European stock exchanges close positively
Today saw a positive trend for European stock exchanges, with the Ftse Mib in Piazza Affari closing up 0.6%, reaching 33,494 points. Among the titles in evidence, Brunello Cucinelli recorded an increase of 3.8%, followed by Diasorin (+3.2%), Recordati (+2.9%) and Stellantis (+2.8%).
However, the banking sector suffered significant losses, with Unicredit down 1.9%, Bper by 1.5%, Banco Bpm by 1.3% and MPS by 1%.
PMI data and market impacts
The PMI data revealed a contraction in activity in the eurozone, with a more marked decline in the manufacturing sector and a deterioration also in services. Germany and France showed the most disappointing results, while rising wages continue to affect service costs. These signs have fueled expectations of a possible rate cut by the European Central Bank (ECB) in December, helping to curb the
banking sector.
Focus on inflation and American markets
In the United States, the University of Michigan’s consumer confidence index showed lower than expected growth, standing at 71.8 points.
The manufacturing PMI fell beyond expectations, falling to 48 points, while the services indicator increased to 57, exceeding forecasts. Next week, investors will have to pay attention to euro area inflation data, the core US PCE and the Fed minutes, in a context of economic uncertainty
.
Bond markets and commodities
In the bond sector, the Btp-Bund spread stands at 125 basis points, with the Italian 10-year yield down to 3.50% and the German yield to 2.25%. Investors await Moody’s judgment on Italy’s rating. As far as raw materials are concerned, Brent oil remains just under 75 dollars per barrel, while gold returns to 2,700 dollars an ounce, influenced by geopolitical tensions in Ukraine
.
Trends on Forex and cryptocurrencies
In the currency market, the euro/dollar exchange rate falls below 1.04, while the dollar/yen stands at 154.9, supported by Japanese inflation data, which exceed 2% and suggest possible rate increases. Finally, in the cryptocurrency sector, Bitcoin flirted with the threshold of 100,000 dollars, but is currently below 99,000
dollars.