Bags in red after record November. Male Unicredit on Mustier knot

Global equity markets are preparing to close a record November on speculation of the end of the health emergency thanks to vaccines

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European stock markets in the red in the last session of November, a month that has been particularly generous with investors so far. All the main lists are in decline and Piazza Affari is slipping in particular Unicredit on the uncertainties linked to the position of CEO Jean Pierre Mustier after the informal discussion on governance that took place between the directors over the weekend. Tokyo also closed in the red (-0.79%), while the other Asian lists are also preparing to close lower.

China, manufacturing accelerates

But from the point of view of the economic trend, there are positive indications: Chinese manufacturing activity accelerates in November, arriving
at the highest level in over three years and confirming the economic recovery in the country. The PMI index for the month of November stood at 52.1 points against 51.4 the previous month, marking the best result since September 2017 and beating analysts’ estimates who expected 51.5 points. A number greater than 50 indicates an expansion in activity and, below, represents a contraction. Last February, the index had dropped to 35.7 points due to the coronavirus.

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Oil, Opec + meeting on production levels

Oil is under pressure awaiting the OPEC + meeting, during which the OPEC countries and allies, Russia in the lead, will have to decide whether to extend production cuts to 2021. Attention to the issue of compliance with the agreements while Libya is rapidly increasing its output. Prices are falling as no agreement has yet been found. Wti January below $ 45 a barrel, Brent January below $ 48 a barrel.

A record November for the world stock exchanges

Equity markets are preparing to close a record November. The MSCI World Index of World Stock Exchanges posted a 12 percent rise. An exploit, that of global lists, which had Europe hit by the pandemic as its epicenter. In the last 30 days, the Stoxx 600 index gained 14% with the lists of the most vulnerable countries, Milan and Madrid, leading the race with increases of 24 and 27 percent respectively.

To benefit most from this strong propensity to risk, also favored by the release of the post-vote political stalemate in the US, were the securities and sectors that were most affected by the social distancing measures imposed to stem the contagion. A typical case is that of airlines that have earned over 27% in the last month. The “cyclical” sectors such as banks (+ 30%) or oil companies (+ 38%) also went very well. These stocks suffered from the prospect of a virus-related recession, recording sustained declines in the months when the pandemic exploded and which, with the prospect of an economic recovery, had their moment of redemption.

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