Inflation is accelerating in the United States, and Europe is freezing Wall Street. In Milan (-1%) the highlight is Tim

Inflation is accelerating in the United States, and Europe is freezing Wall Street.  In Milan (-1%) the highlight is Tim

(Il Sole 24 Or Radiocor) – The rate of inflation rose in the United States, which was higher than expected in January (January). European stock exchanges Careful matches in the morning. In Avary Square, Ftse Mib lost 1.07%, in Paris Ca40 1.78% and in Frankfurt Dax40 1.81%, on the day German GDP growth was revised downward in Q4 2022 (+0.9% yoy from +1.1%) . In January, in the United States, PCE inflation (PCE price index), the preferred data by the Federal Reserve for assessing price trends in the United States, increased by 0.6% MoM, against expectations for an increase of 0.5%, and grew by 5.4%. % YoY, following 5.3% in December (revised from initial 5%), against expectations of 5%. This, combined with other positive macro data for the US economy (above-than-expected New Home Sales and Consumer Confidence at a 13-month high), fuels investor concerns about the aggressive policy of Federal Reserve on prices. Geopolitical tensions between Beijing and Washington only heightened the mood on the anniversary of Russia’s invasion of Ukraine. Meanwhile, the indices of A. Wall Street.

US income and spending are above estimates, and inflation is accelerating

In January, personal income in the US rose less-than-expected, while consumer spending rose more-than-expected. Revenue increased by $131.1 billion, +0.6% from the previous month, with the consensus at +1.2%. The Ministry of Commerce also reported that consumer spending rose by $312.5 billion, an increase of 1.8 percent from the previous month, compared to expectations for a rise of 1.4 percent. December data was revised up from +0.3% to +0.2% for income and -0.2% to -0.1% for expenses. In addition, the pace of inflation accelerated in January, after slowing in the previous two months. The Fed’s preferred measure of its calculation, personal consumption expenditures data, rose 0.6% MoM, vs. +0.5% forecast and grew -5.4% YoY, after 5% in December, vs. Confirmation forecast. 5%. The “core” component of the data, excluding the volatile components, grew by 0.6% MoM, against expectations of +0.4%, and by 4.7% YoY, against expectations of a confirmation of 4.4% in December. .

Tim is in the spotlight on Board Day, good for Saipem

Tim sits in the spotlight in Piazza Avari (+1.36%), on the day the board examined an offer kkr. In a note, the board announced that it appreciated the US fund’s interest, however The proposal was judged to be economically viable. At the bottom of the Ftse Mib, achievements hit Pirelli (-3.76%), on a generally weak day for most sectors, starting with the automotive and financial sectors. A buy session of Erg (+1.71%) and Saipem (+1.95%) after announcing an agreement with Seaway7 on future offshore wind projects. They held services With Terna (+0.395) and A2A (+0.33%). They closed in the red Interpump (-3.59%), with Banks Bper (-2.31%) and Banco Bpm (-1.87%). Weak Infco Group -2.56%, CNH Industrial -1.93% and Stelantis -2.11%, with Ferrari -0.89%, which rebounded at the end of the session from its lows after the announcement of the board’s proposal for a dividend Dividend of €1.81 per share (+33%) With a total amount of 329 million euros. Sales are also in Tenaris (-2.12%), Diasorin (-2.37%) and Campari (-2.14%).

Btp/bund spread trend


The spread closes at 190 pips, and the 10-year return is at 4.43%.

Close his small move It spreads between BTp and Bund On the Mts secondary market for European government bonds. At the end of the session, the yield difference between the 10-year BTP benchmark (Isin IT0005518128) and the German equivalent maturity was noted at 190 basis points from 189 points from yesterday’s recent reference. The return on the 10-year BTP benchmark rose again, posting to last place at 4.43% from 4.37% at the previous day’s close.

BTPs: €3.5 billion earmarked over 10 years, yield rises to 4.34%

Good demand and growing returns for BTp and CcTeu earmarked at auction by the Treasury. In detail, the Treasury issued the fourth tranche of BTP for a period of 5 years ending on 01/04/2028 for 2.5 billion against an order of 3.869 billion. The yield rose 14 cents to 3.84%. The seventh tranche of 10-year repayments due on 01/05/2033 was also placed: against orders of 4.7 billion, the amount issued amounted to 3.5 billion while the yield increased by 6 cents from last month’s auction at 4.34%. Finally, CcTeu’s first tranche due 15/1072028 and earmarked for 3.5 billion against a total order of 4.748 billion generated a total return of 2.97%. The auction will be held on the first of next March.

Leave a Reply

Your email address will not be published. Required fields are marked *