The markets are heading towards a cautious bullish start, after the Easter holidays and given the important US inflation data. For now, signs of a slowdown in prices are coming from China: they rose 0.7% yoy in March, slowed from +1% in February, and fell 0.3% yoy. Special mention to Bitcoin which returned above the $30k threshold for the first time since June 2022. The cryptocurrency queen has amassed a ride of more than 80 percentage points since the start of the year, even surpassing the +20% jump marked by the Nasdaq stock exchange which digital assets have recently paired with. Still, the value is still down in half compared to peaks in November 2021 then hastily left in the wake of a loss of confidence fueled by a series of scandals (from Earth-Moon to Ftx, to name a few) that sent the entire sector down.
Wall Street opened weak in anticipation of inflation
Weak and slow opening on Wall Street in anticipation of the US inflation data that will be released tomorrow. The Dow advanced 0.17%, the Nasdaq was flat at -0.08%, and the S&P 500 was up 0.07%.
Piazza Affari continues to rise in the middle of the day
Piazza Affari continues positively in the middle of the road, in line with other European stock exchanges. Investors are waiting for the US inflation figure tomorrow. The Ftse Mib Index rose 0.70% to 27,405 points in early trade.
Eurozone, trade fell in February
In February, retail sales in the eurozone declined by 0.8% compared to January and by 3% compared to February 2022. This was reported by Eurostat. Periodic change in line with market expectations. In the European Union, retail sales fell by 0.9% and 3.1%, respectively, in the same period.
Berset: “The disappearance of Credit Suisse is not the disappearance of Switzerland”
The disappearance of Credit Suisse, which was taken over by its rival UBS, “is not the disappearance of Switzerland”. This was stated by the President of the Swiss Confederation, Alain Berset, stressing that failure would have serious consequences. “The disappearance of Credit Suisse is not the disappearance of Switzerland: it is the disappearance of a bank, a big bank, but only a bank, nothing more, nothing less,” Berset said at the opening of an extraordinary session of the Swiss parliament on the sale. . He reiterated that failure “would have had disastrous consequences for the country”.
Fixed closure of Chinese stock exchanges
The session ended largely flat for Chinese stock exchanges, on the day the National Bureau of Statistics in Beijing indicated inflation growth slowed in March year-on-year. The Shanghai Composite Index fell 0.05% to 3313.57 points, while the Shenzhen Component Index fell 0.04% to 11877.15 points.
Bursa and Milan are bustling with energy and cars
A lively start to the Piazza Affari session, like other European stock exchanges, as investors try to let go of concerns about bank mishaps. The Ftse Mib advanced 0.89%, driven by Cnh (+3%), Stellantis (+2.7%), Iveco (+2.2%) and Pirelli (+1.6%), with shares of the automaker well established across Europe. The rise in crude oil was pushed by Saipem (+3.2%), Tenaris (+1.7%) and Eni (+1.2%). Banks were also positive with Mps (+1.1%) and Unicredit (+0.8%), in view of Interpump (+1.8%) and Stm (+1.2%).
Gold is back over $2,000
The price of gold is back above $2,000 an ounce. The precious metal for June delivery was trading at $2,013.80, up 0.50%.
Tokyo closed up 1.05%
The Tokyo Stock Exchange closed higher as the yen weakened, favoring exporters, while investors breathed a sigh of relief as the new central bank chief supported the current monetary policy. The Nikkei 225 index rose 1.05%, or 289.71 points, to close at 27,923.37, while the Topix index rose 0.78%, or 15.32 points, to 1,991.85 points.
A positive starting point for European stock exchanges
A positive starting point for European stock exchanges, with Milan rising 0.88%. The spread between the 10-year BTPs and their Bund counterparts opens at 186.5 points, up from the last close of 184 points. The 10-year yield rose to 4.12%.
The euro is less than $1.09 initially
As the currency markets open, the euro is trading at $1,089, up 0.27% from yesterday. EUR/JPY settled at 145.12 and USD/JPY fell to 133.25%. The US dollar took a breather after recent gains as US labor market data fueled speculations of a Federal Reserve rate hike next month.
Chinese inflation curbed in March
China consumer prices rose 0.7% yoy in March, slowing from +1% in February, and fell 0.3% yoy. This was announced by the Chinese National Bureau of Statistics. In detail, the prices of food commodities declined by 1.4% during the month, while the prices of non-food commodities remained unchanged compared to February.
Wall Street, futures are little movement
A cautious opening is expected on Wall Street which closed yesterday with the Dow Jones up 0.3%, the S&P 500 up 0.1% and the Nasdaq (-0.03%). Markets await tomorrow’s US inflation data and Fed minutes to understand the central bank’s next moves.
Positive indicators for the resumption of Europe
A positive opening is expected for European stock exchanges after the Easter holiday and a cautious closing on Wall Street yesterday. DAX futures on the Frankfurt Stock Exchange rose 0.40%, London FTSE 100 futures rose 0.44% and Euro Stoxx futures rose 0.42%.
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