The Fed slows down the squeeze, but Piazza Affari doesn’t fly

Positive day for Piazza Affari and most of the European stock exchanges, in the wake of yesterday’s statements by Fed number one, Jerome Powell, who announced a slowdown in the rise in interest rates. The tightening on monetary policy will therefore be less than expected in the coming months.

The day, however, was also characterized by a new flare up in the price of gas, which reached 165 euros per megawatt hour at the TTF in Amsterdam, before returning to lower levels. The value of oil is also still on the rise, with Brent and Wti registering the plus sign. The Eurozone manufacturing PMI is stuck at 47.1, just below the preliminary reading of 47.3.

According to Intermonte’s Chief global strategist, Antonio Cesarano, Powell’s statements opened a potentially favorable December for share prices and bonds. In Milan, the Ftse Mib gains 0.31% and closes at 24,685.67 points. The spread between BTPs and German Bunds dropped sharply, falling below 180 basis points. The yield on ten-year bonds also fell, to around 3.7%.

On the main stock exchange of Piazza Affari, Tim is positive (+3.69%). The company has specified that it will continue to evaluate all the options that lead to the overcoming of the vertical integration and the reduction of the indebtedness. Investors perceive greater optimism than in previous days on the single network dossier. Amplifon (+2.98%), Diasorin (+3.78%) and Pirelli (+2.03%) also performed well.

On the other hand, Unicredit (-3.64%), with the institution completing the second tranche of the treasury share purchase program, for a total value of around one billion euro. Lastly, Banca Mediolanum (-2.21%) and Banco Bpm (-2.41%) performed negatively. (in collaboration with