The rally at the beginning of the year does not stop and the European stock exchanges inaugurate the new week by increasing the gains of the last eighth, with London (+0,29%) at the highest for almost five years. The positive session of the Asian markets today (although Tokyo was closed), the reopening of the Chinese borders (in view of the lunar new year), the harmonious start of Wall Street and a macro picture that eases fears about the Fed's next moves. There is not as much optimism around the ECB and in fact theeuro it appreciates against the dollar by about one percentage point, trading around 1,074. The greenback, on the other hand, moved to a seven-month low against the major currencies.
The radical change of course of the Dragon in the zero Covid policy then revives hopes on world oil demand and inflames crude oil, which lost about 8% in both benchmark contracts last week, recording the most impressive drop in weeks since 2016 . The Brent it appreciates by 2% to 80,15 dollars a barrel; The wtf it rises by 2,77% to 75,77 dollars.
Frankfurt and Amsterdam lead Europe
Business Square closed today's session with an increase of 0,81% to 25.385 basis points, a level not seen since before the war in Ukraine.
To intercept most of the purchases were the squares of Amsterdam +1,65% and Frankfurt +1,29%. The first by taking advantage of the greater presence of technological stocks, which are very sensitive to government bond yields. The second looks at the higher-than-expected increase in German industrial production in November (+0,2%, compared to October). It stands tall on the Dax Bayer +3,17%, after the entry into the capital of the Inclusive Capital Partners fund, with an investment of 500 million dollars (400 million euros). Well too Paris +0,068%, while Madrid -0,1% is slightly down.
Outside the eurozone it appreciates Zurich +0,36% on the day in which the Swiss central bank communicated the worst result in its history. The preliminary data for 2022 indicates a loss of 132 billion francs (about 133 billion euros) compared to a profit of 26 billion in 2021. The result "precludes the distribution of a dividend to the Confederation and cantons". At the origin of the deep red there would be the decline in stocks and bonds last year.
Wall Street in progress, the Sao Paulo stock exchange stable
Overseas, the New York Stock Exchange opened at the same pace and the session seems to herald another positive closure after Friday's. The last octave was for Wall Street the best since november. In the trading rooms there are those who remember the "five day rule", according to which US stocks tend to gain for the coming year if they are net positive after 5 days.
In short, the crystal ball sends off beautiful promising reflections today, but the week is full of key appointments that could tarnish hopes. Tomorrow Jerome Powell should speak and especially on Thursday the data on US consumer prices for the month of December will be released, which will provide an updated picture on inflation. Economists polled by Bloomberg expect a headline CPI consumer price index up 6,6% year-on-year, up from +7,1% in November, and a virtually flat month-on-month trend.
Furthermore, from Friday 13 the Big Banks will begin to publish their accounts, opening the fourth quarter earnings season.
Could be pains, since Goldman Sachs, again for Bloomberg, will announce 3.200 layoffs. In any case, the stock is up today, +2,04%.
After i serious unrest in Brazil it is inevitable to also cast a glance at Sao Paulo Stock Exchange, whose trend appears to be slow. The Brazilian currency loses share against the dollar.
Piazza Affari returns to pre-war levels
Piazza Affari cancels the losses for most of the year and returns to levels before the Russian invasion of Ukraine.
Queen of the Ftse Mib is Telecom, +4,8%, with the market that seems to believe that the dossier on the network is about to be concluded, which should return to public scrutiny. In an interview Gianluca Ricci, head of Macquarie Asset Management Italy said that the Macquarie infrastructure fund is in favor of the government's plan to create a national telecommunications network and is working on the project with interested parties.
Bene Stm, +5,22%, favored by the good performance of the sector at a global level. Another stock that is charging back last year's big losses is Saipem, + 3,28%.
In the Agnelli galaxy it is in light Ferrari +3,4%, on which Citi canceled the "sell" recommendation to switch to "neutral". In asset management Azimuth, +2,3%, toasting net inflows of 1,2 billion in December and 8,5 billion euros for the whole of 2022.
Red laps today at a number of demoted stocks from Morgan Stanley. The black shirt goes Erg -1,64%, which for the broker switches to "Underweight" from "Equal-weight", target price at 29 euros from 31 euros. Same registry change for Enel (-0,04%) and for Generali (-0,92%).
Some banks are weak. Bpm bank -0,52% and Unicredit -0,68%.
Out of the main basket though Ps it has filled up with purchases and finally shows a gain of 11,69%, after the declarations of CEO Luigi Lovaglio, according to which the consolidation process in Italy will have to involve the Sienese bank which is a pivot of the sector.
Fireworks for Saes Getters, +24,63%, which announced a binding agreement for the sale of the Nitinol business to the US company Resonetics for a price of $900 million, which is about twice the market capitalization.
In luxury it shines cucinelli, +2,07%, which is approaching the all-time highs reached in December pending the turnover data that will be published in the evening and any positive news that could emerge in the next few days with Pitti and Milan Fashion Week (men's collections).
Spreads down
The closure is also in green for the Italian card: lo spread between the ten-year benchmark Btp and the same German maturity, it drops to 197 basis points (-1,05%), with rates of +4,18% and +2,21% respectively.
