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(Il Sole 24 Ore Radiocor) – European stock markets close weakly while awaiting the American inflation data for December, scheduled for January 11th and crucial in view of the next monetary policy decisions. Milan’s Ftse Mib was saved, recording a +0.14%%, thanks to the resilience of banks and industrialists and despite Campari’s slide (-6.53%). Around parity are the Dax of Frankfurt (+0.01%), the Cac of Paris (-0.01%), the Ibex of Madrid (+0.07%), the Aex of Amsterdam (-0.33% ) and London’s Ftse 100 (-0.42%).
With an eye always on the moves of the central banks, the main theme remains that of the stability of the economy. For S&P, as emerges from the outlook for 2024, the current year will be a transition year for Italy with growth expected at 0.6% (compared to 0.5% in Germany). Beyond the more immediate horizon, Italy should accelerate again to 1.2% in 2025 (with Germany running at a rate of 1.5%) and then settle at 1.3% in 2026. On the interest rate front , Isabel Schnabel, member of the ECB governing council, stated that although inflation has eased, “official rates must be at sufficiently restrictive levels for as long as necessary to ensure that inflation returns sustainably to 2%”.
Wall Street cautious awaiting inflation and quarterly reports
Overseas, Wall Street is also cautious, on a day in which there are no data on the calendar capable of orienting the market. The focus is on the macro data of Thursday 11 January (inflation) and on the quarterly reporting season which will start the following day. After the latest jobs report, which proved stronger than expected, investors expect the Federal Reserve to leave rates unchanged at its January 31 meeting, but the forecast is for overall cuts of 140 basis points this year . Meanwhile, oil inventories in the United States have increased, contrary to expectations. Data released by the Energy Department record an increase of 1.338 million barrels to 432.403 million units.
Fineco flies on collection data, ko Campari post placement
In Piazza Affari, Fineco is in the lead (+2.36%), celebrating the December collection data, while Iveco (+2.16%) and Azimut (+1.64%) also do well. Campari, on the other hand, collapses (-6.53%): the company has completed a 650 million capital strengthening and placed a 550 million convertible bond to finance the acquisition of Courvoisier. The automotive sector holds its ground with Ferrari (+1.12%) and Stellantis (+1.09%). Pirelli is below parity (-0.38%) after the rally the day before.
Spread down to 163 points, ten-year yield stable
Closing down for the spread between BTp and Bund. At the end of the session, the yield differential between the benchmark ten-year BTp (Isin IT0005560948) and the German equivalent maturity stood at 163 points, down 3 cents compared to yesterday’s closing. The yield of the benchmark ten-year BTp was stable, marking a last position at 3.84%, unchanged compared to the levels of the previous closing.