Today’s Stock Exchanges, February 13th. Mixed price lists, investors worried about US inflation
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Cautious upward opening for European markets, after the difficult performance in Asia and above all awaiting tomorrow’s US inflation data. The concern of the markets concerns the possibility of a halt in the downward trajectory of prices, which combined with the recent strength shown by the employment report, would lead the Federal Reserve to the need to maintain the tightening on rates for longer.
Watch out also for Japan, where the yen has lost some ground after the strong strengthening on Friday. It was moved by the news that Kazuo Ueda will be nominated tomorrow as governor of the Bank of Japan. An unexpected decision that was initially read as a possible hawkish turn, given that it is not in continuity with current officials. But market movement stalled after Ueda spoke to the press saying monetary stimulus must stay in place.
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Closing down for Tokyo (-0.9%) waiting for the new governor
The spread rises to 185 points at the start
Spread between 10-year BTPs and Bunds up slightly at the start of the session. The differential is at 185 points, against 183 at Friday’s closing. The yield is up to 4.246%, compared to the previous 4.22%.
Asia, mixed session at the beginning of the week
Asian stocks opened weakly to a week that promises to be full of macroeconomic data. Investors’ attention is primarily focused on consumer prices in the US, expected on Tuesday: the fear is that they could confirm that the fight against inflation is not over and that consequently the Fed will not loosen its grip on rates. Thursday will then be the application for unemployment benefits again in the US to give the pulse on the state of the American economy. Meanwhile, the dollar remains strong while the yen weakened ahead of Tuesday’s appointment of the new governor of the Bank of Japan and bets on a tighter monetary policy. Tokyo dropped 0.88%, also due to lower-than-expected corporate results from companies such as Asics and Shiseido. Male Seoul (-0.69%) and Hong Kong is down (-0.5%) while Shanghai (+0.7%) and Shenzhen (+1.1%) are up.
The European stock markets start with a cautious rise
European stock markets start the week with a cautious rise awaiting a series of key macroeconomic indications. In the morning, the spotlight will be on the European Commission’s winter estimates in which Brussels will offer an updated picture of the economic situation in the euro area both in terms of growth and inflation. On the macroeconomic front, investors are awaiting tomorrow’s data on US consumer prices for January which should reveal a further slowdown in inflation and, also tomorrow, the new estimate of GDP for the fourth quarter of the Eurozone. The Paris Cac 40 index rises by 0.35% to 7,154.91 points, the Frankfurt DAX 30 increases by 0.10% to 15,323.56 points and the London FTSE 100 registers an increase of 0.19% at 7,897.52 points. In Piazza Affari, the Ftse Mib gains 0.32% in the first trades.
Closing down for Tokyo (-0.9%) waiting for the new governor
The Tokyo Stock Exchange ends the first session of the week down, weighed down by the mixed closure of the US stock indexes and expectations on the name of the new candidate for the role of new governor of the Central Bank of Japan (BoJ), which will be made official tomorrow by the executive . The benchmark Nikkei index fell by 0.88% to 27,427.32, with a loss of 243 points and sales focusing on the technology sector. On the currency front, the yen is stable against the dollar, at a value of 132.20, and against the euro at 141.40.
Oil prices fall despite Russian production cut
Oil prices are trading lower in Asian markets as investors focus on near-term demand concerns stemming from upcoming crucial US inflation data and refinery maintenance in Asia and the US. WTI futures fell below $79, retreating from a two-week high hit after Russia announced plans to cut production by 500,000 barrels a day in March, or about 5% of total output. US crude oil contracts are trading at 78.97 dollars a barrel, down 0.93%, while Brent futures slip 1.13% to 85.42 dollars a barrel.
Falling futures for Europe and Wall Street
A downward start is expected for the main European stock exchanges. Investors await tomorrow’s US inflation data, which should slow further in January. Eyes focused today on the new economic estimates of the European Commission on GDP and inflation. Futures on the Eurostoxx 50 drop by 0.33%, those on the Dax fall by 0.26% and those on the Ftse 100 register a decline of 0.14%. Weak performance also for futures on Wall Street: futures on the Dow Jones drop by 0.25%, those on the Nasdaq drop by 0.38% and those on the S&P 500 register a decline of 0.33%.
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