Untile news from the Stock Exchanges: the markets continue the race awaiting the data on theUS inflation which will be published at 14 pm. Piazza Affari +0,45% takes another small step towards the barrier of 28 points. In the meantime it is falling spread at 170 points in homage to the good performance of the government front in the elections in Rome and Milan. the Treasury has placed the 8,5 billion euros offered in 3, 7 and 15-year BTPs, with yields that have not recorded any particular shocks. The 4,16-year trades at XNUMX%.
The other price lists are also advancing, despite the slide of Thyssen Group -7,12% weighed down by the impact of the cost of energy on steel accounts in 2022. But the markets, as we know, tend to look forward rather than think about the past.
Stock exchanges latest news: Kazuo Ueda changes course at the Bank of Japan
In this key, the news of the day is undoubtedly thereto appoint the new governor of the Bank of Japan, the third-largest central bank in the world behind the Fed and the ECB: Kazuo Ueda, Tokyo University academic, at the time a student at MIT of Stanley Fischer like Ben Bernanke and Mario Draghi takes the place of Yunichiro Kuroda., the architect of Abenomics, based on negative rates in the face of a system grappling with deflation -But the situation has changed: imported inflation with the increase in raw materials has reached 4% at a 41-year high. Meanwhile, the Kishida government has launched a campaign to raise wages, which have been squeezed downwards despite the situation of full employment.
In short, many elements conspire for a change of course of the monetary authority:”The days of yield curve control are numbered – writes Frédéric Leroux of Carmignac – as are those of an interest rate curve that has been far from economic reality for too long. A quick one normalization of monetary policy is on the horizon and it is far from certain that the resulting rise in interest rates and the yen will be detrimental to the Japanese economy and the valuation of Japanese risk assets. The monetary normalization underway in Japan is a turning point after 30 years of almost uninterrupted deflationary pressures. It deserves our full attention and interest." It is probable, according to Blackrock, that the "turning point" in the short term will translate into a higher cost for financial speculation and an undervaluation of the Nikkei, held back by the appreciation of the dollar. But, in the long run, the end of "sub-zero rates" may have the effect of freeing Japan from the liquidity trap in which it has been locked up since the early XNUMXs.
European GDP confirms the scenario, London flies with TLCs
Returning to closer latitudes, the eurozone GDP data released this morning does not change the scenario. In the fourth quarter, the aggregate grew by 0,1% compared to the third quarter, according to the flash reading at the end of January. Eurostat also reported that employment grew by 0,4% sequentially, more than expected.
The leap of the TLC groups in London should be noted: Vodafone advances by 4% after entering the capital of the American Liberty Group with a 5% stake. British Telecom also rises. The performance of the telecommunications allowed the FTSE 100 index to break its historical record.
An upward trend also in Piazza Affari, waiting for the Tim accounts
Few ideas on the Italian list. Energy and banks generally positive with a few exceptions, including Banco Bpm and Bper.
Telecom Italy expects 0,6 fiscal results and strategic plan update up 2020% today, including new targets, while the outlook on the network remains fluid.
Saipem +1,6% is today at the top of the index after the slide the day before.
Instead, the profit taking on takes place Iveco, at the bottom of the FTSE Mib with a drop of 0,6% after the latest strong gains in the wake of results and guidance above expectations.
Also good Pirelli +1,12% following the positive results of Michelin.
Wall Street futures up slightly, waiting for US inflation data
Wall Street futures are up slightly.
At 14.30 the United States Office of Statistics publishes the data on inflation. Consumer prices should have risen by 0,5% month on month in January, from +0,1% in December. Year over year, growth should have been 6,2%, from +6,5%. Core inflation growth, excluding food and energy, should have been 5,5%.
The surveys released yesterday by the New York Fed suggest an imminent loss of momentum in the consumption-related economy: in January, expectations of income growth among consumers were reduced. Last month, the decline in the expected growth rate was the sharpest in nearly a decade.
