Negative session for European stock markets, also held back by the negative performance of Wall Street at the start of 2024. On Piazza Affari, Ftse Mib down 1.4% to 30,100 points, with Mps (+1.6%) in against the trend, after the positive signals received yesterday from Minister Giorgetti regarding the process for the exit of the Treasury from the Sienese bank.
Leonardo is also in evidence (+1.3%), while luxury stocks Moncler (-4.5%) and Brunello Cucinelli (-3.6%) bring up the rear. UBS’s cautious outlook on luxury weighs heavily, in light of weak demand in China and the absence of factors capable of boosting sales.
On the macro front, the unemployment rate in Germany rose to 5.9% in December. In the USA, the ISM manufacturing remains in contraction (47.4 points in December) while new jobs in the private sector (JOLTS) amounted to 8,790,000 units in November, down compared to the previous month.
Meanwhile, the president of the Richmond Fed Thomas Barkin (voting in 2024) has refrained from providing forecasts on the timing of the first rate cut by the US central bank. Tonight the focus will shift to the Fed minutes, awaiting Friday’s data on eurozone inflation and the job report on the US labor market.
On bonds, the Italian ten-year BTP yield fluctuates around 3.7%, with the BTP/BUND spread rising. The US 10-year Treasury returned above 3.95%. On Forex, the euro/dollar falls further, approaching 1.09 and the dollar/yen rises to 143.4.
Among raw materials, Brent oil starts to gain ground again, thanks to tensions in the Red Sea and returns to the $78 per barrel area.