European stock markets close lower. On the business market, the Ftse Mib ended down by 0.45% to 30.9 points, with Saipem (-3.2%), Interpump (-2.7%) and Inwit (-2.4%) among the worst, while MPS shines (+5.5%) after the release of the 2023 accounts which mark the return to the dividend after 13 years, following the achievement of profits of 2 billion. Diasorin also did well (+2.2%) and the automotive sector with Ferrari at +1.2% and Stellantis at +1.05%.
From the macro agenda came December data on industrial production from Germany, down 1.6% on a monthly basis, and retail sales from Italy (-0.1% in December).
The quarterly reports remain on investors’ radar, with the accounts of Uber, Disney and PayPal following those of Ford on Wall Street, and the indications of central banks on rate cuts. Minneapolis Fed President Neel Kashkari said officials need to see “a few more months” of inflation data before lowering the cost of borrowing, saying two or three reductions would likely be appropriate in 2024.
On bonds, the BTP-Bund spread widened slightly to 157 bp, with the yield on the Italian 10-year bond at 3.87% and that of the Bund at 2.3%, while the 10-year US Treasury stood at 4.09%.
Among raw materials, Brent oil stood at 78.6 dollars a barrel, after US crude oil inventories increased beyond expectations, while gasoline and distillate reserves decreased. On Forex, the euro/dollar exchange rate was little changed at 1.076 and the dollar/yen was in the 148 area.