I European stock markets close today one positive sitting and also Wall Street tries to raise its head (even though it is currently proceeding in a contested manner), after the'US February Inflation turned out to be lower than expected.
Duties, war in Ukraine – Kiev has accepted the American truce proposal – and macro data were the focus of investors' attention, who found glimmers of optimism in each of these areas, even though progress seems limited.
As the President of the ECB said Christine Lagarde Indeed, “the level of economic and geopolitical uncertainty is exceptionally high”, but “our response to recent inflationary episodes must give our viewers confidence that we will always do whatever is necessary to ensure price stability” and that our policy “can adapt to new circumstances”.
Piazza Affari appreciates itself of 1,61% and returns to 38.307 basis points, supported by oil, industry and banks. The best place is Frankfurt, +1,63%, galvanized by the defense giant Rheinmetall (+8,97%) which closed 2024 with a record operating profit (+61%) at 1,48 billion euros. Today among other things the European Parliament has approved a non-binding resolution on the White Paper on Defence that the European Commission will present on 19 March, and which will contain the ReArm Europe plan illustrated by the President of the Commission, Ursula von der Leyen, in the plenary debate on Tuesday
The other squares: Amsterdam + 1,07% Paris + 0,59% London + 0,53%. Madrid is out of date -0,5%.
Across the ocean, the New York market does not yet seem to have found the stability that would give breath to the trumpets.Nasdaq rises of 0,9%, thanks to purchases on Tesla (+6,89%), also recovering today after the previous collapseThe chip sector is booming, Nvidia (+ 5,8%). Intel rises by 4,45%. For Reuters Tsmc improved the proposal for a j with Nvidia, Advanced Micro Devices and Broadcom to operate Intel's foundry division.
Il Dow Jones but it goes back (-0,18%) and Apple (-2%) adds new losses to those of the past few days.
READ MORE: Stock Market, today's live broadcast March 12
US inflation below expectations
The macro page offered some nourishment to hungry Taurus today:'Star-spangled inflation has slowed down in February: consumer prices rose by 2,8%, compared to 3% in January and against the 2,9% expected. On a monthly basis, the increase was 0,2%, lower than the +0,3% on which the market was betting. Thecore index – excluding energy and food – rose by 0,2% on a monthly basis and by 3,1% on an annual basis. In both cases, better than analysts' expectations, who were betting on +0,3% and +3,2%.
I interest rate futures still indicate that the Federal Reserve will keep the cost of money unchanged through June, but traders expect that signs of economic weakness could force the central bank to cut interest rates by at least 75 basis points by December.
Meanwhile Reuters writes that, according to the chief economist of JP Morgan, this year the probability of a recession in the United States they are around 40% and there is a risk of lasting damage to the country's reputation as an investment destination if the administration undermines confidence in US governance.
Duties and counter-duties
With regard to the trade war there is to be recordedyet another turn of President Donald Trump, who yesterday after announcing the doubling of duties on steel and aluminum, then backtracked. Today, however, 25% rates on these products have come into force and the EU Commission has decided shortly thereafter customs duties from April which will affect American products worth $26 billion.
Ottawa on the other hand will announce today 29,8 billion Canadian dollars (20,7 billion US dollars) in tariffs on the US as its retaliation (source Reuters).
Meanwhile today the Central Bank of Canada has decided to cut rates to 2,75%.
The ball is in Russia's court
Sul Russian-Ukrainian front, it seems that the meeting between representatives of the United States and Kiev in Jeddah went well and that the Ukrainians accepted the proposal of a month of truce with Moscow mediated by Washington. The White House is therefore ready to restore military aid and intelligence sharing with Ukraine. Now the The ball is in Moscow's court, as US Secretary of State Marco Rubio said, but the postponement does not seem so soft, given that Moscow sources have judged it unlikely that President Vladimir Putin will accept the proposal.
Gold on the rise
In this complex and thorny situation thegold gets stronger, with spot gold currently trading at $2.932,91 an ounce (+0,56%).
Push hard on theoil also accelerator, Brent is approaching $71 and Texas crude is at $67,7, helped by a below-estimate increase in U.S. inventories.
On the foreign exchange market theeuro-dollar is little moved, but the single currency easily trades above 1,092.
Piazza Affari, Saipem soars on the list
Rising crude oil prices helped fuel a stellar performance today Saipem, + 5,85%.
It also returns to the top of the Ftse Mib Buzzi +5,74%, which after last week's rally had been the subject of gains.
Also good Prysmian, +5,83% recovering for the second consecutive session after a negative phase, also following fears related to tariffs and the decline in the technology sector.
They close one bright seat the banks starting from Ps +4,19% and Unicredit + 3,08%. Popular of Sondrio earns 3,05%, on the day of the 2025-2027 plan in which it aims to significantly increase its distribution and maintain profits at record levels, also in an attempt to convince shareholders to reject the unagreed offer by Bper (+ 1,74%).
Il credit sector It looked buoyant across the continent after Moody's raised its outlook on the sectors of France, Germany, Sweden, Belgium and the Netherlands from 'negative' to 'stable' while keeping it 'stable' for Italy, Spain, Denmark, Switzerland and Great Britain.
Returning to Milanese blue chips: managed savings are on the rise with Fineco +2,91% and Banca Mediolanum + 2,99%.
In the automotive industry they stand out Ferrari +3,08% and Pirelli +2,78%, does not reverse course instead Stellantis -0,55%.
Bene cucinelli +1,48%, promoted by Morgan Stanley on the eve of the 2024 full accounts that will be released tomorrow. The investment bank started coverage with an overweight recommendation and a price target of 130 euros.
Risk appetite has worked against utilities: Italgas -1,22% Terna -0,76%.
Stocks in the red are mostly realized after recent rallies: Amplifon -1,69% Campari -1,66%.
Outside the main basket the Juventus scales back earnings at 2,93%, on a day in which it shone on rumours of a possible shareholder reorganisation with the return of Andrea Agnelli.
Spreads down
The Italian paper closes a positive session against the German one and sees a spread between the two benchmark ten-year bonds down to 105 basis points. Yields remain quite high: the BTP at closing is indicated at 3,94% against the 2,88% of the Bund.
