EU stock markets remain negative
European stock markets remain under pressure at mid-morning, with indices down by around one percentage point, while futures on Wall Street are also in the red, with those on the Nasdaq down by 0.7% and those on the S&P 500 by 0. 4%. Milan and Frankfurt fell by 1%, Paris by 1.1% and London by 1.6%, with the above-expected British inflation data for December which pushes away the rate cut by the Bank of England. Bonds also performed badly, with government bond yields rising and that of BTPs at 3.84% while the spread with the Bund widened slightly to 158 points. The markets, which received confirmation of the 2.9% flash inflation figure in the Eurozone for December, are affected on the one hand by the less than encouraging Chinese data on the consumption, real estate and price fronts, from which signals of deflation, and on the other hand the caution expressed by central bankers in the face of the prospect of a rate cut, with the president of the ECB, Christine Lagarde, who invited the markets not to “sing victory” and not be “too optimistic” about taxi. Fears about growth are sinking energy commodities, with oil falling by around 2% (WTI at 70.9 dollars and Brent at 76.8 dollars) and European gas dropping 3.9% to 28.5 euros . In Piazza Affari, energy stocks and those most exposed to China are suffering, with Moncler (-2.6%), Terna (-2.3%), Italgas (-2.3%), Cucinelli (-2.3%), leading the declines. -2.2%), Iveco (-2.2%), Snam (-2%), Pirelli (-2%) and Enel (-1.9%). The banks bucked the trend, benefiting from the high rates, with MPS (+1.3%) and Banco BPM (+1%), and Tim (+1%) after the government’s approval for the transfer of the network.