Continue to Wall Street the settling in phase waiting for inflation data. Asia adapts, in Europe the stock exchange stands out Frankfurt: the Dax index +0.8% reached new historic highs thanks to the push of three big names: Infineon +4%, Basf +3% and Bayer +2%. The Eurostoxx 600 index reached 500 points for the first time in history, while the Eurostoxx 50 of the main blue chips reached its highest level since 2000.
In the USA The most important data of the week, that of the PCE deflator, will be announced at 14.30 pm. Last night, meanwhile, two voting members of the Fed, Raphael W. Bostic and John C. Williams, reiterated the Fed's wait-and-see line: there will be no talk of rate cuts before the summer or even for the whole of 2024.
Last night the United States Congress has reached theagreement to avoid shutdown, that is, the blocking of government activity. The leaders of the US House and Senate have reached a bipartisan agreement to avoid a partial blockade starting tomorrow. The agreement on a bridge budget law does not concern the national security measure which contains new funds for Ukraine, Israel and for border security. The agreement on a temporary budget law will be voted on in the next few hours and should be approved by both Chambers.
In the meantime, Wall Street experienced a session without precise direction. Nasdaq -0,6%. S & P500 -0,2%.
US inflation expected to decline; Beyond Meat does well, Novavax collapses
A further one is expected slowdown in inflation in January to +2,4% from +2,6% in December. It would be the lowest pace in two years. The "core" data is also expected to slow down to +2,8% from +2,9%. It is worth underlining that both data would still remain above the +2% target set by the Fed, lending support to the arguments of those who support the need to maintain a rigorous attitude. The trend in swaps signals that the Fed is expected to cut interest rates by only 75 basis points this year, much less than expected at the end of 2023. The hypothesis of a first cut in March has now definitively faded.
Of note on Wall Street is the 60% jump in Beyond Meat, the synthetic meat company. On the contrary, I collapse novavax -30%. The US biotechnology company focused on vaccines ended 2023 with total revenues of $984 million, down from $2 billion in 2022.
Asia hasn't moved much
Le Asia-Pacific stock exchanges they closed lower at the end of the session. Index CSI300 of the Shanghai and Shenzhen price lists -0,2%. Nikkei of Tokyo -0,1%. The prices of India, Malaysia and Thailand fell by 0,6%. In contrast, the Kospi of Seoul +1%.
Hang Seng of Hong Kong -1,1%: the city government has announced the immediate cancellation of measures to contain demand for housing, a measure that should help restore strength to the market. In addition, Hong Kong's Finance Secretary, Paul Chan, anticipated the arrival of more additional funds to support tourism and the start of a reflection on the regulation of real estate loans. In Hong Kong, house prices fell to seven-year lows.
He runs it yen in the wake of the statements of Hajime Takata who said that a change of course in monetary policy is in sight.
For the first time in months there is a certain tiredness on the most popular titles. The "magnificent seven" remained almost at a standstill. L'Fang Plus index it closed with a modest -0,7%, after having accumulated a gain of +15,0% since the beginning of the year. Nvidia, the artificial intelligence star closed yesterday at -1,3%, but +57% since the beginning of the year.
Milan close to highs, Btp Valore is close to issuing records
Our Fste Eb (+0,40%, 32.747) remains less than one percentage point from the highs of the last 15 years. The performance of the latest sessions is partly conditioned by the reaction to the quarterly reports. The latest from last night/this morning concerns Moncler, Poste Italiane, Prysmian e Saipem. The results and outlook are good and should provoke a positive market reaction.
Le stock exchanges of Europe they open positively, except for Amsterdam and Madrid. Inflation in the Eurozone is expected to fall further, but the ECB needs more data before it starts cutting interest rates, ECB Vice President Luis de Guindos said.
4,28-year Treasury yield at 2,46%. Bund 3,89%. BTP XNUMX%. spread Btp/Bund at 142 basis points, at a two-year low.
Collecting orders Btp Value it touches 14,7 billion in three days, in the race to beat the previous issue. On the third day, orders for 3,6 billion, 131.708 contracts, average request decreasing to 27.359 euros.
Petroleum Brent and WTI little moved at 83,60 dollars. There was no palpable reaction to the higher-than-expected U.S. crude inventory reading, which solidified concerns about slowing demand. U.S. stockpiles rose for a fifth straight week, by 4,2 million barrels to 447,2 million, in the week ended Feb. 23, the EIA said, compared with analysts' expectations in a Reuters poll for a increase of 2,7 million barrels.
Gold on yesterday's prices at 2.032 dollars.
Bitcoin to the sixth bull session, at 62.300 dollars, from 57.300 dollars yesterday.
In Milan the quarterly reports shine: Saipem, Poste and Prysmian
Saipem closed the fourth quarter of 2024 with results above expectations thanks to the offshore constructions segment. adjusted EBITDA of 286 million euros, approximately fifty more than consensus estimates. The net result, equal to one hundred million euros, is quadruple expectations. The indications for 2024 are also much above expectations. The year should close with 1,3 billion euros of ebitda, on revenues of between 12,7 and 13,3 billion euros.
Prysmian closes 2023 with an adjusted ebitda growing by 9,4% to 1,628 billion euros, with margins improving to 10,6% compared to 9,3% in 2022. According to a note, the group's net profit stood at 529 million, up 5% compared to 2022, with free cash flow at 724 million, up 29,5%. Revenues amounted to 15,354 billion, recording a slightly negative organic change (-1,1%) compared to 2022.
The BoD will propose to the assembly the distribution of a dividend relating to the 2023 financial year of 0,70 euros per share (+16,7% compared to 0,60 distributed last year). For the current year the company estimates an adjusted EBITDA in the range of 1,575-1,675 billion; a free cash flow of 675–775 million and the reduction of Scope 1&2 greenhouse gas emissions by 36% and Scope 3 by 13% compared to 2019
Moncler closed 2023 with revenues close to three billion euros, +17% year on year, with an ebit of 894 million, equal to an ebit margin of 30% - in line with the 29,8% of 2022 -, a result net of 612 million and over 1 billion in net cash. The data is better than expected, both on the top and bottom of the income statement. During the conference call, the company said that in this first part of 2024 the retail sales channel is giving satisfactory results in all regions. Each area maintained the momentum seen in the fourth quarter.
stellantis The Italian government continues to dialogue with foreign car manufacturers, including Tesla, interested in European markets with the aim of maintaining a critical mass of production in the country that Stellantis alone cannot support. The Minister of Business and Made in Italy Adolfo Urso said this, adding that the feedback from the discussions is "positive", even if prudence is necessary given that the process is still ongoing.
