European Stock Exchange Travels Weakly, Wall Street Optimism Not Enough to Boost Parity – Investors Await US Inflation Data

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(Il Sole 24 Ore Radiocor) – While waiting for the Christmas break and the data on American inflation, the European stock exchanges they are traveling weakly, despite the optimism of Wall Street, which rebounded the day before. So they oscillate around parity the FTSE MIB of Milan, the CAC 40 of Paris, the DAX 40 of Frankfurt, theIBEX 35 of Madrid, the FT-SE 100 of London andAEX in Amsterdam.

Investors’ eyes are focused on PCE inflation in the United States in November, the data preferred by the Federal Reserve, which is expected to decline and will be released in the early afternoon (Italian time) and could be useful for obtaining indications on the next monetary policy moves . Meanwhile, in Japan, inflation slowed in November, returning to the lowest level since July 2022, thanks to the fall in gas and electricity prices. In Italy it is the turn of the data on consumer and business confidence in December, while in Spain and the United Kingdom the spotlight is on GDP in the third quarter (up by 0.3% in the quarter in Spain and down by 0. 1% in the UK). In France, consumer confidence rises to 89 points in December.

Profit taking on Juve, news on capital increase

Juventus Fc down after the rally the day before. The company has appointed Citigroup and Unicredit as joint global coordinators in the context of the capital increase under option up to a maximum of 200 million euros and in which the majority shareholder Exor, “further demonstrating its long-term commitment to of the company and of the trust in its intrinsic value”, has undertaken to subscribe to the newly issued shares that are not subscribed at the end of the offer period. Following the commitment to subscribe to the new shares in proportion to its current shareholding (equal to approximately 63.8%), Exor will subscribe and release, at the subscription price, the newly issued shares that are not subscribed at the end of the auction of unexercised rights, up to a total amount of approximately 72 million. The capital increase is expected to be completed, approximately, in the first quarter of 2024. Furthermore, in line with the commitments previously undertaken, Exor has made a second payment towards a future capital increase for 47 million. Taking into account the first payment made on 27 October for 80 million, Exor paid a total of 127 million, which essentially represents its portion of the capital increase.

Tim still brilliant, oil companies doing well

At Piazza Affari Telecom Italia is on the rise, in the wake of the risk of telecommunications with the expectation of Swisscom’s counter-proposal for the marriage between Fastweb and Vodafone, also contested by Iliad. Oil companies are also doing well (in particular Eni, Tenaris e Saipem). At the bottom of the list Brunello Cucinelli, Bpm Bank e Banca Pop Er. Outside the main basket, De’ Longhi it is increasing well after an initial leap of 4.5%, following the announcement of the creation of a maxi coffee machine hub.

Spread in area 162 punti

Little change in the spread between BTp and Bund. The yield differential between the benchmark ten-year BTp (Isin IT0005560948) and the German equivalent maturity stood at 162 basis points, little changed compared to the previous closing. The yield of the ten-year BTp is increasing and opens trading at 3.60% from 3.57% at the closing the day before.

Euro remains strong against dollar, oil and natural gas on the rise

On the currency market the euro remains strong against the dollar and trades at 1.0998 (1.098 dollars at yesterday’s closing) and is worth 156.5 yen (156.18 at yesterday’s closing). The price of oil is rising slightly with February Brent at around 80 dollars a barrel and the WTI expiring at 74 dollars. Natural gas on the Amsterdam platform rises slightly to 34.4 euros per megawatt hour.

Asia down with tech slowdown, but Tokyo on parity

Chinese technology stocks tumbled amid the new rules, dragging Asian stocks lower for the final week of trading of the year. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3%. For the week the index is down 0.6%. Netease shares fell 29% at one point and Tencent shares fell more than 12%, sending the Hang Seng down 1.2%. Tokyo finished up 0.09%.

China: squeeze on video games, Tencent collapses in Hong Kong

China will block the export of a number of rare earth technologies, potentially making it more difficult for the United States and its allies to bolster Western supplies of strategic raw materials. While Beijing had already placed some limits, it has now expanded the list of technologies that cannot be transferred abroad to include metal processing and rare earth magnets, according to a Ministry of Commerce document. The move by the world’s dominant supplier – arguably the most significant by China in more than a decade – puts vital materials center stage as the trade war over the technology escalates.
Beijing then announced its intention to apply new restrictions to online games to limit in-app purchases via microtransactions and combat addiction to the phenomenon. These announcements immediately caused Chinese technology giants active in this sector to collapse on the stock market, such as Tencent, whose shares fell by more than 10% in Hong Kong.

• Stefania Arcudi

  Radiocor editor

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2023-12-22 08:37:30
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