(Il Sole 24 Ore Radiocor) – The expectation of new indications on the macroeconomic front and a series of chiaroscuro quarterly data advise prudence on the European Stock Exchanges, which remain little moved. Eyes focused in particular on the tech sector after Microsoft announced numbers above expectations, but with a slowing outlook, while the Dutch giant Asml provided optimistic indications for 2023. On the macro front, expectation for the German Ifo index, which should report an improvement in business expectations. The FTSE MIB of Piazza Affari thus remains close to parity. Among the main Milanese stocks, Iveco Group is gaining ground after signing a framework agreement in Belgium for the delivery of 500 electric buses in six years. Amplifon and Saipem also did well, while Diasorin and Interpump Group remained behind.
However, investors’ attention remains focused on central banks: in Australia the jump in inflation to a 33-year high (7.8%) raises the bet on new interventions by the Reserve Bank, while a new 25 basis point adjustment is expected today by the Canadian central bank.
The euro/dollar remains at 1.09, little moved by oil
On the foreign exchange market, the Australian dollar was the protagonist, gaining around 1% on the US currency (0.71 US dollars for one Australian), while the exchange rate between the euro and the dollar remained at the threshold of 1.09 (1.0895 from 1.088). The single European currency is also worth 141.95 yen (from 141.37), while the dollar/yen ratio is at 130.45 (129.90).
On the energy front, little movement in oil prices: March Brent rose by 0.2% to 86.4 dollars a barrel, March WTI was stable at 80.2 dollars a barrel. Gas prices in Amsterdam fell by 2% to 56 euros per megawatt hour.
Tokyo recovers in the final and extends the positive streak
Meanwhile, the Tokyo Stock Exchange recovered an uncertain session at the end and closed in positive terms, extending its rally to a fourth session in green, boosted by the earnings season, although gains were limited after exceeding the crucial level of 27,000 points in the previous session. At the close of trading, the Nikkei index of leading stocks gained 0.35% to close at 27,395.01 points and the broader Topix index gained 0.39% at 1,980.69 points. Among the stocks in the spotlight is the auto sector propelled by the leap of automotive battery components supplier Nippon Printing, which jumped 13% on Financial Times reports that activist fund Elliott Management would take a large stake, increasing its holding in nearly 5% and becoming the third largest shareholder. Suzuki Motor posted another strong gain, after the quarterly profit of its Indian unit Maruti Suzuki more than doubled.