Key Global Events
On Wall Street, futures are running in slightly negative territory with the exception of the Dow Jones which remains (albeit slightly) above parity.
The European stock exchanges are moving slightly up, waiting for the opening of Wall Street where futures are mixed. Investors, however, are mostly awaiting the numerous US data, as well as the speech by Fed number one, Jerome Powell, and the Beige Book drawn up by the central institute. In Europe, meanwhile, it was announced that inflation slowed down in November, settling on an annual basis at 10%, compared to 10.6% in October. The stock markets, however, did not react and the euro also remained unchanged.
Forex & Commodities
The euro remains stable at 1.03 dollars (+0.4%), while on bonds, the yield on ten-year BTPs rises to around 3.8% following the latest inflation surveys in the Eurozone and Italy.
On the energy front, the price of oil is on the rise with data on US inventories from the API which showed a drop in crude oil reserves and an increase in fuel reserves. The wait, then, is for the new OPEC+ meeting to be held over the weekend.
Index – the spotlight also remains focused on China, waiting to understand if the government will relax the anti-Covid measures after the citizens' demonstrations. The director of the International Monetary Fund, Kristalina Georgieva, has called for a review of the policies adopted by Beijing.
The Asian Stock Exchanges fluctuated, Shanghai (+0.05%), the Hang Seng +2.31% and the Nikkei of Tokyo down by 0.21%).
Key Macroeconomic Data
On Wall Street, futures are running in slightly negative territory with the exception of the Dow Jones which remains (albeit slightly) above parity.
China – Manufacturing PMI below expectations at 48 points (expected 49) then below the threshold of 50 which highlights the expansion phase.
EU – Euro area annual inflation rate dropped (preliminary estimates) to 10% in November 2022 from October's record of 10.6%, beating expectations of 10.4%. Consumer prices in Italy increased by 11.8% year-on-year in November 2022, the same value as the previous month and above expectations for 11.3%.
Core inflation in Italy excluding energy and unprocessed food was 5.7% (from 5.3% the previous month) and inflation excluding energy was 6.1% (from + 5.9% in October). On a monthly basis, consumer prices rose by 0.5%, following a 3.4% increase in October.
US - The GDP data for the third quarter was better than expected, with a growth of 2.9% in the second reading, exceeding the estimates (+2.7% the estimates, +2.6% the first reading). The data on PCE inflation was also slightly higher at +4.3% from the first reading of 4.2% and after +7.3% in the second quarter. On the other hand, the numbers on employment in the private sector for November disappointed, with +127,000 jobs created, less than the 190,000 expected, the worst figure since January.
the intervention of the president of the Federal Reserve, Jerome Powell, is scheduled, in addition to the publication of the Beige Book.