European Stock Exchanges Rally as US Inflation Figures Awaited

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(Il Sole 24 Ore Radiocor) – They travel positively the European stock exchanges in the last session of February. All eyes are on the US PCE inflation figure, expected to rise by 0.3% after +0.2% in January, useful for understanding the Fed’s next moves in the area of ​​monetary policy. In France, meanwhile, inflation slowed to +2.9% year-on-year in February, from 3.1% in January. Prices are also slowing in Spain, going from 3.4% in January to 2.8% in February.

They travel in positive territory FTSE MIB of Milan, the DAX 30 of Frankfurt and the FT-SE 100 from London. Weaker the CAC 40 of Paris, theAEX of Amsterdam and theIBEX 35 in Madrid.

Saipem and Moncler rally in Milan, Tim down

They shoot in Piazza Affari Saipemwhich closed the fourth quarter better than expected and expects a return to the dividend in 2025, and Moncler which delivered the results on the eve of the markets closed, with profits and revenues rising. Also celebrate Italian post, which closes 2023 with revenues growing by 5.4% to 12 billion and a record EBIT of 2.62 billion (+9.4%). Cold reception for the accounts of Prysmian, with net profit growing by 7.5% to 547 million and a decline in revenues of 1.1%. At the end of the list Telecom Italia after the Milan prosecutor’s office requested the seizure of 322 million from a group of companies (Tim for 248.9 million) as part of an investigation into fraudulent Vas services activated in 2017/19.

Spread down to 142 points

Slightly decreasing spread between BTp and Bund, which stands at 142 basis points, from 143 points the day before. The yield of the benchmark ten-year BTp also fell slightly, to 3.87%, from 3.89% at the closing the day before.

Euro stable against dollar, yen soaring. Oil is weak

On the currency, theeuro remains stuck to 1.08 dollars, while the yen soared after the speech by a member of the Bank of Japan, Hajime Takata, who estimated that the objective of sustainable inflation of around 2% «has finally entered into view”. It continues weakly oil price, after the higher-than-expected increase in US inventories with April Brent at around 83 dollars a barrel and the WTI with the same expiry date at around 78 dollars. Declining gas European traded in Amsterdam below 25 euros per megawatt hour

Asia rebounds after Country Garden, Tokyo cautious

Chinese stock markets rebounded, almost completely eliminating the losses suffered on the eve of the liquidation request presented to the High Court of Hong Kong against Country Garden, the main Chinese private real estate developer, burdened by around 200 billion dollars in debt. The lists were supported by the commitment of the CSRC, the Chinese Consob, on the “orderly strengthening” of transactions on derivatives of private equity funds and on other types of operations which continued to instill confidence in investors. The Tokyo Stock Exchange concludes trading on a cautious note, with sales focusing on technology, awaiting inflation data in the United States.

• Chiara Di Cristofaro

  Expert Radiocor editor

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2024-02-29 09:11:15
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