The markets are oriented towards a cautious upward start, after the Easter weekend and in view of the important US inflation data. For the moment, signs of a slowdown in prices are coming from China: they increased by 0.7% year on year in March, slowing down from the +1% in February, and fell by 0.3% on a monthly basis. Special mention for Bitcoin which has returned above the threshold of 30 thousand dollars for the first time since June 2022. The queen of crypto has put together a ride of more than 80 percentage points since the beginning of the year, even beating the leap of +20 % marked by the Nasdaq with which digital assets have lately coupled. However, it remains a value halved compared to the peaks of November 2021, then left hastily in the wake of a loss of confidence fueled by a series of scandals (from Earth-Moon to Ftx, just to name a few) that has brought down the entire sector.
Flat closure for Chinese stock exchanges
The closing of the session substantially flat for the Chinese stock exchanges, on the day in which the National Bureau of Statistics in Beijing signaled a slowdown in the growth of inflation in March on an annual basis. The Shanghai Composite dropped 0.05% to 3,313.57 points, while the Shenzhen Component recorded +0.04% to 11,877.15 points.
Borsa, Milan bustling with energy and cars
A lively start to the session for Piazza Affari, like the other European stock exchanges, with investors trying to leave behind the fears related to bank crashes. The Ftse Mib advanced by 0.89%, driven by Cnh (+3%), Stellantis (+2.7%), Iveco (+2.2%) and Pirelli (+1.6%), with shares of the ‘automotive well established throughout Europe. The rise in crude oil pushes Saipem (+3.2%), Tenaris (+1.7%) and Eni (+1.2%). Banks were also positive with Mps (+1.1%) and Unicredit (+0.8%), in light of Interpump (+1.8%) and Stm (+1.2%).
Gold is back above $2,000
The price of gold is back above 2,000 dollars an ounce. The precious metal for June delivery changed hands at $2,013.80, up 0.50%.
Tokyo closes up 1.05%
Tokyo stocks closed higher as the yen weakened which favored exporters, while investors breathed a sigh of relief as the new central bank chief backed existing monetary policy. The benchmark Nikkei 225 index rose 1.05%, or 289.71 points, to close at 27,923.37, while the Topix index rose 0.78%, or 15.32 points, to 1,991.85.
Positive starting point for the European Stock Exchanges
Positive starting point for the European stock exchanges, with Milan rising by 0.88%. The spread between ten-year BTPs and their Bund counterparts opens at 186.5 points, up on the last closing at 184 points. The 10-year yield rises to 4.12%.
Euro below 1.09 dollars at the start
As the currency markets open, the euro is trading at $1.089, 0.27% more than yesterday. The euro/yen was stable at 145.12 and the dollar/yen dropped to 133.25%. The US dollar is taking a breather after recent hikes as US labor market data strengthened speculation for a Federal Reserve rate hike next month.
Curb Chinese inflation in March
Consumer prices in China rose 0.7% year on year in March, slowing down from +1% in February, and fell 0.3% month on month. This was announced by the Chinese National Bureau of Statistics. In detail, the prices of food goods fell by 1.4% on the month, while those of non-food goods remained unchanged compared to February.
Wall Street, little moved futures
A cautious opening is expected for Wall Street, which closed yesterday with the Dow Jones index up 0.3%, the S&P 500 index up 0.1% and the Nasdaq level ( -0.03%). Markets are awaiting tomorrow’s data on US inflation and the minutes of the Federal Reserve, to understand the next moves of the central bank.
Positive indications for the European restart
A positive opening is expected for the European stock exchanges after the break for the Easter holidays and the cautious closure of Wall Street yesterday. Futures on the Frankfurt Stock Exchange’s Dax index rose by 0.40%, those on the London Stock Exchange’s FTSE 100 index by 0.44% and those on the Euro Stoxx by 0.42%.