Milan continues to rise
Stock market remained positive in the afternoon after the mixed opening on Wall Street. The Ftse Mib index marks a +0.57% to 30,331 points. Piazza Affari in the wake of the other European stock markets which rise at different rates the day after the ECB meeting, with expectations of a cut already in April strengthening. Meanwhile, today the US PCE inflation data was released, which confirms annual growth of 2.6% as expected while on a monthly basis it rises by 0.2% against the previous -0.1%. The ‘core’ component, which is the indicator followed by the Fed in monetary policy decisions, fell to 2.9% from the expected 3% and the previous 3.2%: this is the lowest level since February 2021.
Additionally, personal incomes in the United States increased by $60 billion, or 0.3%, in line with expectations. Consumer spending increased 0.7% versus the expected 0.5%. In Germany, however, the GfK consumer confidence index surprisingly drops to -29.7 as February approaches, compared to -24.5 in the Reuters consensus and from -25.4 (revised) in January.
Luxury stocks performed well on the list, driven by LVMH’s performance in Paris following the group’s good sales data. Moncler then rose with +8.1%, Ferragamo at +8.2%, Cucinelli +5.5%, Tod’s +3.7%. Among the other blue chips, Ferrari (+2%) did well, in the industry on Prysmian, Leonardo (-1.8%) and STM (-3%) lost, the latter after the cut in rating and targets by Barclays. Tim also performed well with +1.3% and Hera again in energy with +3.4%.
2024-01-26 16:49:45
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