Milan – Slow start for European indices despite good momentum in the index Wall StreetYesterday it closed on a nice note, confirming the impression that the markets now believe that the Fed’s interest rate hike has come to an end. There were also some shocks in Asia, where Tokyo ended trading at -0.1%. In Piazza Affari, Monte dei Paschi is in the spotlight, after the Treasury yesterday surprisingly offered 25% of the shares it holds for sale with fast-track procedures, obtaining more than 920 million euros. The stock was down 5% in the morning, matching the offer price.
Wall Street: Opened slightly lower today (S&P -0.2%), Fed minutes and Nvidia accounts today
Opening slightly lower on Wall Street. Today’s focus is on the quarterly reports of the retail sector and Nvidia, on home sales data and on the minutes of the last Fed meeting, when bankers confirmed interest rates at 5.25%-5.5%. The focus remains on the tech sector and the Microsoft/openai saga, with Sam Altman at the center, who was fired from the startup and immediately hired by the Redmond giant; A move that yesterday ensured Microsoft shares rose more than 2% and another record close in the past two weeks. Today, Microsoft shares initially lost 0.8%. After the first minutes of trading, the Dow Jones lost 59.26 points (-0.17%), the S&P 500 lost 12.34 points (-0.27%), and the Nasdaq fell 81.58 points (-0.57%). West Texas Intermediate crude on the Nymex exchange lost 0.08%, reaching $77.54 per barrel.
Wall Street: Futures are moving slightly (S&P -0.21%), and NVIDIA is being tested
Futures point to a slightly lower open on Wall Street. Today’s focus is on the quarterly reports of the retail sector and Nvidia, on home sales data and on the minutes of the last Fed meeting, when bankers confirmed interest rates at 5.25%-5.5%. The focus remains on the tech sector and the Microsoft/Openai saga, with Sam Altman at the center, who was fired from the startup and immediately hired by the Redmond giant; A move that yesterday ensured Microsoft shares rose more than 2% and another record close in the past two weeks. Today, in the pre-market, Microsoft shares lost 0.6%.
Stock Market: Europe remains weak, government bonds fall
European stock markets continue to weaken mid-session while government bond yields fall slightly and gold rises sharply. Among investors, the euphoria over central banks stopping raising interest rates now appears to have faded. Attention is now focused on global growth trends and geopolitical tensions. On the currency front, the euro rose for the third day in a row and stabilized at 1.0946 against the dollar. The Stoxx 600 index lost 0.1%. In negative territory are Milan (-0.8%), London (-0.6%), Paris (-0.2%) and Madrid (-0.1%). Frankfurt bucked this trend (+0.1%). The main European price lists are influenced by the real estate sector (-1%). Energy performance is also poor (-0.9%), with oil prices falling. West Texas Intermediate crude fell 0.4% to $77.5 a barrel, and Brent lost 0.4% to $82. The financial sector declined with banks (-0.9%) and insurance companies (-0.3%). In terms of government bonds, the spread between BTP bonds and bonds remains at 170 euros,
Asian stock markets: closed lower, Hong Kong -0.18%
Profit taking prevailed in Asia, and stock markets closed lower after the strong rise that began at the end of October. Investors have also become cautious due to the lack of macro signals in China, as investors await the minutes of the latest Federal Reserve meeting and the upcoming quarterly report from US chip giant Nvidia. Which also weighed on concerns about mixed economic activity in China last month and a slowdown in the global economy.
Stock markets open weak and mixed
A weak and mixed start for European stock markets awaiting the minutes of the Federal Reserve meeting and the quarterly report of chip giant Nvidia. Meanwhile, investors are commenting on new car registrations in October in Germany, France and the UK. According to data from Acea, the Association of European Automobile Manufacturers, new cars sold in the European Union, EFTA countries and the United Kingdom amounted to 1,039,253, 14.1% more than in the same month of 2022. In the first ten months of 2023, 10,722,930 cars were sold, An increase of 16.7% from January to October last year. In early trading in London, the Ftse 100 index fell by 0.17% to 7,483.76 points, in Frankfurt the Dax index rose by 0.13% to 15,923.25 points, and in Paris the Cac40 index fell by 0.04% to 724,420 points. In Piazza Affari, the Ftse Mib index, -0.03%, settled at 29,533.68 points.
The spread is still declining
The decline in the difference does not stop after Moody’s rating of Italy. The spread between BTP and Bund initially decreased to 167 pips from 172 pips at yesterday’s close. The yield on Italian 10-year bonds fell to 4.27% from 4.32% at the close
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