Second day of stock market downturn. Signs of a recovery in confidence in Germany

Second day of stock market downturn. Limited declines, today for Milan -0.27%, similar to yesterday’s close. The Ftse Mib index is at 29,280 points. In the rest of Europe Frankfurt -0.07%, London -0.14%. Overseas -0.11% for the New York S&P500 index.

Consumer confidence data in Germany and France recovered slightly in November. The GfK index rose 0.5 points to -27.8 points, compared with the previous month’s revised reading of -28.3, just above the expectations of analysts polled by Reuters.

It’s a waiting period: After the quarterly reporting season, inflation data is expected in November. The first will come from Germany tomorrow, followed by Italy and the Eurozone on Thursday. The PCE personal consumption expenditure index in the United States, which refers to October, is also expected on Thursday afternoon.

Words are also weighed that are not always appreciated by the markets. Bundesbank President Joachim Nagel reiterated today: “It would be premature to lower short-term interest rates.” And yesterday, ECB President Christine Lagarde opened the door to an early end to the PEPP securities purchase program launched during the pandemic, which provides for the repurchase of maturing securities by the end of 2024. The BTP/Bund spread is somewhat affected and increases by four basis points to 177, the yield on the ten-year BTP is 4.29%, -1 basis point.

Good news, however, from gas: another decrease, it is at 43.04 euros per megawatt hour, today -2%, the decrease is 10 euros compared to the previous month. Slight rise today for oil, with Brent at 80.6. In this case too, we expect the OPEC Plus meeting on Thursday on possible production cuts.

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