MILANO – Global equity markets settle to highs thanks to good performance in Asia, while in Europe, in the absence of indications from Wall Street closed for Thanksgiving, markets are weak with fractional changes.
The Stock Exchange of Frankfurt marks a -0.01%, Paris yields 0.08% e London yields 0.45%. It also slips negative Milano which at the end of the session marks -0.46%. It is registered in Piazza Affari the reaction of the Creval board of directors to the Crédit Agricole takeover bid: late yesterday the bank from Valtellina defined the transalpine move as “unexpected” and initiated the procedures for appointing advisors. The Stock Exchange of Tokyo closed well: the Nikkei index rose by 0.91% to 26,537 points. Last evening, Wall Street had marked a mixed ending with the Dow down 0.58% and back below 30,000 points and the Nasdaq up 0.48%.
“We think that the growth of the markets can still extend, reinforced by the positive news about vaccines, by greater political stability in the US with a peaceful transition (from Trump to Biden, ed) and with additional stimuli coming “from central banks, the comment that Xi Qiao, managing director of UBS Global Wealth Management, made to Bloomberg to frame the moment of the markets.” We are witnessing a strong rotation “of investments” towards the cyclical stocks and we think this trend is set to continue. “
Today’s macro agenda is rather sparse in appointments, thanks to Wall Street’s closing for Thanksgiving Day. L’State tracked a 2.6% decline in Made in Italy exports outside the European Union in October (-10% per annum), while the final balance of third quarter services turnover showed a rebound of 26.7% over the months of the lockdown, although remaining negative by 6.9% per year due to the lack of tourism.
From the minutes oflast meeting of the ECB The pressure on the European institutions emerges: “The importance of the Next Generation Eu package was underlined, as well as the importance of this being operational without delay”, reads. The governors “underlined the role of national and European fiscal policy in cushioning the impact on the economy of the necessary containment measures” and in the meeting “the further fiscal stimulus announced as new fiscal measures were taken was welcomed. containment “. On the issues front, the Italian Treasury will place half-yearly Bots for 6 billion. Yesterday, meanwhile, no substantial news emerged from the minutes of the Fed: the American Central Bank emerges as ready to increase the purchase of bonds to support the American economy affected by the consequences of the pandemic more and more quickly, if necessary, but not sees immediate need for changes of direction.
L’euro opens higher above $ 1.19. The risk appetite returns to the markets, despite the increase in infections, with the effect of weakening the dollar as a safe haven. The European currency changes hands at 1.1919 dollars and 124.47 yen. Dollar / yen falls to 104.34. The spread between BTP and German Bund it widens slightly in the 115 basis points area and at the end of the day the 10-year yield is 0.57%. The Treasury has placed 6 billion Semi-annual bots, with falling rates. During the auction, demand was very strong and amounted to 13.33 billion with a coverage ratio of 2.2. The rate of return fell to -0.518%, down 4 basis points from the previous auction.
Among the raw materials, the comeback in prices of Petroleum with the WTI losing 1.5% in the afternoon, standing at 45 dollars a barrel.
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