Key Global Events
Lively rise for European stock markets, thanks to the first concrete signals from Beijing of an easing of anti-Covid restrictions and thanks to statements by Federal Reserve chairman Jerome Powell on the central bank's willingness to slow down the pace of interest rate increases already with the December meeting. The European Stock Exchanges which already come from a particularly brilliant month of November (+9.6% Eurostoxx50, +8.6% Piazza Affari), the FTSE MIB positive today +0.55% in Milan, the CAC 40 +0.40 % in Paris, the DAX 40 +0.84% in Frankfurt, the AEX +1.28% in Amsterdam and the IBEX 35 +0.68% in Madrid after Powell's words yesterday more dovish than expected.
In fact, the Wall Street session ended with a real rally (+3.09% S&P 500, +4.4% Nasdaq and +2.18% Dow Jones): with the performance of Wednesday 30 November the Dow Jones it entered "bull market" territory having recovered over 20% from the lows for the period reached at the end of September.
Forex & Commodities
The euro remains strong against the dollar (which is weakening again), EURUSD at 1.0427 (+0.23%) GBPUSD at 1.21 (+0.45%) and USDJPY at 136.33 (-1.24%).
Oil down in anticipation of the OPEC+ meeting expected over the weekend, while in Amsterdam natural gas jumped by 9% to 160 euros per megawatt hour.
Index – The Tokyo Stock Exchange closed the session with a plus sign (+0.92%), following the acceleration of the stock indexes on Wall Street and the sustained recovery of the Nasdaq technological index. Good Shanghai +0.45% and the Hang Seng +0.47%.
Key Macroeconomic Data
Lively rise for the European stock exchanges, thanks to the first concrete signals from Beijing of an easing of the anti-Covid restrictions and thanks to the statements of the Federal Reserve chairman Jerome Powell.
EU – Retail sales in Germany disappointed in October: -2.8% on the month and -5% on the year. The consensus of economists was expecting a smaller contraction of 0.6% month over month. At 10:00am, the Eurozone November final manufacturing PMI (preliminary: 47.3 points; consensus: 47.3 points) and at 11:00am, the Eurozone October unemployment rate (previous: 6, 6%; consensus: 6.6%).
US - On the macroeconomic front, today's session will focus mainly on US data on the PCE deflator for October, one of the relevant indicators of inflation, then at 15:45 final manufacturing PMI in November (previous: +47.6 points) to close at 16 :00 with construction spending in October (previous: +0.2%; consensus: -0.2%) and the ISM manufacturing index in November (previous: 50.2 points; consensus: 50 points).