Uncertain stock exchanges without the Wall Street lighthouse. In Piazza Affari, Enel shines after the plan

(Il Sole 24 Ore Radiocor) – With eyes on the news related to Covid, but for a day orphaned by Wall Street closed for Thanksgiving, European stock exchanges are moving uncertain, supported in part by the rebound in techs. Fears for new ones remain in the foreground possible lockdowns, which would hold back the momentum of the economic recovery, and the next moves of the Federal Reserve. The minutes of the latest meeting of the American central bank and the public statements of several governors leave the door open to a rate hike as early as the first half of 2022. In the US, these are key days to understand the trend in retail spending and confidence of families, which will be measured tomorrow with Black Friday.

Rate hike increasingly discounted in the first half of 2022

The Fed’s monetary policy remains at the center of the markets’ attention, also given the change in tone. “There Fed narrative on inflation it has changed – says Luigi Nardella of Ceresio Investors – from a temporary phenomenon linked to the reopening to the risk that high inflation expectations become entrenched ». In this picture, the acceleration of the reduction of the purchasing plan of debt securities “would leave more flexibility for faster rate hikes.” Interest rate futures are now discounting at least one rise in the first half of 2022: “so far the markets have remained relatively calm – he adds – but the path that central banks must take to normalize monetary policies is narrow”.

Telecom always under the lens, Enel runs

Telecom Italia on the swing in Piazza Affari, after the 15% jump on the eve, triggered by the hypothesis that the Kkr fund could offer a much higher price than the one initially indicated at 0.505 euros per share. The situation, however, is fluid with the Government that could exercise the golden power and with Kkr that could back down since the announced offer is not binding. In addition, a board of directors requested by 11 directors of the company is scheduled for Friday 26 November, which could corner the CEO, Luigi Gubitosi. Ferrari started racing again, Enel also in tune in view of the reorganization of the group that will pass through the spin-off and the opening of the capital of the company into which the electric mobility activities from EnelX will be spun off.

2.25 bn short term BTp assigned, yield decreasing

The Treasury has fully assigned the maximum amount offered of 2-year ‘short term’ BTPs, maturing 30-01-2024, equal to 2.25 billion, against a request of over 3.2 billion, for a ratio of coverage equal to 1.45. The yield dropped by 3 points to -0.26 percent. The 10-year BTp-i, expiring 15-05-2030, is also full, for which the Treasury had offered securities for one billion, against a request of 1.46 billion, for a coverage ratio of 1 , 46. The yield rose by 20 basis points to -0.65 per cent.

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Dollar falling, tapering gets closer

The Dollar Index reverses after hitting a new high of the year on Wednesday, November 24th. “The release of the latest FOMC minutes provided an overview of the views of key US monetary policy makers and showed a prevalent stance in support of a faster reduction in the central bank’s government bond purchase program,” analysts say. by ActivTrades. The urgency to streamline bond purchases “risks triggering hikes in interest rates sooner than expected, a scenario that is clearly favorable to the dollar, especially since other major central banks, such as the ECB, have chosen to adopt an attitude more accommodating », they add.

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