All the world's stock markets, after the shock of the drastic cut by the Fed, which in the preceding hours was seen by some as a sign of an economic recession, have decided to interpret it positively, imagining instead a continuous economic growth in the US with a strong labor market. The ones benefiting from this, in the US as in Asia, are especially technology stocks, with Nvidia, Tesla and Apple dragging the lists to new highs. central bank of Japan is that Chinese they left rates unchanged. Today could be the session of the profit taking and the adjustment of positions at the end of the week: US futures are weak in the wake of the collapse in the after-hours of Fedex, and futures in Europe are also slightly lower
Wall Street bets on a strong economic recovery. Tech skyrockets
Wall Street has had time to digest the Federal Reserve's first rate cut in four years and is finally convinced that the Federal Reserve has everything under control and that the economy is slowing, but that the rate cut should prevent recession. Not only that. With further easing on the way, investors are betting on the continued economic growth United States, and yesterday's better-than-expected jobless claims data reinforced the view that the job market he remained healthy.
So Wall Street closes positive. The Dow Jones rises by 1,26% to 42.025,19 points, the Nasdaq advances by 2,51% to 18.013,98 points while the S & P 500 marks a 1,7% advance to 5.715,08 points, rising to a new record. The return of risk appetite makes tech stocks run, with Nvidia Corp +3,53% Apple + 3,81% Tesla Motors +7,35% and MetaPlatforms +3,76% up. Markets are implying a 40% chance that the Fed will cut another 50 basis points in November and has 73 basis points priced in by year-end. Rates are seen at 2,85% by the end of 2025.
I US stock futures I'm slightly down today. Keep an eye on FedEx which expects business to slow next year and reported earnings for the quarter that fell short of expectations. FedEx shares fell as much as 14% in Wall Street aftermarket trading.
BoJ leaves rates unchanged
Asian stocks extended their rally, benefiting from the results of a sharp cut in interest rates in the United States, while the yen rose slightly as the Bank of Japan kept rates steady, showing an optimistic attitude on the economy. In Japan prices consumption in August on an annual basis rose by 3%, up from the previous +2,8%. Nikkei rises nearly 2%, helped in part by a weaker yen, supported by the recent rally to 14-month highs. The week's balance is up 3,5%. Nikkei futures were largely indifferent to the BOJ decision. TheHang Seng up 1,1%, only slightly below par Shanghai (-0,5%). The yen gains 0,2% to 142,36 against the dollar, while the 3,71-year US T bond sees its yield sideways at 0,2%. And Nasdaq futures, fresh from a rally in the previous session, are now moving down XNUMX%.
In China, the central bank kept benchmark lending rates on hold, countering expectations of a move lower. Chinese authorities are considering removing some of the biggest restrictions on house purchases after previous measures failed to revive a real estate market in deep crisis since the government decided, years ago, to limit bank loans to overly indebted real estate groups.
The widest MSCI index Asia-Pacific shares outside Japan rose 0,7% to a two-month high, tracking overnight gains on Wall Street. The index is on track to close the week with a 2,5% weekly gain.
European stocks take profit as Lagarde awaits
Le European stock exchanges are seen weak today on a futures basis, taking advantage of yesterday's rally. Eurostoxx futures è down 0,26%The speech by the President of the ECB is scheduled for 17 pm, Christine Lagarde. Yesterday the governor of the Bank of Italy and member of the ECB's governing council, Fabio Panetta, said that the ECB's path of monetary easing "could accelerate in the coming months" in the wake of signs of weakness in the eurozone economy and the Fed's move.
The group Mercedes-Benz cut its 2024 financial forecast, citing a rapid deterioration in business in China. The warning is the latest setback for a struggling German industrial sector since Russia cut off supplies of cheap gas.
Lottomatica. Apollo Funds Further Reduce Stake in Lottomatica. Gamma Intermediate, the vehicle controlled by the private equity group, has initiated the placement of 15 million Lottomatica shares, representing approximately 6% of the share capital, through an accelerated private placement. Upon completion of the transaction, Gamma Intermediate will retain a direct stake equal to approximately 51,5% of the share capital of Lottomatica. Apollo Capital Management led Lottomatica to listing on the Milan Stock Exchange in spring 2023.
Ovs closed the first half of the year at the end of July with rising sales and margins and is confident about the second half of the year. The board of directors also approved the extension of the current buyback plan for an additional 10 million euros to support the liquidity of the stock.
Unicredit remains in the spotlight for its campaign in Germany. Germany's banking union Dbv has warned of massive job cuts that could result from a merger with Commerzbank. German Finance Minister Christian Lindner has said the government does not want to have a permanent stake in a bank.
Intesa Sanpaolo announced to the coordination of the company unions a maneuver for the voluntary exit of 3.000 workers.
Banco BPM buys over 2,46 million of its own shares and concludes the second tranche of the program
Banca Mediolanum buys its own shares and ends the program
Today's macro data
Before the opening of the stock exchange this morning, the following were published: UK retail sales in August on a monthly basis they recorded a +1%, up from the previous +0,7% (the economists' forecast was for a +0,3%). In addition, producer prices in August in Germany rose on a monthly basis by 0,2%, as in the previous month (the forecast was 0%) above expectations.
Manufacturing confidence for September is on the agenda at 08:45 France (previous: 99 points) and at 16pm consumer confidence still in September preliminary of the Eurozone (previous: -13,5 points; consensus: -13 points).
