Stock markets live today | Ftse Mib goes below 30,500 with banks and Saip. Euro weak – MilanoFinanza News

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Opening in positive territory for the stock markets of the old continent


  • 10:40 a.m Ftse Mib holds 30,500 despite negative data for Italian industry. Spread over 162
  • 9:05 a.m Ftse Mib positive with Iveco, Stellantis and Stm. Spread fell to 161 pending BTP auction
  • 7:40 a.m Europe expects to rise. Focus on US inflation after Williams (Fed) statement

As Wall Street futures are mixed pending U.S. inflation data, European stock markets edge lower. Frankfurt gains only 0.17% and Paris 0.05%, London loses 0.07% and Milan rises but only 0.11% to 30,485 points at 11.50, held back by banks, mainly MPS (-2, 36 %) and Saipem (-1.49%). Iveco leads with +6.14%, followed by Leonardo, DiaSorin, Pirelli, Ferrari, Nexi and Brunello Cucinelli, all by more than one percentage point.

Spread below 162 and euro weak after ECB economic bulletin

The BTP/Bund spread falls below 162 to 161.33 basis points after the ECB’s economic bulletin revealed that the central bank’s Governing Council “is determined to ensure a timely return of inflation to the 2% target over the medium term”. The Governing Council believes that interest rates are at levels that, if maintained for a sufficiently long period of time, will make a “substantial” contribution to achieving this objective. Future decisions will ensure that base rates are set at sufficiently restrictive levels for as long as necessary. The euro remains weak against the dollar at 1.096 (-0.04%).

10:40 Ftse Mib holds 30,500 despite negative data for Italian industry. Spread over 162

European stock markets are confirmed in positive territory, including Milan (FTSE MIB index +0.25% at 30,530 points at 10:40, although some banks, such as MPS, BPER and Banco BPM are losing hits along with Moncler and Saip) despite data negative for the Italian industry. In fact, output fell by -3.1% year-on-year in November, bringing the average for the first eleven months of 2023 to -2.5% compared to the same period in 2022. For Codacons, the real alarm is in consumer goods, which fell to on a monthly basis by -1.8% and even by -5.7% year-on-year, while for durable goods it reaches a maximum of -6.3%. The high level of prices in Italy is weighing on the figures in the sector, the association explains, with the products bought the most by families, which saw significant growth in 2023 and direct negative effects on spending and consumption, as highlighted by recent Istat data on retail sales. “For this reason, we reiterate the need to intervene more effectively in prices, because only by controlling price lists will it be possible to protect the purchasing power of families, support consumption and help industry, trade and the economy,” states Codacons. Instead, in November, the Spanish industrial production index, adjusted for seasonal and calendar effects, registered a change of +0.8% compared to the same month of the previous year. The monthly variation was +1%. Following the data, the euro was down 0.11% at $1.095 and the Btp/Bund spread was at 162.68 basis points.

09.05 Ftse Mib positive with Iveco, Stellantis and Stm. Spread fell to 161 pending BTP auction

European stock markets open with momentum that is echoed on Wall Street. Dax advanced by 0.50%, Cac40 by 0.43%, Ftse100 by 0.44% and Ftse Mib by 0.54% to 30,615 points. There is a lot of anticipation for December’s US inflation data, due at 2:30 p.m. “The good news comes from the geopolitical front, the US and Great Britain have cracked down on the Houthis, pirates from the Persian Gulf who are making it difficult to transport goods in the Red Sea, through which 30% of the world’s cargo ships pass. », emphasizes Fabrizio Barini from Integrae Sim. The pressure gauge is the Baltic Dry Index, down more than 7% yesterday, January 10, below the 1,900-point mark, at November 2023 levels and far from December’s excesses, when it reached 3,000 points, notes Barini. While waiting for the first data of the reporting season to be released on Friday on Wall Street, there is no shortage of news: Amazon announced hundreds of layoffs in the Prime division and at MGM studios, on the same day that Nvidia made yet another historic record in the Bag. On the other hand, Boing began to recover after top management was blamed for the lack of security on the 737 Max 9, eventually HP announced the purchase of Juniper Network for $14 billion.

Focus on the BTP auction

The yield on the 10-year BTP falls to 3.8% and the spread with the Bund to 161.6 basis points. Investors this morning have up to €4 billion of new three-year BTP, a bond due February 15, 2027 with a 2.95% coupon, which was trading at 3.073% on the gray market last night, according to Reuters. In the mid-December auction, when the 3.85% voucher reopened in September 2026, the allocation rate was 3.24%. The three-year benchmark December 2026 yielded 2.985% in the secondary market last night. On January 10, the Ministry of Finance allocated 8 billion 12-month BOT and on Tuesday a syndicated issue totaling 15 billion consisting of a new seven-year BTP and a reopening of a 30-year bond.

In Milan on the shields of Iveco, Stellantis and Stm. Weak Inwit. Headlights on the Italia Independent

On the Milan list, Iveco (+2.94% to 8.954 euros), Stellantis (+1.32% to 21.055 euros) and STM (+1.24% to 40.80 euros) grew rapidly. Instead, it is capped at +0.10% per €6.74 Enel. As reported by Mf-Milano Finanza, the accelerated privatization policy of the new ultra-liberal Argentine President Javier Milea also affects the electricity sector and is particularly focused on the upcoming concessions held by large groups such as the Italian energy giant.

A fractional increase also for Generali (+0.28% to 19.79 euros), which signed an agreement to acquire 51% of Generali China Insurance Company (Gci) for around 99 million euros, becoming the sole shareholder of the Chinese non-life insurance company.

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While Banco Bpm (+0.47% to €4.9) launched a six-year green bond of €750 million with final orders exceeding €3.3 billion and Terna (+0.21% to €7.58) a seven-year, fixed with an interest rate of EUR 850 million, a tranche bond that will pay an annual coupon of 3.5%. For the rest, it fell by 0.96% to 11,385 euros. Inwit has formalized the option to extend the maturity date of the EUR 500 million sustainability-linked term loan from April 2025 to April 2027. This option allows the extension of the term of the loan under the same economic conditions and with the same financial institutions.

In conclusion, it should be noted that the board of directors of Italia Independent has decided to convene an extraordinary general meeting of shareholders on January 26, which would, among other things, decide on the eventual dissolution and liquidation of the company. Listed in June 2013 at €26 after raising 15.7 million in an ipo, Italia Independent is now worth €0.25, or more than 100 times less, with a market capitalization of €3.7 million in Piazza Affari.

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07:40 Europe expects a rise. Focus on US inflation after Williams (Fed) statement

European stock markets are expected to rise sharply at the start of the session (+0.73% for Eurostoxx50 futures) following Wall Street, where the Nasdaq gained 0.75% and the S&P500 0.6%, a step closer to a record. This morning, the Dow Jones futures are up 0.24% and the S&P500 is up 0.27%. While the yield on the 10-year US Treasury fell to 3.99% after yesterday, January 10, New York Federal Reserve Bank President John Williams said it was too early to call for a rate cut as the central bank. The American still has a long way to go to bring inflation back to the 2% target.

Williams (Fed), it is too early to talk about rate cuts

“We have seen significant progress in rebalancing the economy and reducing inflation,” Williams said, adding that “our work is not done. I predict that we will need to maintain a restrictive policy stance for some time to fully achieve our objectives.” The official said the economic outlook remained “highly uncertain” and that monetary policy decisions would be made on a session-by-session basis based on “the sum of incoming data, developments outlook and the balance of risks”. Williams’ comments were his first this year and followed a televised appearance in late December in which he dismissed the market’s view that the last FOMC meeting had set the stage for a rate cut in the spring. At their December meeting, Fed officials kept their target overnight rates between 5.25% and 5.5%, while forecasting several rate cuts this year to reflect further easing of inflationary pressures towards the 2% target.The session prompted markets to price in a possible rate cut in March, a view , which investors continue to support, although several central bankers have explained in recent weeks that it is too early to tell when a rate cut might come.

All eyes on US inflation

Therefore, pay attention to macro data. At 10:00, Italy’s industrial production was month-on-month in November (estimate -0.2%, unchanged from October). At 2:30 p.m., next up is US inflation for December year-on-year (estimated at 3.2% vs. 3.1% in November) and weekly unemployment benefits (estimated at 211k vs. 202k last week). Yesterday, January 10th, French monthly industrial production was higher than expected in November (+0.5% vs. zero estimate and -0.3% in October), while retail sales were better than expected in November month-on-month Italy (+0.4% vs. +0.2% and +0.4% estimated in October).

Withdrawing profit from bitcoins

In anticipation of new macro data, the euro strengthened by 0.10% to $1.098. While Bitcoin lost 0.33% to $45,829. On the eve of the SEC gave the long-awaited green listing of the first cryptocurrency ETF (passive fund). The price of Bitcoin immediately bounced back to above $46k, with the market capitalization returning to the $1 trillion region. Then the classic “novelty sale” started. Instead, among commodities, WTI crude oil prices rose 0.76% to $71.90 a barrel and Brent crude oil prices rose 0.78% to $77.40 a barrel. Buying gold returns 0.53% to $2,038 an ounce.

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Enel, Generali, Banco Bpm, Terna, Inwit to watch in Milan

On the Milan price list, pay attention to Enel because, as reported by Mf-Milano Finanza, the accelerated privatization policy of the new ultra-liberal Argentine president Javier Milea also affects electricity companies and in particular looks at the upcoming concessions by large groups such as the Italian energy giant, but also Generali, which signed an agreement to acquire 51% of Generali China Insurance Company (Gci) for approximately €99 million, becoming the sole shareholder of the Chinese non-life company.

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While Banco Bpm launched a €750 million six-year green bond with final orders exceeding €3.3 billion and Terna a €850 million seven-year single tranche fixed-rate bond that will pay an annual coupon of 3.5%. For the rest, watch out for Inwit, which has formalized the option to extend the maturity date of its €500 million sustainability-linked term loan from April 2025 to April 2027. This option allows for an extension of the loan period under the same economic conditions and with the same financial institutions. In conclusion, it should be noted that the board of directors of Italia Independent has decided to convene an extraordinary general meeting of shareholders on January 26, to decide, among other things, on the eventual dissolution and liquidation of the company.

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