Stock markets, a record year for Wall Street. Europe without momentum, Milan at the top at the end of the year

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(Il Sole 24 Ore Radiocor) – European equity markets closed the first post-Christmas session cautiously higher as they prepare to celebrate the end of 2023 at the highest levels of the year, with Milan leading the way (2023 balance sheet up +28.3%). After a weak start, the FTSE MIB pared its midday gains without finding momentum to continue its momentum in late trading. The other markets of the old continent (CAC 40 in Paris, DAX 30 in Frankfurt, AEX in Amsterdam and IBEX 35 in Madrid) were also cautious, as was Wall Street, flat at the start. But the Christmas rally could push the S&P 500 to a new record.

In the absence of significant macro indicators, investors’ attention remains focused on central banks waiting for rate cuts announced by the Federal Reserve Bank in 2024. Expectations of the first rate cut by the US central bank as early as March are consolidated in the market, with ECB which should follow.

Wall Street closes slightly higher

Wall Street closed slightly higher this holiday-shortened week. The S&P 500 rose 0.1%, the Dow rose 0.3% and the Nasdaq rose 0.2%. The three major indexes posted their eighth straight week of gains on Friday the best streak since 2017 for the S&P 500 and from 2019 for the Dow Jones, following a slowdown in inflation. Analysts are currently betting on a decision interest rate cut in 2024especially after Federal Reserve System said it expected to cut interest rates by 75 basis points, compared to the 50 basis points expected in its previous estimate in September. The indexes are in the middle of the called period “Santa Claus Rally”, which includes the last five sessions of the year and the first two years of the following year: on average (since 1950), the S&P 500 has risen 1.3%. A very positive year is coming to an end, with the Dow Jones up 13% and the S&P 500 up 24%; The Nasdaq Composite is up 44% on AI pressure and is on track for its best annual gain since 2003.

In Milan, oil is doing well with Saipem, services are going down

Among the largest-cap stocks, Saipem runs on Piazza Affari in a positive session for oil stocks. Banks closed mixed, in the light of Banca Mps and Finecobank, while Mediobanca finished lower and Banca Pop Er recovered at the end after a deal with unions that allows 1,000 voluntary departures against 500 new hires in addition to stabilizing 200 new employees. temporary workers. Shopping at Banca Mediolanum in light of ECB green light – what a second THE sun 24 hours should arrive by the end of January – to restore Fininvest’s full voting rights to a 30% stake in the bank. Iveco Group also performed well, while energy companies fell to the bottom of the list. Telecom Italia’s sales go against the sector’s trend, with Dazn’s Serie A contract renewed. Positive session also for Leonardo – Finmeccanica, Prysmian and Brunello Cucinelli.

Off the main basket, shopping on Rai Way, after squeezing funds to merge with Ei Towers, a tower company controlled by F2i and participating in Mfe-Mediaforeurope. Shares closed up 1 percent after an initial jump of more than 2 percent.

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