Cautious opening for the European stock exchanges, after the mixed morning of the Asian markets, while Wall Street will reopen today after closing yesterday for holidays.
In Piazza Affari, the Ftse Mib is traveling slightly up (+0.3%) just a whisker from the threshold of 26,000 points. Above all, Leonardo (+4.7%), Telecom Italia (+3.6%) and Stm (+2.5%) advanced on the main list, while Finecobank (-0.8%), Banca Mediolanum (-0 .8%) and Iveco (-0.7%).
On bonds, the Btp-Bund spread showed little movement at 183 basis points, with the yield on the Italian ten-year bond slightly above 4%. On Forex, the euro/dollar remains in the 1.083 area while the dollar/yen stabilizes at 128.5 pending tomorrow’s Bank of Japan meeting from which new decisions on controlling the interest rate curve could come. Among the raw materials, oil is progressing slowly with Brent in the 84.6 dollar area and natural gas remains in the 55.7 €/MWh area after the new drop on the eve.
From the macroeconomic agenda came the data on Chinese GDP, up by 3% in 2022. Although the expansion is higher than expected, it remains well below the 5.5% forecast by the government at the beginning of the year and the 8, 1% in 2021. The December numbers on industrial production and retail sales nonetheless give hope for an imminent recovery of the second global economy. Focus in the morning also on the German Zew index.
In the USA, the quarterly season resumes with the accounts of Goldman Sachs and Morgan Stanley, while the Word Economic Forum in Davos continues, from which several exponents of the Fed and the ECB will intervene in these days.