European Stock Exchanges Reach Maximum Levels at the End of 2023 – Christmas Rally Continues in New York

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(Il Sole 24 Ore Radiocor) – They are moving positively the European stock exchanges in the last session of 2023, on a day that promises to be free of shocks, in which the markets will close the final trading to end the year at maximum levels while the “Christmas rally” continues in New York, which traditionally pushes the price lists in the last trading sessions of the year and the first of the new year.

On the macro front, data on December inflation arrive from Spain, which remains stable at 3.3% per year, slightly lower than expected, but ‘core’ inflation has slowed down significantly to 3.8% from 4.5%. of November, according to the national statistics institute INE. Energy prices are slowing sharply and food prices have remained stable.

They thus travel upwards FTSE MIB of Milan, the CAC 40 of Paris, theAEX of Amsterdam, the DAX 30 of Frankfurt andIBEX 35 in Madrid.

Luxury is doing well in Piazza Affari with Moncler and Ferrari

On the stock market in Piazza Affari, luxury stocks are advancing rapidly with Moncler in the lead, followed by Ferrari. Good too Brunello Cucinelli. In luce Erg, after the news on the eve of the 86 million investment in renewables in France. Weak Banca Mps e Telecom Italia which slide to the bottom of the list. The energy sector is also down with Tenaris e Saipem . Outside the main basket, good upside for Mayor Tecnimont after the green light to start work to build a plant in Egypt, as part of a contract worth 220 million dollars.

Spread drops to 162 points

Positive start for BTp traded on the Mts electronic secondary. The courses are recovering after the weakening of the day before and it spread returns to ‘close’. The yield differential between the benchmark ten-year BTp (Isin IT0005560948) and the German equivalent maturity is indicated at 162 basis points (166 points at the day before closing) while the yield on the Italian ten-year falls to 3.58% from 3.60% of final of the eve.

Euro moves away from 1.11 dollars. Stable oil and gas

On the currency market, the euro moves away from 1.11 dollars and exchange for the greenback at 1.106, while the euro/yen exchange rate stood at 156.37 and the dollar/yen exchange rate at 141.27. The price of crude oil is stable but rises slightly compared to the day before, with the Brent which trades around 77 dollars a barrel and the Wti close to $72. The price of the natural gas in Amsterdam which is around 33 euros per megawatt hour.

Tokyo ends the year with its best performance since 2013

Last session of the year subdued for the Tokyo stock exchange, following the mixed closure of US stock indices, but the main Asian market sees a rise of 28.2% in 2023, the best performance since 2013, which allows it to boast the title of top performer in the Asian region this year. A positive balance resulting from the depreciation of the yen, which favors Japanese blue chip exporters, and the return of appeal among international investors. Today the Nikkei index closed 0.22% lower at 33,464.17 points while the broader Topix index rose slightly (+0.19% to 2,366.39 points).

The Tokyo Stock Exchange this year had a kind of Warren Buffett effect in the spring, when the famous American investor, who has been betting on several Japanese companies since 2020, reaffirmed its confidence in the Japanese market. Another stimulating effect is that the Japanese companies they have accelerated efforts to better remunerate their shareholders and become more efficient themselves (more dividends and share buybacks, structural reforms and fewer cross-shareholdings). According to Naoki Kamiyama, chief strategist at Nikko Asset Management, this year the Tokyo Stock Exchange has also been fundamentally supported by hopes of a real change in the economic system in Japan, with a greater probability of sustainable inflation fueled by dynamic wage increases.

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2023-12-29 11:31:01
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