Key Global Events
European stock exchanges seen to open positively (+0.48% future on Eurostoxx50) in the wake of the Chinese ones after the launch of new measures to support real estate developers and the new rumors on social media according to which Beijing is considering giving in to recent civilian protests and to scale back its strict "zero Covid" policy.
Wall Street futures are also positive (+0.26% on the Dow Jones and +0.43% on the S&P500) with the yield on the 10-year US Treasury down to 3.68% and that on the 10-year BTP at 3.814 % pending Treasury auction.
In Piazza Affari, attention to the Juventus stock which does not open due to excessive reductions, after the board of directors, chaired by Andrea Agnelli, resigned after the team's accounts were investigated by the Public Prosecutor's Office and Consob for false claims accounting and market manipulation.
Forex & Commodities
Waiting for the speeches of two exponents of the ECB: De Guindos and Schnabel (yesterday 28 November Christine Lagarde said that inflation has not yet reached its peak in the Eurozone and bets on rate hikes in December continue to fluctuate between 50 and 75 basis points). Tomorrow the key data of the week will be released: EU inflation.
EURUSD at 1.0360 (+0.25%) and GBPUSD at 1.2032 (+0.64%). USDJPY at 138.35 (-0.41%).
Speculation about possible OPEC+ production cuts offset concerns about a slowdown in demand in China caused by the Covid emergency.
Meanwhile, oil prices are recovering ground after yesterday's slide (Wti +2.2% to 78.9 dollars a barrel and Brent +2.29% to 85.8 dollars a barrel).
Gold at $1753 per ounce (+0.76%).
Index – The Tokyo Stock Exchange closed the session with a minus sign (-0.48%), in the wake of the contraction of the US stock indexes. While Chinese and Hong Kong stocks are recovering after the launch of new support measures for real estate developers and new rumors on social media that Beijing is considering giving in to recent civilian protests and scaling back its strict policy of " zero covid". Hang Seng +5.3% and Shanghai +2.31%.
Key Macroeconomic Data
European stock exchanges seen to open positively (+0.48% future on Eurostoxx50).
EU – At 10:00 industrial turnover in Italy in September (previous: +3.6% month on month; +23.1% year on year). at 11:00 November Eurozone Services Confidence Index (previous: +1.8 points; consensus: +1.4 points), November Economic Confidence Index (previous: +92.5 points; consensus: +93.5 points), final consumer confidence index in November (preliminary: -23.9 points; consensus: -23.9 points) and industry confidence index in November (previous: -1.2 points; consensus: -0.5 points).
Even more important data from the ECB at 14:00: Germany's preliminary November HICP inflation (previous: +1.2% month-on-month; +11.6% yoy; consensus: +0.1% month-on-year month; +11.2% year on year).
US - At 14:55 it will then be the turn of the weekly Redbook index in the USA (previous: +7.5% year on year), at 15:00 the Shiller index of house prices in September (previous: +13.7% y/y) and to close at 16:00 with the consumer confidence index in November (previous: +102.5 points; consensus: +100.3 points).