Today’s stock markets, December 5th. PMI above expectations, but price lists remain cautious. China, Moody’s changes the outlook to negative

The stock markets improve after the PMI indices

Positive stock markets in Europe from Milan (+0.2%) to Frankfurt (+0.28%), Paris (+0.33%) and Madrid (+0.56%), while London (-0.2 %) remains below parity. On the markets, which started quietly, a certain optimism prevails after the better-than-estimated PMI indices in Germany, Italy, the Eurozone and the United Kingdom. For the single currency area, the composite PMI index – which summarizes the expectations of purchasing managers in industry and services – rose above estimates to 47.6 points in November, against the 47.1 expected and 46.5 October points. Similar dynamics for the services PMI index, which rose from 47.8 to 48.7 points compared to the 48.2 points expected. The euro stabilizes at 0.92 and the pound at 0.79 against the dollar. The spread between German ten-year BTPs and Bunds was stable at 173.2 points, with all government bond yields falling. Crude oil restarts (WTI +1.05% at 73.82 dollars per barrel) while natural gas (-0.26% at 40 euros per MWh) reduces the decline on the Amsterdam TTF market. More profit taking on gold (-1.86% to 2,029 dollars an ounce) following the record of 2,135 dollars. Oil companies Eni (+0.76%), TotalEnergies (+0.68%) and BP (+0.61%) are holding firm, Shell is more cautious (+0.2%), Saipem is accelerating (+1.87% ). In no particular order, the banking companies Santander (+1.57%), Sabadell (+0.78%), Mps (+0.58%), Intesa (+0.26%), Bamncpo Bpm (-0.78%) , Bper (-0.38%), Commerzbank (-0.13%) and Unicredit (-0.12%). In Piazza Affari, Pirelli sprints (+3.2%), driven by the purchase recommendation of Ubs, which also supports Cie (+1.06%), owner of the Michelin brand, while Continental is more cautious (+0.65% ).