The City never so strong despite the tensions that cross Great Britain
Wall Street in chiaroscuro mid-session. January’s retail sales are surprising, increasing by 3%, from -1.1% in December. Estimates foresaw +2%. It is increasingly difficult to stop the Fed’s aggressiveness on rates. The most interesting surprises therefore come from Europe: London’s FTSE100 +0.5%: hits new historical record despite strikes and social tensions. EUROSTOXX 50 +1%: new 12-month high. Paris CAC 40 +1.2%: new tops from January 2022. Spanish IBEX +0.5%: new tops since June 2021. Milan’s FTSE MIB +0.13% to 27,533 points consolidating the top since December 2021 So it doesn’t seem that the US consumption data is “terrifying” the stock exchanges!
THE DAY OF THE VERY HOT
AZIMUTH
The shareholder Timone sells 0.9% of the share capital at 22.35 eu, 3% below yesterday’s closing (23.17 eu), expected down. Closing at €22.61 (-2.42%)
TIM:
Solid 2022 results and reasonable outlook, BUY. Closing at €0.30 (+0.67%)
BONDS
The spread is up slightly to 185 points from 178 with the Italian 10-year yield at 4.3%. The battle against inflation may still take some time and because the price situation has not stabilised and because wage tensions could emerge in the medium term. “Recent data on inflation in the euro area is quite encouraging, but the general situation still calls for caution,” said Pablo Hernandez de Cos, Governor of the Bank of Spain.
The hawks dominate the Fed
The T Bond trades at 3.78%, from 3.70% yesterday. The inversion of the curve reached levels not seen since the beginning of the eighties, the differential between the two-year bond and the ten-year bond fell to -87 basis points. Il Wall Street Journal writes that the exit of Lael Brainard by the board of the Federal Reserve leaves the more reflective component on rate hikes unguarded. In his latest speeches, the former vice president D had warned of the dangers of a monetary tightening carried out at full speed.
ENERGIA
PETROLIUM
Brent is down for the second consecutive day It lost 1.55% to $84.25 after the announcement US crude inventories increased by 16.28 million barrels, much more than the 10 million predicted by the API. This is a percentage increase of +3.58%, the eighth in a row on a weekly basis. The stock reached 471 million barrels, the highest since June 2021.
GAS
Price at 54.6 euros per megawatt hour practically same as yesterday’s closing (54.45 euro/Mwh).
CURRENCIES
The euro is down 0.5% to 1.067 against the dollar.
ORO
It has hardly moved at all in the last few hoursis down 1.2% to $1,831 today.