Wall Street is shining again technology stocks with Nvidia which comes to hold the scepter of stock market capitalization again, surpassing Apple and Microsoft. More US banking quarterly results on the agenda today. In Asia it is Tokyo to show strong while Chinese stocks fall after weak export data. Europe Today's key data, amid a flurry of data on employment and inflation, is the European Central Bank's survey of bank loans to the eurozone economy, which should inform Thursday's monetary policy decision: the ECB is poised to make another quarter-point rate cut on Thursday, a move that policymakers have been reluctant to signal and traders had given less than a 25% chance when the bank met a month ago.
Wall Street grinds out new records led by Nvidia which takes back the scepter
Wall Street closed higher yesterday with the S&P500 index marking its 46th record since the beginning of the year, up 0,77%, and the Dow Jones which achieved +0,47%, exceeding 43.000 points for the first time, led by chip stocks after a 2,4% jump in the queen of artificial intelligence Nvidia and a lively start to Q100 earnings season. The Nasdaq 0,82 (+3,39%) was also in the money. Nvidia shares closed at a new all-time high yesterday, bringing its market value to $XNUMX trillion, just shy of that of Apple 3,52 trillion dollars (+1,65%) and over 3,12 trillion dollars of Microsoft. More generally, the sectors that stand out in the S&P 500 basket are computer science (+1,36%), utilities (+1,29%) and finance (+0,58%).
More are expected today bank quarterly reports. On the agenda Bank of America is expected to report a decline in third-quarter earnings, for Goldman Sachs higher commissions are expected for advisory and underwriting services. Also on the agenda are the profits of Citigroup and the brokerage firm Charles Schwab.
Il gap between US and German government bond yields 10-year has risen to its highest since July, at around 183 basis points (bps), as U.S. yields have risen in recent weeks while German yields have risen only slightly. Yields move inversely to prices.
Il global public debt will exceed $100 trillion, or about 93 percent of global gross domestic product (GDP), by the end of this year and will approach 100 percent of GDP by 2030, according to the International Monetary Fund (IMF), explaining that this is 10 percentage points of GDP more than in 2019, i.e. before the pandemic.
Nikkei rises on Tokyo Metro's record IPO, China suffers from export decline
The good performance of Wall Street yesterday supports the Tokyo Stock Exchange this morning, the Nikkei gains 1,4% to 40.181 points, the highest since July. The initial public offering of the Tokyo Metro which priced its shares at the top of the market's expected range, at 1.200 yen apiece, raising a record 348,6 billion yen ($2,3 billion). The IPO is Japan's largest since SoftBank Corp.'s $21 billion listing in December 2018, according to data compiled by Bloomberg. Confirmed production of Japanese factories in August 2024. According to the final estimate of the Japanese Ministry of International Trade and Industry (METI), the seasonally adjusted index of industrial production fell by 3,3%, in line with the preliminary estimate. In July, it had risen by 3,1%.
In China instead, the weak data on the exports which had so far compensated for internal weakness and the stock markets are falling: the Csi 300 index of the stock markets Shanghai and Shenzhen -0,5% and the Hong Kong stock exchange is down with the Hang Seng index at -1,3%. Chinese export growth unexpectedly slowed in September, the increase in dollars was 2,4% compared to the previous year, to about 304 billion dollars, the lowest level since May. Shipments fell not only to key markets such as Japan, South Korea and Taiwan, but also to the European Union and the United States, also due to duties, to the lowest levels of at least four months. Instead, Russian purchases of Chinese goods reached a record figure of 11 billion dollars. As reported yesterday evening by the Chinese media Caixin, the China could collect 6.000 trillion yuan (846 billion U.S. dollars) fromissuance of special government bonds very long-term over three years. The funds will be used in part to help local governments ease the burden of off-balance sheet debt. In the rest of Asia, the prevailing rise. Kospi of Alone +0,2%. Taiex of Taipei +1,1%. S&P Asx 200 of Sidney + 0,7%.
Oil down, follows events in the Middle East
Il Petroleum Wti is down more than 2%, at 71,5 dollars a barrel, from -2,4% yesterday. The The Washington Post wrote tonight that Israel has no intention of attacking Iran's oil infrastructure, not even its nuclear one. yen it is little moved, at the lows of the last two months against the dollar, cross at 149,7.
European stock markets start on a positive note
European stocks are expected to open higher with the Eurostoxx50 futures rising 0,18%.
Germany. Wholesale prices worsened further, recording a decrease of 0,3% on a monthly basis in September, after -0,8% in the previous month. This was announced by the German Federal Statistical Office (Destatis). Analysts had expected an increase of 0,2%.
stm. U.S. officials have discussed limiting sales of advanced artificial intelligence chips from Nvidia and other American companies on a national basis, the U.S. Department of Defense has reported. Bloomberg. This comes after the Commerce Department unveiled a rule last month that could make it easier to ship artificial intelligence chips like Nvidia’s to data centers in the Middle East.
Intesa Sanpaolo is being investigated by the Bari prosecutor's office as a legal entity as part of the investigation into a former employee who unauthorized access to the bank's computer systems to consult the data of some customers.
Bper has received further positive ratings from investment banks after the presentation of the new plan. The latest is Jefferies, which confirmed its buy rating and raised its target price from 6,20 to 7 euros after raising its earnings per share estimates by 13% between 2025 and 2027. “In 2026/2027, we are positioned on average 9% above consensus,” Jefferies specifies.
stellantis. President John Elkann, during the Paris Motor Show, said the company has not launched a strategic review of its brands, but examines their profitability every month. An update to investors is expected before Christmas. Just as it is not seeking in any way to consolidate through the merger or acquisition of other groups, commenting on the rumors circulating recently about a possible aggregation with Renault. On his succession at the end of his mandate, Carlos Tavares, said that as CEO and as a member of the board of directors he will participate in the decision-making process on the choice of the future number one of the automotive group.
Leonardo announces today the finalization of the joint venture with Germany's Rheinmetall.
Salvatore Ferragamo meets the board of directors on the third quarter accounts (revenues) of 2024.
Data flurry on the agenda
Final inflation in September in Spain (preliminary: +1,7% yoy), industrial production in August in the Eurozone at 11 am (previous: -0,3% month-on-month) and the Zew index (measures the sentiment of German institutional investors) in October (previous: 3,6 points; consensus: 8 points). In the United States at 14.30:11,5 pm the empire manufacturing index in October (previous: 2,4 points; consensus: 14 points) and at 55:5,4 pm the weekly Redbook index (previous: +XNUMX% yoy).