Stock exchanges today, May 8, 2023. Positive price lists in Asia after the strong report on US jobs. Bad German industry
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U.S. jobs data released on Friday dismissed the specter of a recession in the US: the strength of the first economy in the world has been confirmed in the numbers of job creation. There is therefore also an inflationary pressure factor that could lead the Fed to keep rates higher and longer, perhaps even tightening further at the June meeting. If we look at swap contracts, notes Bloomberg, for now the market seems to expect stability until September and therefore two cuts of a quarter of a point by the end of the year. However, the data had led to a positive close on Wall Street on Friday, which supported Asia this morning. In Europe, German industrial production fell more than expected in March (-3.4%). Lists of the Old Continent little moved.
European stock exchanges, little moved openings
The European Stock Exchanges, orphaned by London being closed for holidays, were weak at the start of the session with investors looking for insights into the economy and the upcoming decisions of the central banks. The results of the quarterly reports are also in the spotlight. Flat Frankfurt (+0.04%) and Paris (-0.07%), salt Madrid (+0.1%).
Milan starts positively
Positive start for the stock market, among the best in Europe in this first part of the session. The Ftse Mib index marks +0.33% at 27,440 points. Piazza Affari gains a few fractions after a cautious opening on a day without significant macro data, pending the one on US inflation scheduled for Wednesday. On the list there is still room for bankers with evidence for Bpm (+1.6%) and Monte Paschi (+3.3%) who will release the accounts respectively today and tomorrow. Bper (+1%) and Unicredit also do well, firm Intesa. Energy stocks were mixed, with Italgas -0.6%, Hera +0.9%, Enel, Snam and Terna close to parity. In industry, increases for Leonardo (+1%), Cnh on +2.6% after the quarterly released on Friday.
Positive stock exchanges in Asia, with the exception of Tokyo
Asian stocks continue to rise except for Tokyo returning from Golden Week, the long five-day weekend. The Hang Seng index in Hong Kong is up 1.03%. The Shanghai Composite Index rose by 1.56%, while the Shenzhen Composite Index of China’s second largest stock exchange recorded +0.31%. The Kospi was also positive at +0.71%. On the other hand, the Nikkei in Tokyo lost 0.63%.
Weak futures on Wall Street, uncertain for Europe
Wall Street futures are down after last Friday’s sharply positive close. Investors’ eyes are on the first reading of inflation in the US in April, arriving on Wednesday together with the German one. The Dow Jones scores -0.09%, the Nasdaq -0.06% and the S&P 500 -0.11%. The contracts on Europe have not moved much.
Slight increase in oil prices
Oil prices slightly up on the markets that are looking at a possible recession in the USA induced by the aggressive policy of the Fed which, since the beginning of the year, has caused an 11% drop in crude oil prices. Texas WTI tries to recover something by climbing 0.6% to 71.7 dollars a barrel. North Sea Brent crude advanced 0.5% to $75.7.
The euro opens higher
The euro opens higher above $1.10. The single currency changed hands at 1.1038 dollars (+0.22%) and 148.69 yen (+0.14%). The dollar is also weak against the yen at 134.74 (-0.06%).
German industrial production down 3.4% in March.
German industrial production fell more-than-expected in March, down 3.4% from the previous month. This was announced by the Federal Statistical Office. The data is even worse than the expectations of analysts who had indicated a more contained decline of 1.3%.
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