January 28, 2023

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European Union stock markets warned after the rally. The highlight is Tim in Milan

(Il Sole 24 Or Radiocor) – after a successful start European stock exchanges They slow down and prefer caution, especially since then The missing beacon of Wall Street: The American stock exchange will remain closed, given the celebration of Martin Luther King Day in the United States, as the performance of technologies and raw materials in particular is bad, while banks and medicines are steadfast. So they are a little moved FTSEMIB From Milan, with the spotlight on Tim CAC 40 Paris, W.; Dax 40 Frankfurt, W.;IBEX 35 MadridAEX extension amsterdam f FT-SE 100 from London. This is one dimension The week the continental markets extended the series of increases Achieved since the beginning of the year (Piazza Affari is more than 8% profitable compared to the end of 2022 and other European price lists follow suit).
With the start of the American quarterly season (the first major banks started on Friday, and tomorrow it will be the turn of Morgan Stanley and Goldman Sachs), investors’ attention is focused on the accounts of American companies and A new alarm for the economy launched by JPMorgan and Bank of America, which spoke of a “mild” recession on the way. Meanwhile, while keeping watch over the central banks’ next moves, the World Economic Forum opens in Davos with the participation of 52 heads of state and government and 19 central bank governors.

The highlight of Tim in Milan, webuild at a fast pace

Looking at the headlines, Piazza Affari is highlighted Telecom ItaliaAs reported by the rumors reported The sun is 24 hoursI’m coming Arnaud de Boifontaine resigns from the Board of Directors. A signal presented to the board of directors of the telecommunications company on Wednesday, January 18th. Banking, energy and the pharmaceutical sector are holding up on positive ground. especially, Saipem rose sharply (the stock, which has a small free float, is accustomed to strong swings and volatility), followed by UniCreditMorgan Stanley raised the price target from 16 to 17 euros. Also good Bob Air Bank And Bpm BankIn addition to amplifier And Diasurin. reverse sign for Interpump groupAnd Moncler And Ferrari. From the main part, good We buildAfter it was announced that the group had won a $218 million contract in Florida.

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Stable spread above 180 pips, yield less than 4%

Partially encouraging data on the economic situation helped favor a return to money flow, which also included the bond world as government bond yields fell significantly. In the first session of the week, the spread between BTp and the Bund performed flat. The spread between the 10-year BTP standard (Isin IT0005494239) and the German maturity equivalent is 183 points, the same level as on Friday. The benchmark ten-year BTP return was mentioned at 3.99%, and it hasn’t moved much compared to 3.98% for the last reference.

Gas under 60 euros and low oil

On the energy front, the price of gas continues to fall in Amsterdam, which is already off to a weak start. The February delivery contract fell 10.5% to €58 per MWh. Contracts that expire later until June 2023 are also under €60.
On the oil side, the March Brent contract fell by 0.88% to $84.53 a barrel, and the February contract for West Texas Intermediate crude fell by 0.76% to $79.25 a barrel.

The euro remained above $1.08

The euro rebounded again, to return to above $1.08 also due to the subsequent weakness suffered by the US dollar after the slowdown in US inflation and the subsequent bets on the Federal Reserve, which will raise interest rates “only” by 25 basis points in the future. The first meetings of February and mid-March. Thus, the single currency traded at $1.0837, a slight increase compared to Friday’s closing ($1.0822), when the yen rose against both the single currency and the dollar.

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