I European lists they maintain the good intonation of the eve and close the second session of 2023 on the rise, although far from the highs reached during the day. The numbers of theGerman inflation in December, while the volatile performance of Wall Street curbed enthusiasm. There New York Stock Exchange, which returned to trading in today's session after the New Year's holidays, is in the red thanks to a disappointing data on manufacturing in December. Also weighs the collapse of Tesla (-13%), which cannot find peace after the 2022 losses.
Square Business it appreciated by 1,15%, to 24.436 basis points, thanks to purchases of securities in the auto sector (with registrations up 20,99% in Italy in December). Utilities and banks are doing well too. On the other hand, oil stocks lose share, in the wake of the decline in crude oil prices.
In the rest of the euro area they are slightly more timid Paris + 0,44% Frankfurt + 0,8% Amsterdam + 0,92% Madrid +0,33%. Off the bat they soar Zurich +2,23% and London +1,42%, which remained closed yesterday. In particular, the shares of the oil majors such as BP +1,78% and Shell +1,71% stand out in the City. The Ftse 100, during the session, briefly touched the maximum since June 2022.
At the macro level, the slowdown in inflation in Germany in December gives Europeans hope, higher than expected of analysts: +8,6% the preliminary annual figure, -0,8% compared to November. This is a notable slowdown from 10% in November and +10,4% in October. 2022 ends with an average rate of 7,9%, which is about four times the ECB's target.
Oil and gas down
Commodity futures are down Petroleum, with global economic prospects appearing to be deteriorating according to the International Monetary Fund.
Today, data on Chinese manufacturing activity, which eased in December on rising prices, was disappointing Covid-19 infections. This halted production and weighed down demand after Beijing largely lifted anti-Covid restrictions. The PMI index calculated by IHS markit for the Caixin group, stood at 49 points last month, compared to 49,4 points in November, thus remaining below the 50 line that separates contraction and expansion. Since August this index has been consistently in the red.
In this context, Brent lost 1,73%, 84,42 dollars a barrel; Wti -1,9%, 78,74 dollars a barrel.
The trend was also negative for the futures of gas in Amsterdam, which have returned to approximately the levels of ten months ago, at 72,5 euros per megawatt hour.
In the day Snam (+0,89%) communicated that the natural gas stocks Italians in storage are around 84% compared to 68% a year ago: a figure that must be read in view of the new storage filling season, the one that will also have to guarantee Italy a winter 2023-2024 without worries about supplies .
Currency market: focus on the yen
On the foreign exchange market theeuro back on dollar and trades around 1,056. The morning gains were limited by the yen, which traded around 130,8 against the dollar after falling below the 130 threshold, the highest for seven months. The Japanese currency tickles appetites after the heavy losses of 2022, in a context of central banks oriented to raise rates to curb inflation and with the BoJ bucking the trend. In December, however, the BoJ surprised everyone by loosening its tight grip on Japanese 10-year bond yields a bit, to correct some market distortions. Since then, some have been betting that the Japanese central bank will tighten its monetary policy in 2023. Reuters writes that Pictet has a year-end dollar / yen forecast of 125, which implies a 4% increase in the value of the yen against the current levels.
Piazza Affari clears rubber with Pirelli
Shopping rain today for Pirelli & C, which closes with a 4,5% increase in an automotive sector that fits well at the European level.
They appreciate each other Ferrari +0,64% and stellantis +1,3%, the latter although sales of new cars increased by only 3,49% in December, therefore less than the market average (20,99%).
Among the best blue chips of the day are many banks, with the market betting on a recovery of mergers in the sector. The best title is Unicredit +3,45%, whose president, Pier Carlo Padoan, maintains that the institute's strategic choice is to focus once again on Italy, while continuing to operate in a European context. Well Bpm bank +2,04% and Understanding +2,33%. Outside the Ftse Mib it deflates partially Ps -1,88%, after yesterday's gains. According to press sources, Siena is hypothesizing the sale of a company branch containing from 500 to 800 branches. According to Intesa, this choice "could facilitate integration into a banking group and the creation of a third pole, as recently indicated by Prime Minister Giorgia Meloni".
Utilities appreciate starting from Enel +2,5%. Well the industry with Interpump +2,15% and managed savings with Fineco +2,33% and Post +1,95%. Still attractive Telecom + 1,92%.
Among the weakest stocks are the oil companies: Tenaris -3,45% Saipem -0,3%. Eni however, it rose by 0,57%, with Bernstein's upgrade to 'Outperform' from 'Market Perform' and a revised target price to 20 from 18,5 euros.
Some ballast profit taking Leonardo -0,63%.
Stable the spread, snubbing the FT
The government bond market also closed positively, thanks to the improvement in German inflation. The spread between the ten-year Italian and German it is at 209 basis points (-0,79% and the rates are down respectively +4,46% (from 4,55% yesterday) and +2,37% (from 2,45%).
The tricolor map is not affected, for now, by the fact that nine out of ten economists interviewed by the Financial Times said that Italy is the country in the Eurozone which will find itself most exposed to a debt crisis when the European Central Bank will raise interest rates and buy fewer bonds in the coming months.
