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(Il Sole 24 Ore Radiocor) – Le European stock exchanges started off on the right foot in the first session of March, in the wake of the records set on Thursday by Wall Street and the new highs in Tokyo. US stock markets gained ground after “core” PCE inflation fell to 2.8% in January, the lowest level since the spring of 2021 and in line with market expectations, and again helped by Nvidia, which rose to new highs . The FTSE MIB Milanese is thus on the rise, in line with the other main price lists of the Old Continent. Among the main Milanese titles, Leonardo – Finmeccanica e Prysmian lead the Ftse Mib after the publication of the 2023 accounts. Realize instead on Moncler after the exploit of the day before.
On the macro front, the publication of the Eurozone inflation data and, in the United States, the ISM index on manufacturing activity is expected today. In China, mixed signals on the industrial trend, with the official manufacturing PMI falling to 49.1 points in February, the fifth consecutive month of contraction, while the index calculated by Caixin rose to 50.9 points, remaining in an expansionary phase . As for monetary policy expectations, according to FedWatch from CME, the probability that the US Federal Reserve will cut interest rates at its May policy meeting rises to 21%, up slightly from around 19% before the inflation data .
Spread at 142 points, euro/dollar stable
On bonds, the spread between BTp and Bund is slightly decreasing while the yield on ten-year bonds starts to rise again. The yield differential between the benchmark 10-year BTP and the German equivalent maturity falls to 142 points from 143 yesterday. The yield on the Italian ten-year bond, which yesterday reached a last position at 3.83%, rises to 3.86%. Today, all eyes are on the closing, at 1pm, of the placement of the six-year BTo Valore which yesterday came close to a total collection of 17 billion euros and can therefore aim to close at the levels of the first edition of June 2023 when the Treasury raised 18.19 billion.
On the currency, euro stable at 1.081 dollars, in line with the previous closing, euro/yen at 162.72 (from 161.93) and dollar/yen at 150.45 (from 149.78). The price of oil rose slightly, with April WTI trading at 78.46 dollars a barrel (+0.26%) and May Brent at 82.19 (+0.34%). Natural gas in Amsterdam also rose to 25.19 euros per megawatt hour (+1.3%).
In Tokyo the Nikkei rises by 1.9% to new highs
The Tokyo Stock Exchange, meanwhile, updated its records and concluded the last session of the week with a sustained rise, following the consolidation at the top of the technological list of the US Nasdaq. The Nikkei reference price list increased by 1.90% to 39,910.89, adding 744 points. On the currency market, the yen weakens again against the dollar, at 150.30, after the inflation data in the United States, in line with analysts’ expectations, and against the euro at 162.50.
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Paolo Paronetto
Radiocor editor
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2024-03-01 08:37:30
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