A positive week for most global stock markets, including the Paris Stock ExchangeDespite a vote of no confidence in Prime Minister Michel Barnier by the French parliament on Wednesday evening, the political crisis in the eurozone’s biggest economy worsened. gave The CAC 40 closed at eighth place with a gain of over 3 percent.while the OAT-Bund spread (ie between French and German ten-year government bonds) settled at 77 basis points. Last week, the spread between the OAT and the Bund reached 90 basis points, the highest level since 2012, and French spreads are well above Spanish (10 years at 2.75%) and roughly on par with Greece.
Meanwhile, the focus is on the start of the last round of central bank meetings, starting with B. C. E Thursday December 12: A 25 basis point cut in interest rates is expected, with the focus on updating macro projections and any changes in guidance. According to investors, a cut of 25 basis points is expected in the next phase. December 18 Also for fedreinforces this forecast with the latest macro data.
Macroeconomic Framework
Report on The US labor market Of November Interesting indicators were provided: New nonfarm payrolls were 227,000 (vs. 202,000 expected), an upward revision to both the October (12,000 to 36,000 initial) and September (223,000 to 255,000 initial) figures. , while the unemployment rate increased from 4.1% to 4.2% compared to a minimally changed participation rate (62.5%). It was reported by the Bureau of Labor. Statistics.
i Eurozoneinstead, the final reading of Third quarter GDP Confirmed growth of +0.4% q/q (+0.9% y/y). The breakdown highlighted the negative contribution from foreign trade, growth in investment (+2% q/q) and finally, strength in consumption which recorded an increase of +0.7% q/q (the highest in the last 2 years). Higher ): Rising real incomes, due to rising wages and lower inflation, have therefore translated into higher spending for households, which have also benefited from lower interest rates, Intesa analysts pointed out. Who is San Polo.
Today’s meeting
Among the main Eurozone indices, today was a slow day. Frankfurtwhich shows a +0.13%, slow for Londonwhich marks a decrease of 0.49%, and good for that. Pariswhich increases to 1.31%.
A modest increase for the Milan Stock Exchange, which shows. FTSE MIB Up 0.36%, cementing a streak of seven consecutive gains that began on the 28th of last month; Along the same lines, jump ahead a little FTSE Italia All-Sharewhich reaches 36,958 points. FTSE Italia Mid Cap (+0.24%) is just above par. Also partial gains for FTSE Italia Star (+0.5%).
In Piazza Affari Response value Trading in the previous session was equal to 2.88 billion euros, down 9.50 percent from the previous day’s 3.19 billion. In terms of volume, it was 0.56 billion shares compared to the previous 0.64 billion.
In them Best Blue Chips At Piazza Affari, Moncler rose (+4.96%, after a boost from Goldman Sachs). Stellantis is moving into positive territory, showing a gain of 3.19%. Money on Campari, which recorded an increase of 2.69%. Definitely positive results for Fineco, which posted a growth of 2.25%. However, the worst performance was recorded on Tenarius, which closed at -2.96%. BPER is in the red, showing a steep decline of 2.84%. Saipem’s negative performance is notable, down 2.05%. A smaller loss for Unipol, which trades at -1.34%.
Headlines of the week
One of the best topics of the week at Piazza Affari. Campariwhen the company announced spirits industry veteran Simon Hunt as its new CEO. Simon Hunt will take over from current interim co-CEOs Paolo Marchesini, Chief Financial and Operating Officer, and Fabio De Fede, Chief Legal and M&A Officer. Former CEO of William Grant & Sons, with over 30 years of experience in the international spirits industry, particularly in the strategic US market, Hunt has experience managing premium spirits businesses and developing globally recognized brands and Has extensive and proven experience in growing.
Excellent Octave too Fincowhich announced that it closed the month of November with a net collection of 941 million euros (+228% from 287 million euros a year ago), reaching 8.9 billion from the beginning of the year and thus the whole of 2023. exceeded the figure of The bank also recorded its second-best result for the number of new customers (14,574) in November, following last month’s record.
Bank purchases continued, with a focus on consolidating the sector. KCEO Uni Credit Andrea Orsel said they have until March to review opportunities to improve conditions at OPS. BPM Bank. Meanwhile, Jefferies analysts said they expect Italian banks’ net interest income to decline in 2025, but other factors such as rising fee income will almost offset any negatives.
Rather bad ERGFTSE is also announcing with Russell that Buzzi will replace it with the FTSE MIB, the main benchmark index for Italian stock markets. The change will become effective after the close of trading on Friday 20 December 2024 (ie from Monday 23 December 2024).
