I European lists they finish mixed on the day of ECB, inactive, as expected, sui rates (still at 4,5%) and laconic in terms of indications about the future, even if the trajectory ofinflation points downwards and this gives operators hope for a cut in the cost of money starting from April.
A small incentive for purchases in the Old Continent arrived in the afternoon fromWall Street starts off in tune, driven in turn by the preliminary reading of fourth quarter GDP (+3,3%) higher than analysts' expectations.
Europe disoriented by Lagarde
The European picture therefore appears mixed, disoriented to some extent fromattitude of the ECB, not clearly a dove, but not a hawk either, with traders remaining more optimistic than the central bankers' words would suggest.
Business Square loses 0,59% and retreats to 30.157 basis points, weighed down by Snam, -2,83 and from banks, with Unicredit (-1,76%) in deep red penalized by the change of recommendation to 'hold' from 'buy' by Deutsche Bank, which sees little room for growth in 2024.
Il banking sector is weak throughout Europe, dragged down by the Spanish flu Bankinter (-5,52%) after fourth quarter net profit failed to meet market expectations.
The technology sector rises, in the wake of the results of Nokia (+10,6%) which in the fourth quarter achieved an operating profit above market estimates.
Balancing between the news of the day they rise timidly Frankfurt +0,11% and Paris +0,11%. Back off Madrid -0,58%, as it progresses Amsterdam + 0,98%. London is flat.
Overseas they are fractionally up DJ (+ 0,2%), S & P500 (+ 0,4%), Nasdaq (+0,56%), although Tesla, the first of the magnificent seven American companies to be tested, fell by 10,67% after a lower-than-expected quarterly result. In the press release, the company announces that volume growth in 2024 could be "significantly lower" than that of 2023, as it will work "on the launch of the next generation of vehicles in the Gigafactory Texas".
Euro falling after Lagarde
THEeuro-dollar today it moves in harmony with a macro picture that appears weak in Europe, while the US economy continues to show signs of strength. The single currency trades lower and changes in the 1,083 area.
The president of the ECB Christine Lagarde warns that i risks for growth in the Eurozone remain oriented to the downside and it is likely that there was stagnation in the last quarterly remnant of 2023. “However – he adds – some forward-looking survey indicators point to a recovery in growth in the near future”. The process of slowing down inflation is underway, but the intensification of the Middle Eastern conflict could represent a risk and it is still "premature" to discuss a rate cut.
The decline in confidence among German businesses was also felt in the euro, with the index falling unexpectedly in January.
Between the stsraw materials oil strengthens: Brent +1,52%, 81,26 dollars a barrel. Yes deflate the gas in Amsterdam: -4,8%, 27,540 euros per MWh.
Piazza Affari, Hera queen of Piazza Affari
Today it stands out in Piazza Affari Ivy, +4,66%, rallying for the second consecutive day, after the presentation of the industrial plan to 2027, which provides for five-year investments of 4,4 billion euros. On the opposite side of the price list there is another utility, Snam, which in turn presented theplan update to 2027 which sees a 15% increase in investments to 11,5 billion and an improvement in the 2023 profit guidance. According to Intesa Sanpaolo analysts, “the financial targets are fairly aligned with expectations in the short term and slightly higher in the long term ”, but the stock is paying for the decline in appeal of gas-related assets.
Il luxury sector finds appeal again with cucinelli +1,66% and, outside the main basket, with Tod’s +7,72%, the latter after the announcement of 2023 revenues rising slightly above market expectations, but with the growth figure in China appreciated by investors.
I financial securitiesi instead weigh on the Ftse MIb with Bper -2,48% Bpm bank -2% Unicredit e Ps -1,09%.
stm, after a morning hemorrhage, finally limits losses to 0,48%. Weighing on the stock are expectations for the first quarter of 2024 which will see net revenues of 3,6 billion dollars, equal to an annual drop of 15,2% and a quarterly drop of 15,9%, after a last quarter of 2023 with revenues and gross margin slightly below the midpoint of guidance.
Declining spreads and rates
The decisions of the ECB and Lagarde's words had an impact toning effect on the Italian secondary which ends positively. The spread between 10-year BTPs and 156-year Bunds it drops to 0,9 basis points (-3,81%) and above all rates fall, to 3,88% (from 2,25% yesterday) to 2,3 (from XNUMX%)
