The shock comes from where you don't expect. Uniqlo, Japan's third-largest retail giant in the world, has announced a 40% salary increase in response to Prime Minister Kishida's call for companies to raise wages. Not bad, in times of monetary tightening.
Tokyo's example is unlikely to lead the way, at least for now. However, the move by the retail giant was liked by the Tokyo Stock Exchange +1%, the best price list in the Asian area where the plus signs still prevail: Hang Seng of Hong Kong +1%. CSI 300 of the price lists Shanghai and Shenzhen + 0,2%. Kospi of Seoul +0,5%. BSE Sensex of Mumbai + 0,4%.
Positive climate also in Europe, where the momentum of the early 2023 rally does not end. Start up in Milan +0,14%, Frankfurt +0,21%, Paris +0,16%, London +0,15%.
Goldman Sachs, which is also preparing for a series of unprecedented economies, has revised upwards the prospects of the European economy also in the light of the better stability of the industry. The drop in gas prices will allow Europe to avoid recession, says the investment bank in the report that raises Europe's shares to Overweight.
European stocks up. For Intesa GDP 2023 +1%
In this context, the rally of Milan + 6,99% since the beginning of the year, with a short nose, the best European price list. It is not a random record, underlines Gregorio De Felice, chief economist of Intesa Sanpaolo. "The ECB in its bulletin of 15 December had indicated as an assumption an average price of gas of 124 euros per megawatt hour for the year - he declared in an interview with Repubblica - , now we have dropped to 70". But the future? “We asked ourselves what it means for the Italian economy if we include an average gas price of 100 euros per MWh in the models. It means that Italy's GDP in 2023 will reach 1% against the 0,6% indicated by the government and the most optimistic research institutes», adds De Felice.
BTP: the offer of 20-year bonds is off to a good start
The positive outcome of the offer of the first tranche of the offer also favors optimism new 20-year BTP: bonds worth 7 billion have been subscribed at a gross annual yield of 4,529% This lengthens the average life of the public debt to 7,04 years (7,31 if we take into account the bonds linked to the Next Generation Eu).
On the other side of the balance is the caution of central banks, reaffirmed in Stockholm by Isabel Schnabel, the German member of the ECB. But Jerome Powell, who limited himself to defending the concept of central bank independence, did not get the feared squeeze at the Swedish meeting of G-10 governors.
US markets close higher, waiting for inflation
And so, on the eve of crucial appointments (inflation and the US labor market tomorrow, the start of the earnings campaign on Friday) operators are betting that the central bank, while reiterating the need for more interventions, can minimize 0,25% the next rate hike.
Positive response from Wall Street: Dow Jones +0,56%, S&P 500 +0,70 to 3.919 points, above an important technical threshold. The Nasdaq +1,01% is even better. Amazon's step is lengthening +2,9%.
The 3,58-year Treasury Note trades at a 3,53% yield, up from XNUMX% yesterday morning.
Wall Street: the quarterly reports arrive on Friday, a decline in profits is expected
Friday kicks off the quarterly season with JP Morgan, Bank of America and Citi: consensus expects earnings per share of S&P 500 companies to decline by about 2%. If confirmed, it would be the first quarter of EPS declines since the third quarter of 2020. The six major lenders and investment banks are expected to report $28 billion in earnings together, but this estimate represents a 15% decline from the year previous.
The cross was little moved euro/dollar at 1,074.
Petroleum WTI this morning down 1% to $74,3 a barrel.
Gold +0,4% to 1.888 dollars, fourth consecutive session of increases and new high for eight months.
Ftse Mib: shower of rating cuts
stm: Goldman Sachs cuts rating on Sell.
Amplifon: HSBC restarts coverage with Reduce.
Buzzi Unicem: Berenberg cuts to Hold from Buy.
DiaSorin. For HSBC it is to be held, target price at 135 euros.
Iveco. Iveco Defense Vehicles (IDV), the group's defense division, has signed a contract for the supply of 36 amphibious armored vehicles in the "troop transport" version to the Italian Navy.
It has perfected thepurchase transaction by Snam of 49,9% of the stakes held (directly and indirectly) by Eni in the companies that manage the two groups of international gas pipelines that connect Algeria to Italy, for a total consideration paid to Eni of approximately 405 million. These equity investments were contributed by Eni to the newly established company Sea Corridor, of which Snam has acquired 49,9% of the capital while the remaining 50,1% continues to be held by Eni.
