The rebound in oil stocks, coupled with the good pitch of luxury and banking, is also leading today Business Square on the podium of the main European stock exchanges. The Ftse Mib appreciates by 0,83% to 26.435 basis points, consolidating at its highest level for about a year, in a very cautious global context awaiting the meetings of the ECB, Fed and BoE next week.
Frankfurt appreciates by 0,12%, Paris e London are practically flat, while Amsterdam marks a progress of 0,46% e Madrid by 0,29%. On the Cac 40 lvmh is colorless, after various ups and downs following the accounts records 2022. A small weakness in the operating margin, which has attracted the attention of analysts, would distance the title and suggest prudence.
Wall Street timid, but positive despite Intel
The mood was also dictated in Europe in the afternoon by the volatile start of wall street, uncertain which path to take amid new signs of slowing inflation and the collapse of Intel (-7,4%) after the accounts.
Currently Dow Jones (+ 0,15%), S & P 500 (+ 0,21%) and Nasdaq (+0,55%) are in green.
The sentiment seeks its own center of gravity especially in view of the meeting of the US central bank, from which a new rise of 25 points is expected, to be replicated at the next meeting, but with the macro picture appearing fluid and could reserve surprises.
To stick to today's data: PCE inflation slowed down in December (a slowdown was already seen yesterday in the fourth quarter). Month-on-month growth was 0,1% and +5% compared to a year earlier (from +5,5% in November). Personal income also increased by 0,2%, in line with expectations, while consumer spending decreased by 0,2%, against expectations for a drop of 0,1%.
This picture partially compensates for the concerns raised by the quarterly of the video giant chip, which has fueled fears of a collapse in the PC market. Intel is deep in the red after a disappointing quarter and a worrying outlook, both due to weak computer demand, chip manufacturing issues and a loss of market share to rival AMD. However, Amex (best title on the DJ) and Visa are flying, which positively surprised investors.
Tensions on government bonds
The nervousness about what the central banks will decide is expressed in the government bond market. THE T Bond they currently sell falling prices and rising rates.
The Italian card also closes in red: lo spread between 189-year BTPs, the Bund of the same duration rises to 1,86 basis points (+4,09%) and yields continue to rise and are respectively indicated at +2,2% and +XNUMX% at the end.
Meanwhile, on the primary, the rate of six-monthly BOTs, assigned at auction, updates the maximum since 2012 (yield at 2,822%, an increase of 50 cents compared to the previous month's auction).
According to economists interviewed by Reuters the ECB will raise interest rates by 50 basis points at each of its next two meetings. “Economists' forecasts risk falling behind the central bankers' guidance on interest rate movements anyway”.
Raise the dollar's head; keeps pace with the yen
On the currency market, the dollar, which trades ahead against a panel of currencies and also appreciates against theeuro, which currently fluctuates around 1,086. It keeps pace against the greenback lo yen, which strengthened after news that annual core consumer prices in Tokyo (which typically lead national trends) rose 4,3% in January, the fastest pace in more than 40 years.
On the energy front, the Petroleum: Brent -0,65%, $86,9 a barrel; Wti -1,02%, 80,18 dollars a barrel.
Stable the gas, just under 55 euros per Mwh.
In Piazza Affari, Saipem, Moncler, Buzzi shine
The earnings of Business Square of today are primarily due to Saipem, which hits a rebound of 4,51%, after a series of negative sessions. In the wake Tenaris + 2,27%.
At the top of the list it is highlighted Moncler +2,37%, with luxury well bought at European level. Among the Milanese stocks in the sector, Ferragamo also closed a good session, +1,89%, which had started down following the results communicated yesterday evening, which were not so convincing. For Equità, however, the title is "buy", because the prospects improve following the reopening of China. They are more cautious Understanding (hold) e Intermonte (neutral).
Buzzi, +2,45%, finds its place in the top ranking, also driven by the improvement in the target price by JP Morgan and Citigroup.
Bene stm, + 2,32%.
The money remains on the automotive sector, already highlighted yesterday: Ferrari + 2,29% Cnh +1,73% (on which Berenberg started hedging with 'buy'), stellantis +1,01%. It loses altitude though Pirelli -1,25%.
Banks appear well bought, with Bper +1,55% which drives today's increases.
Cues on nexi + 1,45%.
It's still declining Telecom, -0,7%, entangled in nothing done on the net after yesterday's meeting at Mimit.
