Today’s Stock Exchanges, December 13th. Here’s what to expect from the Fed and the ECB. Gas, the EU: “On price caps still very distant”

Positive EU stock exchanges, Bpm shines in Milan

The countdown for US inflation has begun and the European stock markets are optimistic at the start of the session, albeit with caution. In the early stages, the best performers are Paris and Milan, both with an increase of 0.4%. Followed by Frankfurt (+0.3%) and Amsterdam, with London on par. It will be a key three-day event for financial markets, with the expected data on the US price index which in the next few hours could give indications on the pace with which the Fed will raise interest rates (and the ECB will cascade). Observers are expecting confirmation of the slowdown in inflation (to 7.3% from 7.7%), given that it would reduce fears that the Fed could keep rates high for longer. And the first answers will already arrive tomorrow, when the meeting of the US central bank (the expectation is for a rise of 50 basis points) and that of Japan will be held, while on Thursday the encore with the ECB and the Bank of England. In this climate, Milan shines Banco Bpm after Enasarco entered the bank’s capital with 1.97%. Purchases of oil products, in the wake of the rise in crude oil, with Tenaris (+1.8%) and Eni (+0.6%). The technology sector did well (St +1.4%) and among the banks Unicredit (+1.4%) and Intesa Sp (+0.4%) in the aftermath of the move by the CRC foundation which rose to 1.05 % of Cà de Sass. Piatta Generali with synergies after the acquisition of Cattolica defined beyond expectations. At the bottom of the list, utilities were weak, from A2a (-1.1%) and Enel (-1%), on the day in which the Antitrust launched seven preliminary proceedings against the main electricity and gas suppliers for changes illegal pricing.

On the foreign exchange front, the euro strengthens again to 1.055 dollars (from 1.0527 dollars at yesterday’s close) and 145.05 yen (144.66), while the dollar/yen is at 137.45 (137.41) . In the initial stages, the price of gas on the Amsterdam platform is flat at 136.6 euros per mWh, while oil recovers with January’s WTI trading at 74.3 dollars a barrel (+1.6%) and Brent in February at 79.4 dollars (+1.8 percent).