A slow day for European stock markets, in a session lacking in relevant macroeconomic insights. On Piazza Affari, the Ftse Mib closed trading down by 0.3% to 33,315 points. The spotlight is once again on Tim, down 4.6% despite additional indications on debt reduction in 2025-26.
Leonardo (-4.1%), Nexi (-3.6%) and A2a (-3.6%) were also negative, the latter after a 1.2 billion agreement with Enel and on the eve of the industrial plan. Bper (+2.1%) and Moncler (+1.8%) increased. Volatile day for banks, in the wake of the Bank of Italy’s consultation for the introduction of a new capital reserve for systemic risk.
In the absence of prominent data, attention is already focused on tomorrow’s report on US inflation, the real market mover of the week. US consumer prices should show annual growth of 3.1%, in line with January, and a slowdown in the core index from 3.9% to 3.7%.
Also scheduled in the coming days are US retail sales, UK wage data and statements from some ECB bankers. In China, the consumer price index rose 0.7% and producer prices fell 2.7% annually in February.
On bonds, the BTP-Bund spread rose slightly to 132 basis points, with the yield on the Italian 10-year bond increasing to 3.62% and that of the Bund to 2.3%. Among raw materials, Brent oil remains in the area of 82 dollars a barrel, while gold remains above 2,180 dollars an ounce.
On the Forex, the euro/dollar exchange rate was little changed at 1.093 and the dollar/yen was below 147 yen per dollar, after the revision of the Japanese GDP in the fourth quarter from -0.1% to +0.1%. The lack of recession in the Japanese economy strengthens the case for a rate increase by the BoJ at its meeting this month.
Bitcoin rose above $72,000 for the first time.