A positive day for Avary Square and most of the European stock exchanges, following yesterday’s comments by the Federal Reserve Chairman, Jerome Powell, who announced a slowdown in interest rate hikes. Thus, monetary policy tightening will be less than expected in the coming months.
However, the day was also marked by a new flare-up in the price of gas, which reached €165 per MWh at the TTF in Amsterdam, before returning to lower levels. The value of oil also continues to rise, with Brent and WTI recording a plus sign. The Eurozone Manufacturing PMI stuck at 47.1, just below the preliminary reading of 47.3.
According to Intermonte’s chief global strategist, Antonio Cesarano, Powell’s remarks opened up a potentially favorable December for stock and bond prices. In Milan, the Ftse Mib rose by 0.31% and closed at 24,685.67 points. The spread between BTPs and German bunds fell sharply, dropping below 180 basis points. The yield on the 10-year note also fell to around 3.7%.
On the main exchange, Piazza Avari, Tim is positive (+ 3.69%). The Company has determined that it will continue to evaluate all options for overcoming vertical integration and deleveraging. Investors are more optimistic than in the past days about the single network file. Amplifon (+2.98%), Diasorin (+3.78%) and Pirelli (+2.03%) also performed well.
On the other hand, Unicredit (-3.64%) completed, with the institution completing the second tranche of the treasury shares purchase programme, with a total value of nearly 1 billion euros. Finally, Banca Mediolanum (-2.21%) and Banco Bpm (-2.41%) performed negatively. (in association with Money.it)