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European stock exchanges are recovering
The European stock exchanges recorded a mostly positive session, with the Ftse Mib in Piazza Affari closing up 0.6%, reaching 34,731 points. Among the stocks in evidence, the purchases on Leonardo (+3.1%), Telecom Italia (+3%) and Saipem (+2.6%) stand out, supported by favorable analyses by JPMorgan. However, not all financial centers followed this trend: Madrid fell sharply due to the collapse of the fast fashion giant Inditex, which had a negative impact on the price
list.
Inflation and rate expectations
Today, a key report on US inflation was released, which confirmed analysts’ expectations. The consumer price index accelerated to 2.7% per year in November, while the core CPI remained stable at 3.3%. These data consolidate the expectation of a possible 25 basis point rate cut by the Federal Reserve at the next meeting, even though forecasts for further reductions in 2025 have been significantly
reduced.
Upcoming market events
Another important event that could influence the markets is the meeting of the European Central Bank (ECB), scheduled for tomorrow. President Lagarde and her colleagues are expected to decree a cut of 25 basis points, but the focus will be mainly on the updated macroeconomic projections and on the tones used by the president regarding future policies.
On the bond front, the Btp-Bund spread fell to 106 basis points, with the Italian 10-year yield set at 3.19% and that of the German benchmark at 2.13%.
Commodities and currencies
In the commodities market, Brent oil saw an increase, reaching 73 dollars per barrel, after a decline in US inventories. This is despite the fact that OPEC’s demand estimates for 2024 and 2025 have been revised downwards. Gold also showed signs of recovery, returning to 2,710 dollars an ounce.
In the currency market, the euro/dollar exchange rate fell below 1.05, while the dollar/yen strengthened to 152.5.
Cryptocurrencies on the move
Finally, in the cryptocurrency sector, Bitcoin has regained momentum, rising again to 101,000 dollars. This sign of recovery could indicate renewed investor interest in cryptocurrencies, despite global economic uncertainties
.
