EU stock exchanges moved little without Ws' compass. Mps and Mediobanca down in Milan after investigations
US markets halted for Thanksgiving. There is confidence about an easing of rates in the US by the Fed. Lottomatica shines in Piazza Affari. Gold falls, oil rises. Bitcoin above 91 thousand dollars
by Martina Soligo and Paolo Paronetto
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(Il Sole 24 Ore Radiocor) - The European stock markets are navigating on sight without the compass of Wall Street, closed for the Thanksgiving holiday. Stock markets continue to be buoyed by the bet on a new US interest rate cut at the Fed meeting scheduled for 10 December, a prospect that the market considers 85 per cent likely according to Cme FedWatch calculations. The FTSE MIB of Piazza Affari thus closed the day just above par, in a contrasting landscape for the main continental indices.
Mps and Mediobanca in the queue, Caltagirone, Milleri and Lovaglio under investigation
On the Milan stock market, the blue chip list Banca Mps and Mediobanca are affected by the news that the Milan Public Prosecutor's Office, after ten months of investigations, is allegedly investigating the businessman Francesco Gaetano Caltagirone, the chairman of Luxottica and of the holding company Delfin, Francesco Milleri, and the CEO of Mps, Luigi Lovaglio, with the crime hypothesis of 'market rigging' and 'obstructing the supervisory authorities' in relation to the takeover of Piazzetta Cuccia by Siena.
Good Enel, Lottomatica rises
On the other hand, Azimut and Davide Campari were positive after the accounts of French Remy Cointreau. Buying continues on Lottomatica Group, after rumours about the possible sale of its Italian operations to competitor William Hill. Meanwhile in London, Evoke, which controls William Hill among others, lost 4% after the UK government announced a tax increase on online gaming. Attention was also focused on banks and the defence sector, with Leonardo - Finmeccanica unveiling the "Michelangelo Dome", an artificial intelligence-based, multi-domain system capable of connecting different equipment and platforms to protect countries from airborne threats (similar to Israel's Iron Dome). Among the day's ratings Enel cashed in on Jp Morgan's target price increase to €9.7 from €8.3, with an overweight rating. Well Ferrari , after Jp Morgan raised its target price to USD 457 from EUR 394 previously.
Spread stable at 72 points, yield at 3.4%
On bonds, the spread between BTp and Bund closed stable. At the end of the session, the yield differential between the benchmark ten-year BTp and the German Bund of the same duration stood at 72 basis points, unchanged from yesterday's level when the differential had reached its lowest level in more than 15 years. The yield on the benchmark ten-year BTp rose slightly, ending the session at 3.40 per cent from 3.39 per cent previously.
Gold rises, oil on the rise. Bitcoin above $91,000
Among commodities, gold slowed, to USD 4,154 an ounce (-0.2%), while oil gained ground with the Brent futures for January at USD 63.36 a barrel (+0.36%) and the Wti of the same maturity at USD 58.99 (+0.58%).
