(Il Sole 24 Ore Radiocor) – The European squaresafter the rebound on the eve driven by the improvement in US consumer confidence, they are proceeding cautiously, with investors moving in an already pre-Christmas climate. The wait is for US macroeconomic data to understand whether to confirm the positive trend of the eve or, on the contrary, embrace more cautious positions. Attention will be paid in particular to the trend of jobless claims and the revision of the third quarter GDP, while investors continue to wonder about the next steps of the central banks.
So they are wavy the FTSEMIB of Milan, the CCA 40 of Paris, the DAX 40 of Frankfurt, theIbex 35 in Madrid, theAEX extension of Amsterdam and the FT-SE 100 from London. Meanwhile, Wall Street futures are also little moved. In general, having gained ground in the last two daysand in particular on Wednesday, global stocks are still looking for a third consecutive rise, while the Asian indices managed to break the negative streak that had lasted for five days. The most marked movements are recorded in Hong Kong, which rises by more than two percentage points, driven by tech and real estate stocks.
Oil stocks run in Milan, followed by automotive and tech
Among the Milanese stocks with the largest capitalization, those of oil continue to benefit from the rise in the price of crude oil, which after a timid start has broken through and is now on a sharp rise. So in the front row Eni, Saipem and Tenaris. Purchases reward Was, Leonardo – Finmeccanica and Diasorinas they lose ground Iveco group and Prysmian. Search for Snam Rete Gasafter Standard Ethics, on the other hand, raised the security rating of the “Snam Euro-Commercial Paper Program for the issuance of Notes and ESG Notes” to “EE+” from the previous “EE”. Weak technology stocks with Stmicroelectronics and those of the automotive with in the queue Pirelli&C and Stellar. The latter, moreover, finalized the acquisition of aiMotive, a company active in the development of advanced solutions for artificial intelligence and software for autonomous driving. aiMotive will operate as a subsidiary of Stellantis, maintaining its operational autonomy. Founder László Kishonti will remain CEO.
Gas down towards 90 euro, -21% from price cap announcement
The retreat in natural gas prices continues after the approval of the European price cap: on the Amsterdam TTF platform, the reference contract drops 5.6% to 92.2 euros per megawatt hour after touching a new low from May 23 at 90.9 euros. The downward trend, according to the operators, is also due to full storage and milder than expected temperatures in the Old Continent, to the good flow of LNG from the United States and to the excellent wind conditions which favor the production of electricity with renewables (rather than with combined cycles). Since the announcement of the EU cap last Monday, the price of gas has lost a total of 21.3% and 32.6% in the last week.
Spread down to 209 points, yield down to 4.37%
Declining trend for the spread between BTp and Bund on the Mts secondary market of European government bonds. The yield differential between the ten-year Italian benchmark BTP (Isin IT0005494239) and the German equivalent maturity is 209 basis points, three less than the last reference on the eve. The yield of the 10-year benchmark BTP also narrows to 4.37% from 4.42% at the previous closing.
