The world is exploding and the oil flies after the Anglo-American raid in Yemen, but the European stock markets closed a session on the rise, looking today at quarterly reports of large American banks and the fall in producer prices in the United States in December, especially since last night the president of the ECB, Christine Lagarde, he said probably rates in the euro zone they have reached their peak and, if inflation is overcome, "they will begin to fall". To create some uncertainty in the afternoon it was quite Wall Street which, after an in tune start, is now moving in contrast (DJ -0,4%). In Asia, Chinese stock markets continued to decline, while Tokyo continues to dance alone (+1,5%)
Europe on the rise, but Wall Street is volatile
In Europe the closing is below the highs, but positive. Business Square gains 0,73% and reaches 30.470 basis points, thanks to the utility rebound and purchases of oil stocks and banks. Queen of the price list is Terna + 3,59%.
Frankfurt scores +0,97%, Paris + 1,05% Amsterdam + 0,95% Madrid +0,88%. More cautious London +0,64%. British GDP has rebounded and is pushing the British currency, holding back the stocks of exporting companies. It also collapses Burberry (-4,78%).
Wall Street, volatile in the morning, is weighing the first ones quarterly numbers today, which largely convince investors. In fact, the title of is appreciated JP Morgan, which closed a record year thanks to the soaring cost of money. It's in progress Citi, which announced cuts of 20 jobs after the worst quarter in 15 years. It's flat bofa, while Bank of New York Mellon is in positive territory, after profits fell in the fourth quarter, but revenues rose 10% thanks in part to higher interest rates; both data were higher than expected.
Wells Fargo is uncertain, although quarterly profits were good, but below analysts' estimates.
Oil is running high with tensions in the Red Sea
Il oil runs today after US and UK attacks on Houthi rebels in Yemen, which triggered threats from Iran. A NATO spokesperson clarified that the Anglo-American move was defensive and intended "to safeguard freedom of navigation in one of the most vital sea lanes in the world".
According to UBS, the escalation of the Middle Eastern conflict could bring oil above 80 dollars in the coming weeks.
At the moment prices are not far away: the March 2024 Brent future rises by 2,4% to 79,38 dollars per barrel; Texan crude oil in February advanced by 2,55% to 73,86 dollars a barrel.
Producer prices below expectations in the US; inflation rises in France
The good news today is that, in December, i producer prices in the United States they fell 0,1% in December, compared with economists' expectations of a 0,1% rise. This news immediately raised the hopes of traders who, writes Reuters, now believe that greater rate cuts are more likely in 2024. The arrival should be for a cost of money of 3,7% at the end of the year, compared to 3,75- 4% priced yesterday and the chances of a first intervention in March rise again.
Still on the subject of inflation, the France today showed consumer prices rose 4,1% year-on-year last month, largely due to energy prices. THE gas prices they remain low compared to a year ago, but today they are up by more than 3%, to 31,800 euros per MWh.
The Spanish annual inflation however, it fell to 3,1% in December.
For the chief economist of the ECB, Philip Lane, the bloc's recent inflation data have largely confirmed the European Central Bank's current view that interest rate cuts are not a topic of discussion for the short term.
On the currency market theeuro-dollar it is currently flat in the 1,097 area.
Piazza Affari, utilities rising with the free market
Spotlights on utility today in Piazza Affari, after the tender for customers leaving the greater protection regime.
Guide the price list Terna, with Barclays analysts increasing the target price to 8 euros per share (from 7,6 euros), confirming the "Equal weight" recommendation on the stock. The brokerage raised its earnings per share forecast for this year and next.
Bene Hera +2,5% ed Janl +1,77%, which they appear to have made the lion's share with 1,4 million customers and 7 lots out of 26 each (maximum possible, since the Antitrust has set a limit of 30%).
Enel would have conquered areas where it is not currently incumbent, including Rome and Milan. It also shines A2A (+1,5%), which obtained two lots and 460 thousand customers in Palermo, Cagliari and Naples.
As for the other sectors, pharma stands out with Recordati +3,54%. In energy they shine Prysmian +3,44% and Saipem +2,77%. Among banks, the rebound is higher Bper +2,51%. Stay in money Iveco, +2,56%, in its seventh consecutive session of gains.
Profit takings send to the bottom of the price list Stellantis -0,75% and Pirelli -0,41%.
It proves weak stm -0,51%.
In luxury he retreats cucinelli -0,41%, with the sector alarmed by a cut in estimates by Burberry, due to a slowdown in the big designer sector.
Out of the main basket though sapphire, +12,44%, celebrates the early renewal of its global licensing agreement to 2030 with Hugo Boss.
Swing seat spread
Lagarde's words yesterday supported the European card today, where the Italian one shone, retreating at the end.
Lo spread among 159-year Bund BTPs of the same duration close at 0,9 basis points (-3,73%), with rates at +2,14% and +XNUMX% respectively.
