by Martina Soligo and Stefania Blasioli
Leonardo takes off after the plan and then slows down, in Piazza Affari the banks are driving. Euro little moved. Spread down to 127 basis points at the end, lowest since November 2021
3′ reading
(Il Sole 24 Ore Radiocor) – The European stock exchangeswith the FTSE MIB of Milan which achieved the best performance in the Old Continent. American inflation, under the lens of investors, rose to 3.2% in February on an annual basis, higher than expected, but the data does not change the expectation of a first rate cut in June, with three cuts within the year. Meanwhile in Europe, German inflation rose by 0.4% in February, less than expected. All the main European indices are making good progress: the CAC 40 of Paris, the DAX 40 of Frankfurt, theIBEX 35 in Madrid, l’AEX of Amsterdame and the FT-SE 100 from London.
The good recovery of technology stocks is also pushing the prices higher: overseas Nvidia Corp,after a few downward sessions, it starts to rise again, driving the entire tech sector Oracle e Microsoft Corp. However, JpMorgan CEO Jamie Dimon is holding back his enthusiasm, not ruling out the possibility of recession for the United States and maintaining that the Federal Reserve should wait before starting to cut interest rates.
US inflation rises in February, Wall Street rises sharply
Wall Street closes higher. The Dow Jones gains 0.61% to 39,005.49 points, the Nasdaq advances by 1.54% to 16,265.64 points while the S&P 500 scores a +1.12% to 5,175.27 points after the numbers on American inflation, which also recorded an increase. In February, consumer prices in the United States increased by 0.4% compared to the previous month, according to the Labor Department, in line with expectations, after +0.3% in January. The annual figure rose from 3.1% in January to 3.2%, with the consensus at 3.1%. The “core” data, i.e. the one stripped of the price component of food and energy goods, grew by 0.4%, against expectations for a +0.3%, after +0.4% in January. Compared to a year earlier, the “core” data recorded an increase of 3.8%, after 3.9% in January and against expectations for a slowdown to 3.7%.
The banks are leading the way in Piazza Affari, Leonardo trims his earnings after the plan
In Piazza Affari the banking sector did well in general, with Banca Mps which ends the session at the top of the list, Banca Pop Er e Intesa Sanpaolo. After the start of the session, Leonardo – Finmeccanica he trimmed his earnings after the presentation of the targets of the 2024-2028 industrial plan. Positive too Saipem, after Jefferies raised its target price. Well Amplifiere Brunello Cucinelli. Purchase on General after the accounts: the group closed 2023 with almost all the main financial indicators positioned at the top of the consensus and a dividend that rose by 10.3% to 1.28 euros. On equality Italgas after presenting the 2023 numbers with an adjusted net profit growing by 11.1% to 439.6 million, higher than analysts’ expectations. In red A2aafter 2023 profit and coupon above consensus and plan targets in line with market expectations eTelecom Italiawith the integration into the 2024-26 plan which does not seem to have completely convinced the market.
Outside the main basket, it recovers the title at the end Lazioafter hitting a 3% drop due to the resignation of coach Maurizio Sarri. Seat in red for Alerion after the 2023 accounts with declining profits and revenues.
Euro stable, Bitcoin slows down after rally. Little moving oil
On the currency, the euro weakens slightly against the dollar and trades at 1.0916 (1.092 on the day before). The single currency is also worth 161.27 yen, the dollar/yen exchange rate is 147.731. Bitcoin is holding back, returning below 71 thousand dollars, after having broken through the 72 thousand threshold yesterday for the first time. On the energy front, oil fell, with April WTI at 78.22 dollars (-0.36%) and May Brent at 82.42 dollars (-0.26%). Natural gas in Amsterdam fell by 0.32% to 24.8 euros per MWh.
Spread down to 127 basis points at the end, lowest since November 2021
Strong appreciation for Italian securities traded on the Mts electronic secondary with the consequence that the spread between BTp and ten-year Bund returns to close and finds the minimums since November 2021. In the end the yield differential, between the benchmark ten-year BTp (Isin IT0005560948) and the German equal maturity exchanged on the Mts electronic system, is at 127 basis points, (131 points at the start) compared at Monday’s close at 132 points. The yield on Italian ten-year bonds fell to 3.6% from 3.62% in the previous reference. Spanish ten-year Bonos yield 3.13 percent.
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2024-03-12 18:11:15
#stock #markets #overcome #inflation #test #momentum #Milan #closes #Wall #Street #Nasdaq
