I European lists today they close a session without a compass weakly, while the data on US inflation brought more confusion than clarity on central banks' 2024 moves, in a field week for monetary policy.
Business Square it lost 0,28% and fell to 30.342 basis points. Ps is at the bottom of the list (-2,64%), while Bpm bank is among the best stocks (+1,23%) after the CEO of the latter, Giuseppe Castagna, reiterated that this marriage should not happen.
The horizon is not much different in the rest of Europe: they are weak Frankfurt -0,01% and Paris -0,11%, which had updated their highs in the morning; Amsterdam loses 0,04%, London -0,02% Madrid slips by 0,79%.
Oil stocks suffer with a new fall in black gold.
Wall Street cautiously rises
After an uncertain start Wall Street is cautiously improving: the Dow Jones salt by 0,3%, lo S & P 500 by 1,14%, the Nasdaq by 0,25%. Shares are taking courage perhaps starting from the drop in government bond yields, even if some big names are down sharply. In particular, Oracle lost 10,45% and was the worst performer on the S&P 500 due to disappointing third quarter revenue forecasts due to a slowdown in demand. A (Google) loses 0,81% after that Epic Games, producer of “Fortnite,” prevailed in a antitrust case against the web giant.
Il dollar retreats and theeuro appreciates to 1,079, T-Bonds see prices rising slightly and yields falling modestly.
Finally, energy prices are falling further and further: the Petroleum like Brent loses 3,3% to a price of 73,52 dollars a barrel; Texas crude lost 3,22% to 69,02 dollars a barrel.
After yesterday's slide, the price also fell further gas in Amsterdam: -3,7%, 34,780 euros per MWH.
Prudent stock markets awaiting Powell
In essence it comes to saying that you can never be too careful in the stock market when there are risks ahead Fed meetings e ECB, as well as Boe and central banks of Switzerland and Norway. The two-day meeting of the US central bank began today and tomorrow, at the end of the meeting, the president will speak Jerome Powell. The bets are that the cost of money will still remain unchanged, but what is of most interest is what Powell will say or suggest about the choices that will be implemented in 2024. After the stronger than estimated employment report seen last week, the chances of a rate cut in March had reduced, but today they have returned to 50,4% according to the CME FedWatch Tool, after November consumer prices. The latter slowed down on an annual basis to 3,1% from +3,2% in October, but on a monthly basis they grew by 0,1%, against expectations of stability. So a small disappointment, but evidently not enough to change the markets' minds about the Fed's change of pace. Tomorrow the numbers on producer prices will also be released, which will complete the picture.
In Europe, the slowdown in wage growth in the United Kingdom was surprising, but not enough to suggest a sudden turnaround on the part of the Bank of England, which will be pronounced on Thursday, a crucial day in which the ECB will also express its opinion at the end of its monetary policy meeting.
Piazza Affari, Banco Bpm remains single
The CEO of Banco Bpm Giuseppe Castagna, on the occasion of the presentation of plan to 2026, confirmed today that it is not interested in a merger with Banca MPS. So the two titles took different paths in this session. Banco Bpm achieved a gain of close to one percentage point on the basis of the promise of a cumulative net profit of around 6 billion, with a remuneration for shareholders in the period of 4 billion, above analysts' expectations.
The Sienese bank instead closed a session with a loss, after having been on the rise yesterday too in the wake of theacquittal on appeal of the former top managers Fabrizio Viola e Alessandro Profumo, from accusations of false accounting and market manipulation in relation to the Santorini and Alexandria derivatives.
Furthermore, the banking sector is weak Bper -1,24%.
Oil stocks fall Saipem -2,49% Tenaris -1,64% Eni -1,2%. They go down A2a -1,82% and Telecom, -1,78%.
Among the blue chips they stand out Amplifon +2,47% and Azimuth + 1,33%.
Luxury remains moderately optimistic with Moncler +0,55% and with Brunello Cucinelli, +0,76%, which is warming up its muscles for entry onto the Ftse Mib next week.
Outside the main basket it deflates Tessellis (ex Tiscali) -9,23%, after the recent rally.
Spread unchanged
The climate is also wait-and-see on the secondary side. The spread between ten-year BTPs and Bunds of the same duration it is stuck at 178 basis points, with rates at 4,01% and 2,23% respectively.
