 2.06%. As far as raw materials are concerned, Brent oil saw an increase, reaching 73.3 dollars per barrel, pending the OPEC+ meeting scheduled for December 5. Gold, on the other hand, remains stable at 2,643 dollars
an ounce.
Movements on Forex and in the cryptocurrency market
In the currency market, the euro/dollar exchange rate is just above 1.05, while the dollar/yen is at 149.5. The South Korean won reduced losses after authorities announced measures to stabilize the financial market, including the provision of unlimited cash. Finally, in the cryptocurrency sector, Bitcoin is trading at 95,700
dollars.