Investors’ attention is focused on the earnings season in Japan and the United States and on the next moves by central banks
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The Tokyo Stock Exchange begins trading lower, following the mixed close of US stock indices, with investors’ attention focused on the earnings season, in Japan and the United States. The reference Nikkei index marks a negative change of 0.42% to 28,485.42, with a loss of 121 points. On the foreign exchange market, the yen lost ground against the dollar at a level of 134.70, and against the euro at 147.50. The Hong Kong Stock Exchange also lost ground at the start: the Hang Seng index lost 0.06%, settling at 20,354.83 points. Finally, a slow start and below parity for the Chinese stock exchanges: the Shanghai Composite index dropped 0.09% in the very first few moments, to 3,367.05 points, while that of Shenzhen recorded a drop of 0.13%. at an altitude of 2,123.69.
Even today the day of the European markets is characterized by expectations for the next moves of the central banks and with an eye also on the financial statements of Wall Street companies.
Yesterday the European stock exchanges continued to move cautiously, keeping in sight the values of the day before. At Piazza Affari the FTSE MIB it closed with a slight increase (+0.15%) in line with Paris (+0.21%) and Frankfurt (+0.08%). The good intonation shown by the securities of the financial sector were offset by the losses suffered by Tim after the arrival of the new offers on the network of the Cdp-Macquire and Kkr consortium, which will be examined in the Council meeting on May 4th.
Wall Street also finished with minor changes after conflicting data from corporate financial statements (Tesla, Netflix and Morgan Stanley moved downwards) and above all following the indications of the Beige Book. The economic report drawn up by the Federal Reserve has not served to dissolve investors’ doubts and the stalemate in which the markets have taken refuge in recent weeks waiting to understand if and when the US central banks will reach the turning point on rates.
Still on the theme Central banks and interest rate decisions, the chief economist of the ECB Philip Lane confirmed that «If the scenario underlying the macroeconomic projections compiled by our experts in March persists, further hikes will be appropriate». This was enough to drive up government bond yields marginally (the 10-year BTP stood at 4.35%, with a spread of 185 basis points). However, the key data for the Eurozone remains the one linked to April inflation which will arrive on Tuesday 2 May, just two days before the next meeting of the Central Bank.
Today we start again from March producer prices in Germany, from confidence
of manufacturing firms in France in April and the flash estimate on consumer confidence in the Eurozone in April. In the US, space for requests like every Thursday
weekly subsidies, the Philadelphia Fed index for April is also scheduled
and the leading index for March. On the corporate front, space instead for the data of At&t, American Express, Blackstone and Philip Morris. There are also numerous meetings scheduled: among these Tim, Italgas, Banca Mps e bpm bank. Conference calls are also available
by EssilorLuxottica and Ferragamo.
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