Market Closing Report November 6, 2023 | Self Bank Blog

The stock market saw a general rise in bourses in Asia and the US. European indices showed declines after rising throughout last week due to expectations of a market consensus to end rate hikes. The IBEX 35 index was down 0.6%. Israeli troops have surrounded Gaza City and isolated part of the southern Palestinian territory. U.S. Secretary of State Anthony Blinken met with Palestinian Authority President Mahmoud Abbas to discuss the organization's possible future role after Hamas in Gaza. In Japan, final PMI readings rose to 51.6 in the services sector and 50.5 in the composite index. Last week, the Bank of Japan (BoJ) left its policy rate unchanged at -0.1% but eased its interest rate control (YCC),''by raising the upper limit of the reference level for ten-year Japanese government bonds from 0.5% to 1% because core inflation in September was 4.2% year-on-year. On the other hand, if the yen continues to decline, the Bank of Japan will be forced to adopt a more aggressive stance. Japan's Nikkei 225 index rose 2.4% today. The S&P 500 stock index was slightly higher during the European session after its best weekly gain this year.

Main events of the session

• The reporting season is underway. In the U.S., more than 400 companies in the S&P 500 Index released their results, and 80% of them beat expectations with a 3.7% increase (along with the expected growth of the rest of the companies). In Europe, more than half of the companies in the Stoxx Europe' index'600 published their results and the overall growth amounted to -10.8%. In Italy, Telecom Italia finally decided to sell its telephony network (not yet including the Sparkle submarine cable) to the KKR fund for 18.8 billion euros, but the amount could reach 22 thousand billion if the possible debt burden of the business and the potential benefit of merging the network with its smaller competitor Open Fiber are taken into account. This would reduce the company's debt by more than 14 thousand billion. To control an asset considered strategically important for national security, the Italian government has authorized Tesauro to spend up to 2.2 billion to enter together with KKR for a 20% stake.

Bonds

• Global government bond yields have risen. Yields' recovery''major sovereign bonds following last week's below-forecast U.S. jobs data, which came with a slight rise in the unemployment rate and slowing wage growth.

Commodities and currencies

• Rising oil prices, though not offsetting last week's drop.

Corporate News

• Ryanair: Irish'. '
  • S Services PMI and Eurozone Composite: In October, the final reading of the Eurozone services PMI indicator fell to 47.8 points, in line with preliminary data (down from 48.7 in September). The slowing trend in services affected the composite indicator, which fell to 46.5 points (unchanged from the previous result). In this context, among the major economies, the overall performance of the services and composite indicators was heterogeneous: In Germany, the services PMI declined significantly to 48.2 points, 2.1 points less than in September. The composite PMI thus decreased by 0.5 points to 45.9 points. In France, the growth rate in the services sector amounted to 45.2 points'' (up from 44.4 points in September). A slight increase in the services indicator contributed to a slight overall improvement in activity, with the composite indicator standing at 44.6 points (up from the previous result of 44.1 points). In Italy, the services PMI continued to fall below the 50-point level to 47.7 points (down from 49.9 points in September). The composite PMI also continued its negative trend to 47.0 points after 49.2 points in September. In Spain, the services indicator improved slightly to 51.1 points (compared to the previous result of 50.5 points). Composite indicator data are not yet available.

  Investor Confidence Sentix: In November, the Sentix index showed an increase in investor confidence in the eurozone,''responsibility for them. This data is for informational purposes only and should not be construed as a recommendation to buy or sell. Investors should be aware that the products referred to in this document may not be suitable for their particular investment objectives, financial situation or risk profile. Singular Bank shall not be liable for any costs or losses, direct or indirect, that may arise from the use of this document or its contents. Past returns are no guarantee of future returns. Reproduction or distribution in whole or in part without Singular Bank's prior written consent is prohibited.