(Il Sole 24 Ore Radiocor) – After consolidating the 2023 rally last week, the European stock exchanges are entering a key eighth, with investors waiting on the ECB and Federal Reserve to understand if the monetary tightening will continue as expected or if there will be a slowdown in the light some positive signs that are coming from inflation. There are two dates circled in red on the calendar, which will be full of macro data: on Wednesday it’s up to the American central bank, the next day to Eurotower and the Bank of England.
Operators seem oriented towards approaching the wait for the central bankers’ meetings with caution, thus preferring the calls: this is how the FTSE MIB falls, the best of last week with an increase that took the gain since the beginning to 11.5% year, and the CAC 40 of Paris, the DAX 40 of Frankfurt, the IBEX 35 of Madrid, the AEX of Amsterdam and the FT-SE 100 of London are still behind. For the moment, the rise in Asian markets is not giving support, with the return of negotiations in China after the Lunar New Year break. On the macro front, the week opens with German GDP, inflation in Spain (-0.3% in January and surprisingly up to +5.8% year on year) and economic confidence in the Eurozone, while the the quarterly season, from Toyota to Ryanair.
Tim shoots in Milan, eyes on the banks before the accounts
On the Ftse Mib, shot for Telecom Italia, while the rumors are back for a close-term offer from Cdp for the network. Purchases also on Banca Pop Er and Unicredit on the eve of the quarterly accounts, with the banking institution which will be the first among the big Italian companies. Lose share among the oil companies Tenaris and Moncler in luxury. Auto stocks are weak with analysts who see the sector’s prospects declining.
Spread up towards 190 points, yield up to 4.13%
Moderate increase for the spread between BTPs and Bunds on the MTS secondary market of European government bonds, which continues to record a sharp rise in yields. The yield differential between the 10-year Bund and the same Italian maturity (Isin IT0005494239) is indicated at 189 basis points from 185 basis points since the last reference on Friday. The yield of the 10-year benchmark BTP continues to increase, reaching first position at 4.13% from 4.10% on the previous day’s closing.
Euro up, oil and gas down
In the foreign exchange market, the euro is trading at 1.0859 dollars (from 1.0839 at Friday’s close) and 140.85 yen (140.89), while the dollar/yen is at 129.86 (129.96).
Natural gas in Amsterdam is confirmed to be just above the threshold of 50 euros per MWh, which is worth 54.5 euros (-1.5%). Finally, the price of oil also fell with the March WTI at 79.2 dollars a barrel (-0.7%) and the North Sea Bret at 86.1 dollars (-0.7 percent).