After the crackling start of 2023, the European lists take a break in the fourth session of the year and close in no particular order, thanks to thenegative opening of Wall Street.
Inflation shows timid signs of a slowdown in Italy, after the more convinced ones of Spain, Germany, France and the drop in industrial production prices in the Eurozone, but in the USA the private labor market it is confirmed to be stronger than expected and this, after reading the minutes of the last Fed meeting, does not bode well for the next monetary policy moves in the USA.
In this context Business Square holds its course, -0,11%, stopping at 24.832 basis points, divided between the rebound in oil stocks and profit-taking on utilities. The variations are modest a Parisi, -0,22%, Frankfurt -0,36% Amsterdam -0,44%. In the euro area it is against the trend Madrid +0,54%, while outside the single currency area London stands out +0,63%.
Wall Street in the red, Silvergate shoulder bag, dollar goes up
Overseas Wall Street is down more than a percentage point with the main indexes. Walgreens Boots Alliance is the worst on the Dow Jones, after the publication of disappointing accounts. The title of Silvergate Capital loses 46% on the Nasdaq, after the company specializing in financial services and cryptocurrencies announced that its customers' total deposits of digital assets fell in a quarter (from the second to the third of 2022) from 11,9 billion to 3,8 $.XNUMX billion. Also Tesla it is in reverse again with a loss of more than 4%. In addition, the prices of T-Bonds fall and yields rise.
In a climate of risk aversion, the dollar, whose index rises by about one percentage point. The euro-dollar exchange rate is around 1,052.
Il Petroleum raises his head after two forgettable sessions. According to data from Refinitiv Eikon, both benchmarks have accumulated the largest losses since 1991 (about -9%) in the last two days. Today, crude oil seems intent on asserting itself: Brent rises by 1,4% to 78,92 dollars a barrel and WTI gains 1,3%, to 73,78 dollars a barrel.
It also bounces the natural gas in Amsterdam: +8%, 70,250 euros per Mah.
Farewell to a drop in rates in 2023?
Today, investors are questioned by data on private employment in the US, which is higher than expected, also seen in the light of the Fed's minutes, which has invited them to avoid easy optimism about their next moves. Employment in the US private sector increased by 235 in December, against expectations for +153. In addition, weekly jobless claims fell by 19 to 204, versus estimates of 223.
According to some American commentators, the markets are already pricing in rate cuts of around 40 basis points in the second half of the year and any sign in the opposite direction, especially from the world of work, disturbs the balance.
Also not even theinflation it's won. According to Gita Gopinath, deputy director general of the International Monetary Fund, inflation has not yet turned the corner and it is too early for the Fed to claim victory.
Other problems that disturb souls, and not just those of investors, are the Covid in China and the war in Ukraine. The pandemic in the celestial empire worries US President Joe Biden, while the WHO claims that Beijing is underestimating the deaths from Covid-19; on the Ukrainian front the Russian president Putin has ordered a ceasefire from noon tomorrow to midnight on Saturday for Orthodox Christmas, but after a morning conversation with Putin, Turkish President Erdogan says that "Moscow is preparing an escalation for February".
Inflation cools down in Europe, but remains in double digits in Italy
As partial comfort for the Europeans, the preliminary Istat data on the iinflation in Italy in December: the national consumer price index for the entire community (NIC), gross of tobacco, increased by 0,3% on a monthly basis (+0,5% in November) and by 11,6% on a monthly basis yearly (from +11,8% in the previous month). The average for the year is +8,1% and represents "the largest increase since 1985 (when it was at +9,2%", writes Istat.
In the euro area i industrial producer prices, in November, they fell by 0,9% compared to October (-3%); same trend in the EU (-2,6% in October). Compared to November 2021, they increased by 27,1% and 27,4%. In Italy +3,3% (highest growth rate in the EU) after -4,7% compared to October; +35,7% after +33,2% compared to a year before.
Piazza Affari: Tenaris rebounds, Hera retreats
Tenaris opens the list of increases of the Ftse Mib with a progress of 2,92%, after the losses of the last few days. In the sector, Saipem +0,39% and Eni +0,24% are also moderately appreciated.
According to rumors, the subsidiary of the six-legged dog, Fullness would be interested in purchasing a portfolio of 1,8 million Endesa gas customers, which Enel's Spanish subsidiary (-0,16%) has put up for sale.
Earn the sector automotive: Cnh, yesterday negative, today it appreciates by 1,54%. stellantis it is confirmed in money with an increase of 1,04%. The automotive group yesterday, with the market closed, announced an agreement with the American partner Archer Aviation for the production of electric vertical take-off aircraft midnight.
Good for Interpump +1,16%.
Among banks Unicredit +0,72% (which was included by Jefferies among its 'top picks' in the outlook for 2023 for the European banking sector) and Banco Bpm +0,41% are still in evidence.
Instead, it is the women who suffer utility: Hera -3,42%, Italgas -1,77%, Snam -1,63%. Terna also lost share, -1,94%, which obtained authorization from the Ministry of the Environment for the construction of a power line in Valtellina with an investment of 65 million euro.
Among the stocks in the red Prysmian -2,34%, Amplifon -2,7% and Diasorin -2,04%.
Out of the main basket Piaggio is appreciated by 2,58%, in the light of December registrations in the Italian two-wheeler market which continues to show a far better performance than that of cars.
Spreads and yields up slightly
Rates rose slightly in the euro area and the spread between the ten-year benchmark Btp and the Bund of the same duration rose to 203 basis points (+1,11%). The yields are indicated at the end respectively at +4,33% from yesterday's 4,28 and 2,3% from +2,28%.
