I financial markets show all theirs today disappointment over stronger US inflation than hoped for and closed in the red in Europe, dragged down in the afternoon by sales on Wall Street.
Depressing risk appetite in the United States issurge in T-Bond yields (the ten-year Treasury is over 4,28%) after consumer prices in January grew by 0,3%, against expectations of an increase of 0,2%, for an annual figure of 3,1, 2,9%, against estimates of XNUMX%. This ward off bets on a rate cut by the Federal Reserves in May (yesterday they were over 50% and today just over 30%) and perhaps even since June.
The dollar goes up, which crushes the yen at an exchange rate above 150 (now 150,74). The Japanese currency, already falling in the previous hours, provided gas to the Nikkei, which closed with a jump of 2,97%, to a 34-year high. It is decreasingeuro against dollar, around 1,071, while rising against the yen to 161,35.
Among the raw materials, the Petroleum (April Brent gains 0,6%, 82,48 dollars per barrel) between conflict in the Middle East and OPEC forecasts, which keeps the growth estimate in global demand unchanged at 2,2 million barrels per day.
Europe in red, even if confidence in Germany improves
Business Square loses 1,02% and retreats to 31.134 basis points weighed down by Bpm bank -3,88% and stm -3,6%, the latter in a tech sector on sale on both sides of the Atlantic, depressed in Europe also by the disappointing German forecasts Siltronic -5,21%.
The day is strongly negative for Amsterdam -1,43%, while Frankfurt loses 0,93%, Paris 0,84% and Madrid 0,58%. London falls by 0,83%.
The attitude of EU stock markets has been oriented towards realizations since the morning, despite the improvement in investor sentiment in Germany in February, with the ZEW economic confidence index rising to 19,9 points from 15,2 in January.
In Great Britain, however, the slowdown in wage growth was disappointing, not enough to push the British Central Bank to cut rates in a short time.
Wall Street plummeting with mega tech
After the recent rally Wall Street moves in the red (Dj -1,02%, S&P 500 -1,03% – below 5000 points – Nasdaq -1,21%), in light of consumer prices in January, above expectations also on the core side, purged of the most volatiles such as energy and fresh foods: +0,4% monthly increase; +3,9% trend.
U.S. consumer prices rose more than expected in January due to rising housing and healthcare costs, according to Labor Department data.
Ansa writes that now "the trend of swaps indicates a rate cut by the Fed in July and no longer in June, as previously expected". On the other hand, the fact that the easing will not take place before the summer has been reiterated in recent days by many Fed representatives.
Mega caps are retreating Nvidia, Microsoft e Amazon, who led the rally of recent days, they are losing 1,4%, 2,1% and 1,8% respectively.
Pirelli and Saipem did well in Piazza Affari
There are not only sales on the main Piazza Affari list. Pirelli for example, it gains 1,49%, after Equita raised the target price on the stock to 6,2 euros per share, underlining that it "continues to prefer Pirelli among European tire manufacturers". Record profits also contributed to boosting the sector Michelin (+ 5,9%).
It confirms to be in tune Saipem, +1,61%, after the rebound on the day before, while the Australian authorities allow the return to operation of the vessel Castorone, owned by the Italian oil service, after the accident on January 30, during the installation of the offshore pipeline in Australia, which caused the pipeline pipe laying activities to stop.
Among oil stocks it also makes some progress Eni + 0,22%.
Purchases have returned on some utilities such as Hera + 1,16%.
Le banks close in conflict: Mps +0,25% and Bper +0,48% remain positive, while the gains on Banco Bpm are important.
Among the financial ones i managed savings securities are more penalized: Finecobank -3,05%, Banca Mediolanum -2,85%, Banca Generali -2,81%, Azimut -2,03%. Male Nexi -2,89%.
Out of the main basket either Tod’s (+0,14%) either Saras (-0,67%) remain close to the price of the two takeover bids that will take the two securities out of Piazza Affari.
Stable spread, slightly rising yields
The news coming from the United States did not overwhelm the Italian paper, which moved in step with its European colleagues. In particular it spread between ten-year BTPs and Bunds of the same duration it is confirmed at 157 basis points, even if the yields rise slightly to 3,93% and 2,36% respectively.
On the primary i returns popped up in the auctions are mixed. The Ministry of Economy allocated this morning the maximum amount of 8,5 billion euros of 3 and 20 year BTPs. For the former, the yield is at 3,15%, the highest since December (against 3,03% at the mid-January auction). The second has a rate of 4,38%, at the lowest since February 2022, (against 5,03% in mid-October).
