(Il Sole 24 Ore Radiocor) – After a successful start, the European stock exchanges they slow down and prefer caution, especially since Wall Street lighthouse is missing: the American Stock Exchange will remain closed, given that Martin Luther King Day is celebrated in the United States. Technoogics and raw materials in particular are doing badly, while banks and pharmaceuticals hold up. So they are little moved the FTSEMIB of Milan, with the spotlight on Tim, the CAC 40 of Paris, the DAX 40 of Frankfurt, theIBEX 35 of Madrid, theAEX extension of Amsterdam and the FT-SE 100 from London. This after one week in which the continental markets extended the series of increases achieved since the beginning of the year (Piazza Affari has brought earnings to over 8% compared to the end of 2022 and the other European price lists are also traveling along the same lines).
With the start of the American quarterly season (the first major banks started on Friday, tomorrow it will be the turn of Morgan Stanley and Goldman Sachs), investors’ attention is on the accounts of corporate America and the new alarm for the economy launched by Jp Morgan and Bank of America who spoke of a “mild” recession on the way. Meanwhile, while guards remain on the next moves of the central banks, the World Economic Forum opens in Davos in which 52 heads of state and government and 19 central bankers will participate.
Spotlight on Tim in Milan, Webuild at a rapid pace
Looking at the headlines, the spotlights are on Piazza Affari Telecom Italywhile, according to rumors reported by The sun 24 hoursI’m coming resignation of Arnaud de Puyfontaine from the board. A signal in view of the board of directors of the telecommunications company on Wednesday 18 January. Banks, energy and the pharmaceutical sector hold up on positive ground. Particularly, Saipem is up sharply (the share, which has a small free float, is accustomed to strong fluctuations and volatility), followed by Unicredit, on which Morgan Stanley raised the target price from 16 to 17 euros. Well too Pop Er Bank And Bpm bankin addition to amplifier And Diasorin. Opposite sign for Interpump Group, Moncler And Ferrari. Out of the main segment, good Webuildfollowing the announcement that the group has won a $218 million contract in Florida.
Stable spread just above 180 points, yield below 4%
Partially encouraging data on the economic situation helped to favor the return of the flow of money, which also involved the world of bonds where the yields on government bonds fell significantly. In the first session of the week, flat performance for the spread between BTp and Bund. The differential between the 10-year benchmark BTP (Isin IT0005494239) and the German equivalent maturity stands at 183 points, the same level as on Friday. The yield of the ten-year benchmark BTP is indicated at 3.99%, little moved compared to the 3.98% of the last reference.
Gas below 60 euros, oil down
On the energy front, the price of gas continues to fall in Amsterdam, an already weak start. The February delivery contract drops by 10.5% to 58 euros per megawatt hour. Contracts with subsequent expirations up to June 2023 are also below 60 euros.
As for oil, the March delivery contract on Brent drops by 0.88% to 84.53 dollars a barrel and the February contract on the WTI drops by 0.76% to 79.25 dollars a barrel.
Euro remains above 1.08 dollars
The euro picked up again, returning to over 1.08 dollars also due to the consequent weakening experienced by the greenback after the slowdown in US inflation and the consequent bets on the Federal Reserve, which will raise rates “only” by 25 basis points in the coming February 1st and mid-March meetings. Thus the single currency changed hands at 1.0837 dollars, up slightly compared to Friday’s close (1.0822 dollars), when the yen strengthened against both the single currency and the greenback.
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EU stock markets cautious after the rally. Spotlight on Tim in Milan
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