Historic record in Frankfurt
Final boost for European stock markets, which reach new records. Frankfurt’s Dax +0.8% on new historic highs with the push of Infineon +4%, Basf +2%, Bayer +2%. Il Milan’s Ftse Mib ends at +0.46% thanks also to the good performance of Campari (+2.9%). Investors await the American GDP data scheduled for tomorrow, and above all the inflation data scheduled for Thursday. which could be useful in trying to guess the Fed’s next moves in the area of monetary policy. Coming to the stocks, on Piazza Affari Saipem is positioned at the top of the list (+4.3%), awaiting tomorrow’s accounts. St also did well (+4.1%) in the wake of the technology and semiconductor sectors. The market toasts Campari’s 2023 numbers, which ends the session with a gain of 2.9%. The increase in the dividend also pushed the beverage stock. Profit takings on Leonardo (-2.3%), which is positioned at the bottom of the list. The banks did poorly with Banco Bpm (-1.6%) and Bper (-1.3%). IGD fell outside the main basket (-16.8%) after the publication of the 2023 accounts and the decision not to pay dividends for the year just ended.
The US is slowing down
The United States stock market is weak in the second session of the week, an adjustment that does not distance it from the highs in history. Nasdaq +0.2%. S&P500 -0.2%. Dow Jones -0.3%.
Il macroeconomic data of the daythe one capable of influencing expectations on the start of a rate cut by the Federal Reserve, has just been released.
The Conference Board’s consumer confidence index unexpectedly fell to 106.7 in February from 110.9, a revised reading from 114.8. The consensus expected something completely different, as it estimated an increase for the fourth consecutive month at 115. Both components, that of the current situation and that of expectations, fell.
Richmond Fed index improving to -5 from -15 in January.
LS&P Case-Shiller home price index it rose in December by +6.1% year on year, more or less what the consensus expected, accelerating from +5.4% in the previous month. The Federal Home Finance Agency’s house price index rose by +6.5% in the fourth quarter of last year compared to the same period in 2022. In December the increase was +0.1% compared to November.
Orders for durable goods fell by -6% in January, slightly worse than the -5% expected by economists. Net of the transport component, the drop is -0.3%, +0.2% expected.
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