Key Global Events
European stock markets up slightly at the start of the session except for Milan, weighed down by Enel and A2A (+0.30% the Dax, +0.15% the Cac40, +0.35% the Ftse100 and -0.33% to 24,508 points the Ftse Mib). Wall Street futures were out of sight (+0.08% on the Dow Jones and +0.08% on the S&P500) pending the minutes of the last FOMC meeting at 20:00.
Investor attention therefore remains focused on mid-December when, in sequence, the Fed and the ECB will announce their respective rate moves. "In both cases, expectations are for an increase of 50 basis points despite the yield gap between the two monetary policies. For the ECB, it could be the last maxi hike.
Forex & Commodities
On the currency side, the euro continued to climb against the dollar and moved solidly above 1.03 (+0.21%), GBPUSD at 1.1886 (+0.05%) and USDJPY at 141.31 (+0.06%).
Oil is back on the rise, with both WTI and Brent rising by more than one percentage point to $81.8 a barrel and $89.4 respectively.
Index – Stocks with plus sign in Asia after the Wall Street rally, in particular technology listed in Hong Kong (+0.68%) and Tokyo's Nikkei at +0.61%.
Among the price lists of the old continent, Milan is among the worst, weighed down by the energy sector, the sector as a whole is affected by the increase in the tax on extra profits decided by the Government for 2022. Sales also hit Enel -3.01% and Hera - 1.71%.
Key Macroeconomic Data
European stock markets up slightly at the start of the session except for Milan, weighed down by Enel and A2A.
EU – As far as Europe is concerned, however, there is anticipation both for the speech by De Guindos (ECB) at 09:30 and at 10:00 for the PMI services in preliminary November (previous: 48.6 points; consensus: 48 points), preliminary November composite PMI (previous: 47.3 points; consensus: 47 points), and preliminary November manufacturing PMI (previous: 46.4 points; consensus: 46 points).
US – At 2:30 pm with weekly jobless claims (estimated 225,000 versus last week's 222,000) and month-over-month durable goods orders for October (estimated 0.3% versus 0.4% in September) and yes continues at 15:45 with the manufacturing PMI for November (estimated 50 points against 49.9 in October). At 4:00 p.m., it's the turn of November University of Michigan Consumer Confidence (estimate 55 points vs. October's 54.7) and October New Home Sales (previous: 0.603 million, consensus: 0.578 million). At 16.30 it will be the turn of the data on weekly oil inventories.