MILANO – There is the prospect of a reversal in the monetary policies of the Fed and ECB which continues to keep investors’ mood high. To strengthen speculation that the Federal Reserve’s work is finished, some indications of a slowdown in the labor market have arrived: only 103 thousand jobs created in the private sector in November, below estimates. In Europe, after Isabel Schnabel defined new increases in ECB rates as “unlikely” following “significant” drops in inflation, the markets are pricing in a 90% possibility of the start of a reversal of the monetary cycle by Frankfurt as early as first quarter of next year. According to futures, there are five quarter-point denominations fully priced in by the markets, he notes Bloomberg. Worth noting is the result achieved by the Indian stock market: for the first time it exceeded 4 trillion dollars, bringing it closer to Hong Kong which is losing its luster.
Piazza Affari extends earnings
Piazza Affari extends its gains on expectations of a closer interest rate cut, with the Ftse Mib rising by 0.63% to 30,271 points at mid-session. On the list, the financials (Generali +0.48%, Mps +2.87%, Intesa +0.75%, Unicredit +0.95%) and the industrials (Stellantis +2.30%, Pirelli +0) are well in tune .29%, Iveco +0.28%). Tim made little move at 0.2641 euros per share. The main energy sectors are down: Enel and Eni are respectively -0.26 and -0.41 percent.
Asian stock markets, positive closings
Asian stock markets close higher driven by optimism that the Fed will cut rates as early as March. Chinese markets went against the trend and ended the session mixed following the cut in the outlook from stable to negative by the rating agency Moody’s. The Shanghai Composite index lost 0.11% to 2,968.93 points, while that of Shenzhen increased by 0.55% to 1,855.16. Hong Kong’s Hang Seng index ultimately gained 0.8% to 16,463.26 points and the Kospi ended trading flat at 2,495.38 points. The benchmark Nikkei 225 index ended the session up 2.04% at 33,445.90 points, while the broader Topix index rose 1.90% to 2,387.20 points.
Enel, S&P cuts long-term rating to BBB: debt weighs on
“Despite Enel’s strong operating performance in 2023, the company only partially executed the asset rotation plan announced last year, slowing the debt reduction we had anticipated.” This is how S&P justified the cut in the long-term rating to BBB for the Italian energy giant. The outlook is stable. For the agency, the decision mainly reflects the level of the group’s net financial debt which reached its maximum value in 2022. The stable outlook reflects the expectation that Enel will successfully complete the remaining divestment program.
EU stock markets start on a positive note
European stocks opened higher supported by dovish remarks from conservative ECB member Isabel Schnabel which strengthened the market’s belief that the central bank could start cutting interest rates more quickly than previously expected. The Ftse 100 index rises by 0.28% to 7,510.91 points, the Cac 40 in Paris records an increase of 0.23% to 7,403.85 points. The Dax 30 of Frankfurt also rose, marking a +0.20% to 7,403.85 points and the Ftse Mib of Milan, which gained 0.40% to 30,214 points.
Positive futures for Europe
European stock market futures are rising, supported by “doveish” remarks from conservative ECB member Isabel Schnabel, which have strengthened the market’s belief that the central bank could start cutting interest rates more quickly than previously expected. The Eurostoxx 50 futures advance by 0.18%, those of the FTSE 100 rise by 0.46% and those of the Cac 40 record an increase of 0.16%. Frankfurt’s Dax 30 futures also rose, marking +0.13%, and those of Milan’s Ftse Mib gained 0.28%.
Revolut aims for 2 million customers in Italy
Revolut aims to reach 2 million customers in Italy by the first half of 2024 and to offer its account holders the Italian Iban (currently the account has the coordinates of Lithuania). As he explains in an interview withAnsa the new Head of Branch and Head of Lending for Italy, Maurizio Talarico, “our strategy is to become the customers’ main account, the one where they can credit their salary and pay their bills or PagoPa as well as being able to use the services so we are known as the money changer. They will also be able to access new services that we will launch such as personal loans.”
Tokyo closes sharply higher: +2%
The Tokyo Stock Exchange interrupts the negative streak of three consecutive sessions and ends trading with a sustained rise, with purchases targeting technology, after the advance of the US Nasdaq list and the new phase of weakness of the yen. The benchmark Nikkei index increased by 2.04% to 33,445.90, adding 670 points. On the exchange rate front, the Japanese currency depreciates against the dollar at a value of 147.10, and against the euro at 158.80.
The euro opens weak
The euro opened weakly below $1.08 weakened by dovish remarks from conservative ECB member Isabel Schnabel that strengthened belief that the bloc’s central bank could start cutting interest rates more quickly than previously expected. The single currency changes hands at 1.0789 dollars and is also weak against the yen at 158.82. Dollar/yen little moved at 147.19.
2023-12-06 13:30:06
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