Today’s Stock Exchanges, November 29th. Positive markets, betting on Chinese anti-Covid easing is back
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MILAN – The explosive situation in China, the comments of the central governors, the drop in the dollar: these are the hot topics of the markets. The European stock markets start positive, after the weakness on the eve, precisely with the rebound of the Asian indices: there is speculation that the violent protests that have broken out in China could lead to a softening of the Zero-Covid policy. “Markets will still remain volatile until investors price in a real change of address,” SocGen analyst Kiyong Seong told Bloomberg.
Among the themes of these sessions, the weakening of the dollar: the US currency, which seemed unstoppable in the first part of the year while US interest rates rose in the fight against inflation, retraced. And longtime bettors on its run, like JP Morgan AM and Morgan Stanly, are now saying the era of its strength is ending as the price slowdown lowers bets on further accelerated Fed tightening.
Italian industries down in September: turnover at -1.2%
In September it is estimated that the turnover of industry, net of seasonal factors, decreased by 1.2%, in quarterly terms, both for the total and for the domestic and foreign components. The Istat detects it. Corrected for calendar effects, total turnover instead grew in trend terms by 18.0%, with increases of 17.5% on the domestic market and 19.2% on the foreign market. There were 22 working days as in September 2021. In particular, marked increases were recorded for energy (+37.1%), more contained for capital goods (+19.2%), consumer goods (+ 17.6%) and intermediate goods (+14.8%).
EU stock exchanges open higher, Juve is priceless
European stock markets open slightly higher. Investors’ eyes remain on protests in China against strict anti-Covid measures and on the stimulus measures decided by the government to support the economy. Focus also on the inflation data for Spain and Germany while awaiting the general data for the Eurozone which will be released tomorrow. The Paris Cac 40 index rises by 0.33% to 6,687.03 points, the Frankfurt Dax 30 registers an increase of 0.15% to 14,404.43 points and the London FTSE 100 increases by 0.45% at 7,508.02 points. In Piazza Affari, the Ftse Mib marks a +0.44% in the first trades.
On Piazza Affari, Juventus is priceless with a theoretical -10%.
Hong Kong rally drags Asia
After yesterday’s depressing session, Asian stock markets are trading positive driven by the jump in real estate stocks, after the Beijing authorities eased the restrictions introduced in recent years for real estate developers. Tokyo closed down 0.48% but Hong Kong rallied, advancing 3.98% while Shanghai gained 3.25%. The SZSE index of mainland China recorded +2.26%, Taiwan +1.05%. The Korean Kospi index also performed well, +1.04%.
Tokyo down against the trend
Tokyo stocks closed lower after Wall Street indexes closed sharply lower on concerns over protests in China and zero tolerance policies towards Covid. The benchmark Nikkei 225 index closed down 0.48% to 28,027.84 points while the broader Topix slipped 0.57% to 1,992.97 points, bucking the trend with the rest of the country. Asia.
Positive futures on Europe and Wall Street
After yesterday’s down closing, the European stock exchanges are heading for a rising session thanks to the good performance in Asia. Futures on the Eurostoxx 50 rose by 0.25%, those on the Dax by 0.24% and those on the FTSE 100 by 0.21%.
After yesterday it was sunk by fears of protests in the main Chinese cities against the strict anti-Covid measures, Wall Street is heading for a rising session also driven by the excellent performance in Asia. Yesterday it had closed sharply down, today futures are trading positive: contracts on the Dow Jones are up 0.20%, those on the S&P 500 up 0.35% and those on the Nasdaq are up 0.55%.
Oil rebounds between OPEC and the price cap on Russian crude
Oil prices are rebounding after yesterday falling to a one-month low. Investors are eyeing the OPEC meeting expected this week and a potential production adjustment. Brent futures advanced 2.2% to $85.00 a barrel while WTI futures rose 1.8% to $78.61 a barrel.
On the chancellery table there is always the question of the price cap on Russian crude: according to Bloomberg, at European level there has been discussion of going down to 62 dollars a barrel, but for some such as Poland and the Baltic countries it would still be too high.
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