In the last hour, the climate on the stock markets has cooled down. Milan is just below parity, as is Frankfurt; The overall balance of the week was also slightly negative. In London the decline was steeper at -0.9%. The so-called Empire State Index, which fell into the red in December and performed worse than expected, was held back by disappointing US manufacturing data. But also the words of a Federal Reserve board member: “We are not talking about interest rate cuts yet,” he said, somehow denying what was said on Wednesday by the Fed advisers themselves, the majority of whom had foreseen three cuts in the cost of money in 2024 .
However, government bond markets remain calmer: European government bond yields continue to fall – 4 basis points less for the Italian 10-year BTP, now at 3.74%. However, the spread to the German federal bond increases slightly to 170 points.