Consumer prices rise by 10% against 11.6% on December
Inflation is down but not enough. In January, it fell by 0.1% on a monthly basis and by 10% on an annual basis, from +11.6% in the previous month; the preliminary estimate was +10.1%. However, Piazza Affari wears black glasses and loses 1% The positive accounts drive Stellantis upwards
BUT IN GERMANY THE RACE DOESN’T STOP
German inflation rises and stock markets fall. Berlin announced this morning that consumer prices in Germany rose by 8.7% compared to 8.1% in December. The increase is related to the increase in energy. In January they grew by 23.1% compared to the same month of the previous year. In December, the increase was 20.3%. The deterioration is the result of the interruption of the “December emergency aid”.
PUTIN SCARY
Putin’s words could weigh on the general climate. In his speech yesterday to the Russian Parliament, he said that the war is going on, it will continue until the established objectives are achieved. Moscow, which a year ago tried to take the capital Kiev in an operation rejected by the armed forces of Ukraine, is now fighting, according to Putin, on its “historic soil”.
The stock markets go down: on Wall Street the worst session of 2023
Wall Street reopened after Monday’s holiday posting its worst session of the year. S&P500 (-2%, 3,997) and Nasdaq (-2.5%). Stock markets react badly when macro data are better than expected, as happened yesterday, because they push the end of the rate hike cycle further forward. Both indices have confirmed that they are not yet able to break the discriminating thresholds in the 4,200 and 12,000 points area.
A more relaxed scenario in Europe, where the main indices lost less than one point thanks above all to the stability of large-scale retail trade, banks (on new tops since 2018), utilities. The performance of the FTSEMIB remains the best in the Eurozone: +15.6%.
LEONARDO
In an interview with Il Sole24Ore, Leonardo’s COO Valerio Cioffi confirmed that all programs in the aerostructures division are expected to grow both for the current year and for 2024 and 2025. The statements confirm that the aerostructures business should reach cash breakeven in 2026. The overcoming of the single-procurement of the Grottaglie plant has also been confirmed thanks to some new military programs (EuroMALE drone). Websim has an opinion INTERESTING with a target price of 11.0 euros.
EASY
Czech billionaire Renata Kellnerova, through the PFF holding, became the second largest shareholder of the ProSiebenSat.1 television group with a 9.1% stake. Kellnerova, heir to entrepreneur Petr Kellner who died in a helicopter crash two years ago, and the richest woman in the Czech Republic. PPF said in a statement that it believes ProSieben’s digital transformation creates value for all shareholders. According to Websim analysts, the new structure could signal a change of pace in Prosiebensat’s strategy.” The Mfe project -they write- seems concrete and realistic to create value in the current sector scenario.
Recommendation on Media For Europe B NEUTRAL, target price at 0.59 euro.