MILANO – Positive start for the European Stock Exchanges on a day that looks with anticipation above all to the first preliminary data relating to the growth of US GDP in the fourth quarter. A fundamental indication for understanding the state of health of the US economy after the flurry of increases put in place by the Fed and with fears of a possible recession on the way. In Asia, with Chinese price lists still at a standstill for the Chinese New Year, it ends down Tokyodown 0.12%.
The price of gas is on the rise. Launching in Amsterdam, the contract is trading at €57, up 0.60%.
St flies to the stock market after the 2022 accounts and 2023 forecasts
Stmicroelectronics without brakes in Piazza Affari after the publication of the numbers relating to the fourth quarter of 2022 and the indications for the first months of 2023 and for the entire year.
Stocks are up 9% reaching 43 euros. The Italian-French group recorded results exceeding both the company’s forecasts and those of analysts as regards profits (equal to 1.24 billion, up 66.4%) recorded in the last months of last year. Instead, revenues were substantially in line (4.4 billion with a +24.4%). Gross margin impressed analysts, having settled at 47.5%, 20 basis points above the guidance given by the same St. Ebit margin was also at record levels at 29.1%. As for the forecast for the first quarter of 2023, the company expects revenues to be up on a year-over-year basis, but down from the previous three months. In detail, for the first quarter of 2023, St expects net revenues of $4.20 billion at an intermediate value, corresponding to a year-on-year growth of 18.5% and a decrease of 5.1% compared to the previous quarter. Gross margin will be around 48%.
Istat trust, rising for businesses and falling for consumers
In January 2023, a decrease in the consumer confidence climate index is estimated (from 102.5 to 100.9) and an increase in the composite business confidence climate index (from 107.9 to 109.1). This was noted by Istat, explaining that all the series making up the consumer confidence index are worsening except for expectations on the general economic situation and unemployment. For businesses, the climate of confidence improves in all sectors with the exception of retail trade. Business confidence increases for the third consecutive month, reaching a level above the 2022 average.
Stock markets open positive
The main European stock exchanges open the session higher. In the first few minutes of trading, Piazza Affari recorded +0.96% to 26,123 points, Frankfurt started trading at +0.44%, Paris recorded +0.58% and London advanced by 0.24%. On the Asian market, the Nikkei 225 closes trading in Tokyo leaving 0.12% on the ground at 27,362 points.
The spread is stable
Uneven start for the spread between 10-year BTPs and German Bunds: the differential opened the session on the electronic markets at 179 basis points, in line with yesterday’s closing. Treasury yield is 3.94%
The euro opens slightly moved
The euro opens slightly above 1.09 dollars. The single currency changes hands at 1.0913 dollars while the bets for a more aggressive monetary policy by the ECB increase and the markets begin to evaluate an easing of the Fed’s tightening. The European currency is exchanged at 141.48 yen. Dollar/yen at 129.64.