Banks and four-wheel stocks provide a Business Square enough fuel to close the last session of a still positive week on the rise. The Ftse Eb it appreciated by 0,46% to 33.940 basis points. The psychological threshold of 34 thousand points was exceeded during the day, but the weak start of Wall Street and the volatility for the day of the four witches slowed down the sentiment of the continental stock exchanges in the afternoon.
Europe contrasted between technical deadlines and bubbling TLCs
Madrid stands out with a gain of 1,01%, followed by Milano e Frankfurt +0,09%; it is flat Paris; they retreat Amsterdam, -0,81% and London .
Technical expirations also brought some volatility, as index futures, index options and stock options expire at the same time this Friday. The sale of instead enlivened the panorama in Europe Vodafone Italia to Swisscom (Fastweb). Upon hearing the news, the sector immediately took the pink jersey, while the Vodafone stock closed with a gain of 5,69% in London and the stock of the Swiss company, which controls the Italian Fastweb, closed the session up by 5,24. XNUMX%.
Wall Street fears inflation, awaiting Fed meeting
Wall Street is also decreasing in today's session, with the technological ones, more sensitive to rates, leading the declines (Nasdaq -1%), while the T-Bonds further round the yields, the ten-year bond exceeds 4,3% and the two-year bond is over 4,7%.
What has been creating nervousness for some days is the trend of theUS inflation, in light of consumer and producer prices in February, which were higher than expected. Especially since the cost of oil has continued to rise during this week, a trend that raises fears for the global containment of prices. The markets are thus awaiting the meeting with greater apprehension Federal Reserve next week and above all the rhetoric that will accompany the decisions. Rates will likely remain unchanged and the chances of a cut in June are still over 50%, but the annual magnitude of these cuts for the current year is reducing.
Central banks at work next week. Focus on Japan
Next week they will also meet there English and Swiss central banks, but the highlight will probably be the meeting of the Japanese central bank, because it could mark the end of the Japanese era of negative rates. What increases the chances in this sense is the news that the largest Japanese companies have agreed to increase wages by 5,28% for 2024, this is the highest increase in 33 years, according to what was announced by Rengo, the largest trade union group in the country.
From the front Bcand instead, after the stalemate of the last meeting, bankers' statements are multiplying which suggest a monetary easing in June. In particular today the chief economist of the European Central Bank Philip Lane, speaking at a university conference, said the job market in the single currency area was finally stabilizing and that businesses were less worried about the lack of workers. This is good news for Eurozone inflation as rapid wage growth, partly due to low unemployment, has been a key driver of domestic inflation in recent years and the ECB has been hesitant to cut interest rates. interest, looking for further evidence that wage inflation is under control.
Dollar stable, bitcoin down
After the rush of the last sessions the dollar of quiet. The change with theeuro appears stable in the 1,088 area.
The lower risk appetite tarnishes the bitcoin, which today loses almost 5%, moving away from the recent highs and trading just under 68 thousand dollars.
Among the raw materials the Petroleum it moves just shy of five-month highs. The May 2024 Brent Future trades down 0,2% at 85,25 dollars a barrel; the WTI contract, April 2024, rises by 0,27% to 81,03 dollars per barrel.
Piazza Affari, banks recovering but Cucinelli collapses
Today, Piazza Affari is regaining its luster with the banks: in fact, they appreciate themselves Ps + 4,32% Unicredit + 2,16% Understanding + 1,78%.
The day's purchases also spilled over into the automotive sector starting from Pirelli, +3,74%. Well too stellantis +2,6%, supported by the start of 'overweight' coverage by Piper Sandler, which looks favorably on the group compared to its large American competitors with a view to the transition towards electric.
Sale Inwit, +2,3% and finds the plus sign again A2a +1,83%, in a controversial utility sector, in particular retreats Snam -2,66%.
Among the stocks, oil stands out Saipem + 1,79%.
I corporate results, in line with expectations, however, were not enough to slow down sales cucinelli, -7,96%, which also confirmed the forecasts for an equally strong 2024. The analysts' opinions contributed to triggering the profit taking on the cashmere king's stock: Kepler Cheuvreux raised the target price from 75 to 100 euros, but cut the recommendation to return from hold. Societe Generale has lowered its rating from buy to hold, confirming the target price at 123 euros. In the luxury sector, Moncler -1,53% follows.
It's in deep red Diasorin, -4,1%, which saw 2023 revenues fall by 16% and profit by 34%.
Global weakness in chip company stocks is being felt on the daily performance of stm -3,42%.
Spread stable, but yields growing
The long wave of US macroeconomic data also affects eurozone government bonds. In fact, rates are rising: ten-year BTP closes at 3,69%, while the Bund of the same duration at 2,42%, for one spread stable at 127 basis points.
