US inflation falls: +6,5% in December against the previous +7,1%. And the stock exchanges today 13 January applaud with greater or lesser emphasis.
It doesn't break down that muchEurope, already back to pre-war levels thanks to the rally at the beginning of the year. Futures signal an open around parity, EuroStoxx50 unchanged after another positive session for shares (Milan +0,73%, +7% in 2023), euros at the top from 8 months to 1,083 against the dollar and, even more importantly, the feeling that, despite the warnings of the ECB, the season of rate hikes is winding down.
Government bonds skyrocketing, today the repayments Tltro to the ECB
To say it are the prices: the Waist it strengthened to 2,15%. The BTP travels around 4% for a stable spread around 185 points. Giorgia Meloni, meeting the director general of the Mes Pierre Gramegna returned to criticize the European mechanism, but the general impression is that, beyond the facade of resistance, the agreement between Rome, respectful of budget constraints, and the European leaders functions.
Today at 12 o'clock ECB communicates the amount of the third window of early repayments of loans on subsidized terms made available in past years. The datum is important because it provides an indication of the descent of the central bank balance sheet: the more the banks give back, the less need there is to reduce the reinvestment of maturing bonds.
Nasdaq to the rescue, today January 13 the accounts of the Big Banks
Wall Street reacted with a hike on consumer price data. L'S&P 500 index it closed with an increase of 0,34% to 3.983 points, In the aftermath futures exceeded 4 thousand points. They also advance the Dow Jones and Nasdaq both up by 0,64%. The hi-tech stock closed its fifth consecutive session on the upside. At these prices, the week of the tech index would close with a rise of 4%.
The market likes the slowdown in prices but no one has any illusions that the Fed considers the inflation war won. The statements by Fed membershowever, they suggest that the central bank is satisfied with the results achieved. Philadelphia Fed chairman Patrick Harker, a voting member of the FOMC, anticipated that in February the bank could settle for an increase of 0,25%. Harker speculates core inflation could rise to 3,5% in 2023, up from 5,7% now
With this premise, the markets today face the start of the quarterly campaign. The accounts of the big banks are on stage, from jp morgan a Bank of America, Citi e Wells Fargor. The forecast of analysts is that the first effects on profits of the difficulties faced will be seen in 2022.
Il Treasury Notes at ten years, it rose yesterday to 3,44%, on the lows of the last month. This morning the 3,46-year bond is at 4,16%. The two-year, more up because the Federal Reserve, at the end of the month will proceed with another increase in the cost of money, is at XNUMX%.
Stock exchanges today 13 January: Hong Kong + 9% during the week, Chinese exports drop
The week of Asian stock exchanges closes in style. Hong Kong stocks, up slightly today, rose more than 9% above Friday's closing levels. CSI 300 of Shanghai and Shenzen lists +0,8%, +4,6% for the week.
China's trade balance was released tonight, exports fell by 9% in December, down from -9% in November but above economists' expectations.
Kospi of Seoul +0,9%, +6,5% per week. The Tokyo Nikkei is down 1% (unchanged from last Friday). The Japanese list is weighed down by Fast Retailling, down 7% the presentation of data for the quarter. The company that owns the Uniqlo brand announced a salary hike this week.
Il BSE Sensex of Mumbai the provisional balance for the week is down by 0,3%, -1,8%.
Bitcoin is resurrected, gold shines
Among the effects of the decline in inflation (and pressure on interest rates) the resurrection of Bitcoin climbed over $119 +15% year-to-date. Scandals have not curbed the appeal of cryptocurrencies.
Excellent week also forgold at $1.894, on medium-term highs thanks to the fall in bond yields and the dollar. More and more central banks decide to reduce their dollar reserves, as the US currency has become ultra-sensitive to geostrategic scenarios
Il WTI oil closed up 1,3%, sixth consecutive session of gains, this morning prices are moving slightly at 78 dollars a barrel.
The yen gains, the Swiss franc loses momentum
On the currency market, this week the Indonesian rupiah (+3% the provisional weekly balance), the real (+2,4%), the yen (+2,3%) and the euro (+1,8%) have won ). The Swiss franc is down (-0,3%): a Well Fargo strategist wrote yesterday that the euro will continue to appreciate against its Swiss counterpart.
Rain of promotions from Mediobanca. DB raise utilities
- Bper Banca, Stellantis, Salvatore Ferragamo and Buzzi Unicem have been promoted by Mediobanca. The same analysts cut Brunello Cucinelli, Diasorin and Prysmian. Italgas, Terna, Snam. Deutsche Bank raises the target price of all three
- Enel obtained 3,5 billion euros, out of the 4 made available by the PNRR for the modernization of transmission networks
- CNH Industrial Barclays raises its target price to $20
- Unieuro closes the nine months of the 2022-23 financial year as at 30 November with an Adjusted Ebit of 19,9 million euro, down by 64,8%, in a market with declining consumption due to the reduced purchasing power of households .
- MediaForEurope. The advertising investment market in Italy ended November with a growth of 1,1%, bringing advertising revenues in the first eleven months of 2022 to -0,9%, according to data released by Nielsen.
