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Stock Exchanges close January 16: luxury shines again and Moncler (+6,3%) leads the charge in Milan which approaches the 36 thousand mark

Piazza Affari slows down in the final and closes with a +0,4%, despite Moncler's jump. European luxury exploits after Richemont's accounts (+15%). Paris takes the pink jersey with Lvmh and Hermès. Wall Street contrasted

Stock Exchanges close January 16: luxury shines again and Moncler (+6,3%) leads the charge in Milan which approaches the 36 thousand mark

European stock markets closed another excellent session today, although slowing down in the afternoon due to the uncertain trend of Wall Street. They keep the spirits of the Old Continent high luxury titles, while in New York the enthusiasm of the day before, due to the core inflation data and the quarterly results of some large banks, today leaves room for gains and perhaps some doubts, with a series of macro data in chiaroscuro and the Truce reached in Gaza which still appears fragile.

Luxury shines in Europe, illuminated by Cartier

Business Square, after briefly exceeding 36 thousand basis points, falls back but still closes up 0,48% at 35.819 basis points, thanks to the rally in the luxury sector, with Moncler +6,32% and Brunello Cucinelli + 2,16%.

In Milan, as in the rest of Europe, the big names celebrated their quarterly results Richemont (+15,5% in Zurich), owner of prestigious brands such as Cartier, Buccellati, Baume & Mercier, Piaget, Montblanc, Ynap. Between October and December the Swiss giant saw sales to increase by 10% compared to the same period in 2023 reaching 6,15 billion euros. Almost all markets recorded double-digit growth, although Asia-Pacific showed a 7% decline.

By extension the best continental square is Paris, +2,14% where many shares of illustrious brands are proudly displayed: Louis Vuitton, + 9,15%, Kering (Gucci) +6,18%, Hermes + 4,91% Essilor Luxottica, + 1,48%.

The other price lists also did well, with the exception of Madrid -0,55%: Frankfurt +0,14% (also reached a new record), Amsterdam + 1,53% London + 1,1%.

Wall Street slightly down, retail sales disappoint, rates rise

Wall Street, after a good start, quickly changed pace and is now showing a slight weakness (DJ -0,05% S & P 500 + 0,1% Nasdaq -0,29%). There is still some nervousness on the markets, as the Trump presidency approaches and questions are being raised about the policies of the new administration. In addition, the macro data of the day raises some doubts: retail sales Christmas were not as satisfactory as hoped (+0,4%), while last week the requests for unemployment benefits increased than expected (to 217 thousand against expectations of 210 thousand). In addition to this, the import prices in December they rose by 0,1%, against estimates of -0,1%. Numbers that do not allow those bets on a Fed action solid enough this year to satisfy the market, even if yesterday the hopes of two rate cuts in 2025 timidly rose again.

As regards the quarterly results, the results are more than satisfactory. Morgan Stanley and BofA, that have seen profits or earnings double or more, even if the two stocks are moving in opposite directions. 

Gold, Dollar, Oil. Draghi's Smile Was Good for Rates 

If today's jewelry is toasting holiday sales, so is thegold, immediate delivery, showed its best form moving above $2716,1 an ounce (+0,72%). The progress is even more robust for the February 2025 futures, up 1,28% to $2752,71 an ounce.

On the other hand, purchases on futures are calming down Petroleum, with Brent remaining solidly above $81 a barrel and Texan crude near $78.

On the foreign exchange market theeuro floats just above 1,03, while the dollar loses more ground against the yen, after statements by BoJ bankers hinting at possible rate hikes. 

Speaking of central banks, the ECB minutes revealed that some members of the board have asked to consider rate cuts of 50 basis points. 

Since even a single nod is studied by markets to intuit the intentions of central bankers, researchers at the University of Giessen in Germany have identified and classified the facial expressions and vocal emotions of Mario Draghi and Christine Lagarde during press conferences following the rate decisions. In the survey entitled 'The Emotions of Monetary Policy', it is highlighted how the smile was Draghi's weapon, to reinforce his message, while Christine Lagarde's is a frown.

It turned out that Draghi's messages, both dovish and hawkish, had a greater impact on government bond yields, the euro and eurozone bonds when accompanied by a smile.

Piazza Affari: Nexi breathes, mixed banks

In Piazza Affari, as mentioned, it is mainly luxury stocks that dominate the scene. Even outside the main basket Ferragamo earns 2,69%.

On the Ftse Mib it regains color nexi, +2,6%, after the avalanche of sales suffered by the stock in recent sessions.

Among the blue chips it is appreciated Leonardo +1,96%, promoted to buy by Morgan Stanley with a target price of 35 euros. Analysts look favorably on the possible restructuring of the Aerostructures business and the potential spin-off of the same in collaboration with partners. Sale Interpump +1,72% and close a positive session with utilities such as Hera + 1,39% Italgas +1,19% and Terna + 1,09%.

The sales side opens with Iveco, -1,92%, on gains after yesterday's jump. Retreats stellantis, -0,99%, which saw sales fall by 9% in the fourth quarter globally and by 6% in Europe.

The banks are mixed: the big ones are doing well, Understanding +0,56% and Unicredit +0,38%, while the sales slightly decrease Bpm bank -0,44% and Bper -0,56%.

Spreads down

The session for the Italian paper also ends positively today: the spread between 10-year BTPs and Bunds of the same duration it narrows to 113 basis points, with rates at 3,65% and 2,51% respectively.

The Consob Statistical Bulletin also shows that Italian government bonds were snapped up in 2024: the value of government bonds that changed hands on Italian platforms rose last year to 8.007 billion euros (from 4.512 the previous year).

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