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Stock market January 12: wars and geopolitics shake the price lists but BTPs take flight

European stock markets rise after US and UK attacks against Houthi rebels in Yemen – Oil prices soar

Stock market January 12: wars and geopolitics shake the price lists but BTPs take flight

Geopolitics bursts into the stock market scene with great uproar. They squirt upwards i oil prices but the Anglo-American interventions against the Houthi rebels in Yemen are only one element of the climate of great uncertainty: tomorrow there will be a vote in Taiwan. In Iowa, meanwhile, everything is ready for the start of the long US election campaign. Christine Lagarde also takes the field: on customs tariffs and the environment, Trump's policies are in clear contrast with our objectives. But the political emergency certainly does not overshadow the Bitcoin revolution, since yesterday officially traded on the official US markets thanks to pressure from BlackRock, despite the explicit hostility of the SEC. During the day, the campaign of the US quarterly reports resumes with the accounts of the big banks, JP Morgan and Citigroup in the lead.

Such excitement is not reflected in the market indices. TO Wall Street, Dow Jones e S & P500 they closed the session almost unchanged. But the impression changes if you look at the tech sector: Nasdaq xnumx +0,20% and Fang Plus +0,3% achieved their fifth consecutive increase. The first index grew by +3,3%. The second rose by +4,4%, its best balance in two months, and for the occasion managed to reach a new historical record. At the center of rally, Nvidia e Palo Alto Networks they earn 10% in 2024 alone. There is no shortage of losers: A has decided to dismantle the augmented reality division to the sound of layoffs.

Le European stock exchanges they are trying to find their way back to growth in the wake of Christine Lagarde's declarations who yesterday claimed that Europe will escape recession while the war on inflation is now won.

While the European stock markets are all positive (Milan +0,89%, Frankfurt +0,94% and Paris even 1,14%), contrast this morning the Asian squares

Demand for BTPs is soaring

The most relevant data concerns the BTP boomThe ten-year is trading at 3,80%. spread around the lows since March 2022, at 156 basis points. Requests to purchase the two syndicated BTPs placed by the Treasury last Tuesday rained in from all over the world: investors from 40 countries bought, with the result that around 80% of the 15 billion issued by Via XX Settembre went to wallets foreigners. The details released yesterday by the Treasury help to explain the cyclopean numbers recorded by the offer two days ago, which accumulated a demand of 155 billion euros in just a few hours, the highest ever in a dual tranche operation.

Euro dollar flat at 1,098.

Inflation scares the US again

In December i consumer prices in the USA they rose by +3,40%, slightly above the 3,20% estimated by the consensus, and this caused some initial shocks to the markets. But it has not gone unnoticed that core inflation, net of the more volatile food and energy components, has slowed to +3,90% from +4%.

In light of the data oninflation, traders reduced bets on whether the Fed will start reduce rates of interest as early as March: futures now imply around 60% chance from 70% pre-data. Last night's 30-year Treasury issuance was well received: the 21 billion bonds were issued one basis point below the level prior to the start of the premarketing phase, at 4,229%.

Oil, Citi cuts prices

To signal the Petroleum supported by new tensions in the Gulf. Brent at 79 dollars, WTI at 73,5. But Citi lowered its price forecast for 2024 and 2025 citing concerns about oversupply while estimating that prices will remain above $70 a barrel in 2024 following OPEC+ interventions. Citi cut the price of Brent for 2024 from 75 to 74 dollars and that for 2025 from 70 to 60 dollars.

Sprint start of the year in Tokyo

Worth noting in Asia is the performance of Nikkei of Tokyo+1,2% which reached a new very long-term high. The week ends with a very positive provisional balance, +6.4%.

The stock markets are around parity China on the day of the publication of inflation data.   

Hang Seng of Hong Kong -0,1%, -1,4% the week. CSI300 of the Shanghai and Shenzhen price lists -0,1%, -1,4% for the week. The consumer price index fell 0,3% in December compared to a year earlier.

Spotlights on Bitcoin slightly up to 46.300 dollars. Yesterday it reached $49.000 for the first time since December 2021, before falling sharply, thanks to the SEC's green light for the launch of spot ETFs. US-listed bitcoin exchange traded funds (ETFs) saw $4,6 billion worth of shares traded in half a session.

Enel and Hera are full of customers. Barclays promotes Terna

Terna. Barclays raises the target price to 8 euros.

Unicredit. For Morgan Stanley it is worth 36 euros, the previous target was 39 euros.

Bpm bank. Morgan Stanley cuts the target to 5,70 euros.

Moncler. Jefferies cuts the target price to 52,5 euros.

sapphire. The eyewear manufacturer and Hugo Boss have prematurely renewed their global licensing agreement until 2030.

stellantis. Stellantis Ventures, the group's venture capital fund, today announced its strategic investment in Tiamat, a French company that develops and markets sodium ion battery technology.

Dovalue is in preliminary negotiations with Elliott for the acquisition of Gardant, the newspapers report, citing Bloomberg.

Enel e Hera, with 7 lots each, lead the preliminary ranking of the awards in the auction for the assignment of customers who will exit the protected electricity market mid-year. Each lot corresponds to approximately 180 thousand customers.

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