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(Il Sole 24 Ore Radiocor) – Le European stock exchanges they are mixed in the last session of the week, while investors evaluate a new series of quarterly accounts and the implications of the macro news that emerged the day before. The president of the ECB, Christine Lagarde, appeared more accommodating on future cuts in the cost of money, while in the United States the indicators showed a still solid economy (GDP grew by 3.3% in the fourth quarter of 2023) compared to of slowing inflation.
So they are little moved the FTSE MIB of Milan and the DAX 40 of Frankfurt, with consumer confidence falling from -29.7 to -25.4 points in February. Same goes for theAEX of Amsterdam, theIBEX 35 of Madrid and the FT-SE 100 from London. On the shields instead the CAC 40 of Paris, with the improvement in consumer confidence (from 89 to 91 points in January) and, above all, on the wings of luxury stocks after the record 2023 results announced on Thursday by the giant Lvmh.
All eyes remain on the tech sector after the disappointing prospects announced by the US giant Intel: the sector penalized the performance of the Tokyo stock market, which closed down by 1.34%. The Chinese stock markets were also negative, having achieved their best three-day performance since Tuesday since 2022, while the optimism regarding the support measures implemented by the Beijing government partly faded.
Moncler flies with French luxury, Campari also takes off
LVMH’s performance also drags Moncleramong the best on Piazza Affari, e Brunello Cucinelli. Among the Ftse Mib securities they also stand out Davide Campariwith French rival Remy Cointreau up double digits, and Ferrari, exposed to the luxury sector and in view of the quarterly report arriving next week. Still declining Stmicroelectronics, after the disappointing indications provided by the American giant Intel. It remains above parity Italian post after the Government’s decision to reduce the quota while maintaining control.
Trend of the BTP / Bund spread
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Spread stable below 155 points, ten-year yield decreasing
Stable trend for the BTp-Bund spread while the decline in yields on European government bonds continues after the press conference of the president of the ECB, Christine Lagarde, on Thursday. The yield of the benchmark ten-year BTp (Isin IT0005560948), which closed at 3.82% the day before, stands at 3.77 percent. The decline of the Bund also continues, from 2.30 yesterday to 2.25% at today’s opening. The yield differential between the Italian 10-year bond and the German one therefore remained stable at 153 points, the same as the previous closing.
Euro towards 1.08 after ECB, oil falling
On the currency market, the euro slides towards 1.08 dollars after the ECB and is worth 1.0819 from 1.0830 at the close yesterday. The single currency is also indicated at 159.89 yen (from 160.68), while the dollar/yen ratio is at 147.81 (from 147.72). On the energy front, the price of oil retreated, having risen to its highest level in a month on Thursday: the WTI for March lost 0.8% to 76.74 dollars a barrel, while the similar delivery on Brent slipped by 0.57% at $81.96. The price of natural gas on the Amsterdam TTF platform continues to fall: the February contract loses 3.1% to 26.9 euros per megawatt hour.
Tokyo closes lower, chip slows down
The Tokyo Stock Exchange closed lower, weighed down above all by the performance of the semiconductor sector and by investors taking profits after the start of the Japanese market with great fanfare at the beginning of the year. The Nikkei reference index lost 1.34% to 35,751.07 points during the session and also recorded a decline in the entire past week (-0.6%), while in the previous two weeks it had risen significantly evident, reaching new highs since early 1990. The broader Topix index lost 1.35% to 2,497.65 points. The position of the Bank of Japan (BoJ) also weighed on market performance, as it appears to be preparing to start normalizing its monetary policy in the coming months. According to analysts, the focus shifts to whether wages will rise enough to support consumption and help Japan sustainably reach 2% inflation, which the Bank of Japan describes as a prerequisite for phasing out its massive monetary stimulus.
2024-01-26 08:37:30
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