Closing in no particular order for European stock markets, awaiting the conclusion of the Fed meeting in the USA. At Piazza Affari, the Ftse Mib ends up 0.4% at 30,744 points, with Telecom Italia (+2.2%) at the top, awaiting updates on the sale of Sparkle to the KKR fund, for which a possible extension.
Hera (+1.8%) and Terna (+1.6%) are also in evidence, while Pirelli is losing ground (-1.9%) in the wake of the EU antitrust investigation into an alleged cartel in the tire sector.
Tonight the American central bank will make its decisions official, in all likelihood leaving rates unchanged, although operators will mainly look at any suggestions on the first rate cut.
A day full of macro events, starting with Chinese manufacturing data which showed a contraction for the fourth consecutive month.
In Europe, eurozone inflation is expected tomorrow, after the slowdown that emerged in Germany and France, while an acceleration in price growth was recorded in Spain.
In Italy the unemployment rate fell to 7.2% in December from 7.4% in the previous month. In the USA, the ADP report showed a lower-than-expected increase in new jobs in the private sector (+107 thousand), in view of Friday’s data on the labor market.
Meanwhile, the quarterly earnings season continues in the US, after the results of Alphabet and Microsoft, with investors worried about the increase in costs relating to investments in AI.
On bonds, the BTP-Bund spread widened to around 156 bp, with the yield on the Italian 10-year falling to 3.72% and that of the Bund to 2.16%, while the 10-year US Treasury fell below 4%.
Among raw materials, Brent oil retreats to 81 dollars a barrel, after the increase in crude oil inventories in the US and in view of the OPEC+ market monitoring committee scheduled for tomorrow.
On Forex, the euro/dollar exchange rate was little changed in the 1.085 area and the dollar/yen fell to 146.3.