Another chiaroscuro session for European stock markets, with a focus on macro data and in particular on inflation. The Ftse Mib closes down by 0.1% to 32,580 points, with Saipem (+13.3%), Moncler (+5%), Poste Italiane (+2.6%) and Prysmian (+3.1%) among the best after their respective results. However, Telecom Italia (-2.6%), Iveco Group (-2.6%) and Brunello Cucinelli (-2.5%) retreated.
In Europe, consumer prices showed signs of cooling in Germany, France and Spain, with harmonized data falling to 2.7%, 3.1% and 2.9% respectively, awaiting reports on the eurozone and Italy scheduled for tomorrow.
In the US, the spotlight was on January core PCE, the indicator of underlying inflation closely monitored by the Fed for its monetary policy decisions. On an annual basis, the index slowed to 2.8% but the monthly growth of 0.4% remains too high, supporting the wait-and-see thesis of the American central bank’s hawks on possible rate cuts.
Additionally, jobless claims rose more than expected to 215,000, while home sales claims fell 49%.
On bonds, the BTP-Bund spread remains around 142 bp, with the yield on the Italian 10-year bond falling to 3.83% and that of the Bund to 2.4%. In Italy, meanwhile, the fourth day of placement of the BTP Valore.
Among raw materials, Brent oil fluctuates around $82 a barrel. On Forex, the euro/dollar exchange rate fell slightly to 1.081 and the dollar/yen fell below 150 yen per dollar.
Meanwhile, Bitcoin remains above $62,000 following recent gains.