the Btp yield rises, above the Greek-Corriere.it yield

The spread rose to 212 basis points from 210 at Thursday’s close. The yield of the ten-year Italian bond at 4.48% is once again higher than that of the analogous Greek bond (4.46%). While Piazza Affari opens little movement. The Ftse Mib gains 0.07% to 23,829 points. Negative session instead of the Asian lists in the aftermath of the better than expected US GDP data which revived fears of a new tightening on Fed rates, awaiting new US macro data during the day. Added to the slide of American technological stocks, the effect also spread to Asian technological stocks in particular in Hong Kong where, however, the general index moved towards parity in the end of the session (-0.13%). The Chinese stock exchanges of Shanghai and Shenzhen (both -0.28%) fell slightly after the end of the zero covid checks Heavy Seoul (-1.83%) and negative Tokyo (-1.03%) after the inflation soared to a new record. However, European and Wall Street futures are trading cautiously higher.

Expectations were for a 2.9% hike, in line with the second reading of the data, after +2.6% in the first reading. But the number of workers who applied for unemployment benefits for the first time (+2,000 units to 216,000) and the PCE data on inflation, by 4.3%, also increased. US gross domestic product increased at an annualized rate of 3.2% in the third quarter of 2022 compared to the previous three months. This is what emerges from the final reading of the data, just published by the Department of Commerce; expectations were for a rise of 2.9%, in line with the second reading of the data, after +2.6% in the first reading. Consumer spending, which accounts for 69% of the US economy, increased by 2.3%, after +1.7% at second reading and +1.4% at first reading; in the second quarter, recorded a +2%.

The final US Gross Domestic Product reading of the latter quarter had confirmed the contraction experienced by the US economy in the first half of the year. After -1.6% in the first quarter, GDP fell by 0.6% in the second quarter. The PCE data on inflation increased in the third quarter of 2022 by 4.3%, based on the final reading of US GDP, confirming the second reading data; in first reading, recorded a +4.2%. In the second quarter, recorded a +7.3%. The `core’ figure, the one excluding energy and food product prices, increased by 4.7%, after 4.6% in the second reading and 4.5% in the first reading; expectations were for a confirmation of 4.6%; in the previous quarter, recorded an increase of 4.7%.

In the United States, the number of workers who for the first time filings for unemployment benefits increased by 2,000 to 216,000 (seasonally adjusted) in the week ending Dec. 17, the Labor Department reported; expectations were for a figure at 220,000. The previous week’s figure was revised from 211,000 to 214,000. In the midst of the pandemic, the US had seen a peak of 6.9 million new requests weekly. The average of the last 4 weeks is 221,750, down 6,250 units from the average of the previous week. The total number of workers receiving unemployment benefits – relating to the week ending December 10, the last for which data is available – decreased by 6,000 to 1,672,000 (seasonally adjusted).