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Stock market January 3: a Barclays report on Apple triggers sales on tech and pushes all markets lower

Stock market day oriented downwards everywhere - negative Asia and difficult start for the stock markets of the Old Continent

Stock market January 3: a Barclays report on Apple triggers sales on tech and pushes all markets lower

The euphoria of the holidays vanished in one fell swoop last night when on Wall Street a Barclays report dedicated to Apple : a ruthless underweight -4,25%, motivated by the negative outlook on iPhone sales. A slap that soon spread to the rest of the tech world, wiping out the end-of-year rally: "the magnificent seven", the stocks that were protagonists of the rise of recent months closed with a decline of 1,7%, that is, a loss , at a capitalization level of 238 billion dollars, more or less a third of the overall capitalization of Piazza Affari.

The minutes of the December Fed meeting are expected today

The reverse was also triggered by the arrival of the first sensitive data of the new year. While waiting for the first numbers on tomorrow's job market, we begin today with the publication of minutes of the meeting of Fed, the one that saw the change of course on rates, which is the first opportunity to evaluate the solidity of Powell's new strategy.

The trend reversal on the US market did not prevent the Dow Jones to touch up the historical record but had an immediate impact on Asian stock markets. Seoul's Kospi index, which reached its highest level in the last seven months yesterday, is down 2%. Sydney's S&P ASX 200 -1,3%.

Reductions also widespread in China

CSI 300 of the Shanghai and Shenzen stock exchanges -0,5%. Taipei Taiex -1,5%. Hong Kong Hang Seng -1,2%. In the aftermath of the worst Nasdaq session since October, the 'Hang Seng Tech index lost 2,4%. Tencent and Netease rose overnight on Reuters reports of a possible softening of Beijing authorities on the issue of online gaming. Japan's financial market remains closed.

Europe does not escape the slowdown: European stock markets should open down by 0,3%

Yesterday the stock markets of the Old Continent recorded new increases. The Stoxx600 index reached its highest level in the last 23 months. Above all, the defense titles stood out: the German Rheinemetall reached an all-time high and the Italian Leonardo the highest in the last six years.
A Business Square the banks galloped. On the other side of the Atlantic Ocean, however, the appetite for risk, or at least at the extreme risk, suddenly dropped. The downward revision of the S&P Global manufacturing PMI index is probably not the new data capable of justifying the decline in the Nasdaq and the rise in bond yields. According to Bernstein, there could be an adjustment or modest correction in the first part of January, before stocks regain momentum with the arrival of the quarterly reporting season which begins next week.

The decline in risk appetite brings up the dollar. At 1,096. Dollar weakness is likely to continue next year, especially if the Fed cuts rates in early 2024, but the resilience of the US economy could limit its decline.

Economic activity in the sector remains in contraction Eurozone manufacturing. The HCOB PMI Index for the manufacturing sector elaborated by S&P Global recorded a slight recovery in December, reaching 44,4 points, from 44,2 points in November. “Production continued to decline and job losses continued for the seventh consecutive month,” the note reads. “Some signs in the movements of the sub-indexes suggest that the worst of the crisis in the industrial sector is over, with the contraction in new orders and purchasing activity slowing while optimism rose slightly to its highest level in eight months.”

The yield on the ten-year Treasury Note is at 3,92%. In the Eurozone: 2,03-year Bund at XNUMX%. construction sector ten-year at 3,70% yield, not far from the lows since August 2022.

Weak the Petroleum: Brent reached its fourth consecutive session of decline at 76 dollars. Considerations on the trend in demand prevailed yesterday too over the initial fears of the stability of supply. The news of the entry of an Iranian destroyer into the Red Sea had led crude oil to rise by around 3%, but within a few hours, the trend was reversed again. For now, the news of the killing of a senior Hamas leader in Beirut does not appear to have an impact on the markets. The Lebanese government blamed Israel for the execution.

Continue the march of criptovaluta. Bitcoin +0,3% to $45.300, high for almost two years. The future of cryptocurrencies revolves around the SEC's green light for the listing of spot ETFs on Wall Street
Stellantis registrations are still declining
stellantis . In December the group recorded an 8,56% decline in car registrations in Italy, compared to a 5,88% increase in the market.
The operator in the non-performing loan sector Gardant it would be at the center of the attention of the main competitors active in Italy, such as Prelios, Intrum and Dovalue and of some foreign operators such as the French iQuera, writes MF. Even if at the moment no binding offers have been presented, it is not excluded that a survey on the servicer controlled by the Elliot fund has already been started, adds the newspaper, underlining that among the main obstacles to a possible M&A operation is that relating to the valuation.

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