Stock market, US inflation pushes Europe. Piazza Affari on the rise
Upward start for the European stock exchanges, with investors waiting for today’s US inflation reading for clues as to when the Federal Reserve will begin cutting interest rates. In early trading in London the Ftse 100 index rose by 0.38% to 7,677 points, in Frankfurt the Dax by 0.52% to 16,774.50 points and in Paris the Cac40 advanced by 0.51% to 7,463.90 points.
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The annual inflation rate in the United States is expected to rise to 3.2% in December from a five-month low of 3.1% in November, largely due to a smaller decline in energy prices. Compared to November, consumer prices are expected to rise by 0.2%, the highest in three months, slightly higher than the 0.1% in the previous period. On the other hand, annual core inflation is expected to slow to 3.8%, which would be the lowest reading since May 2021, compared to 4% in each of the previous two months. The monthly rate is expected to remain stable at 0.3%. Inflation has been on a downward trend after peaking at 9.1% in June 2022, the highest level since the early 1980s
First phases well tuned to Milan Stock Exchange awaiting the key data on US inflation in December which will be released today and which could influence the Federal Reserve’s next decisions on interest rates. The FTSE rises by 0.57% to 30,629 points. Financial highlights (Generali +0.30%, Mps +0.55%, Intesa +0.60%, Unicredit +0.68%), Tim rises by 0.11%, energy stocks are positive with Saipem at +0, 87%, Erg +0.44%, Enel +0.19% and Eni at +0.54%. Among industrialists, Ferrari +0.98%, Leonardo +0.18%, Pirelli +0.20% and Stellantis +1.09%. The spread between ten-year BTPs and their German Bund counterparts opens at 161 points, down from yesterday’s close at 163 points. The yield drops to 3.81%.
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