Today’s Stock Exchanges, February 27th. Fears about inflation in the markets. Cautious restart after the worst week since December
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MILAN – A cautious start on international stock exchanges as trading resumes, after the fall of more than 1% on Wall Street on Friday which marked the worst week for the American stock market since December. To mark the mood of investors are the data on American inflation, which as noted by Unicredit analysts have given another blow to the bond market. In fact, the yield curve flattened further with the 10-year yield rising to 3.96% and the spread between 2 and 10 years narrowing further. Data too hard to digest even for the stock markets, which, as we have seen, suffered the backlash. “The Fed is data dependent and the markets are very dependent on the Fed,” State Street strategist Mehvish Ayub summed up on Bloomberg. The American central bank “is still highly concentrated on inflation, even at the cost of sacrificing economic growth. We could face a higher peak in rates, between 5.5 and 6%,” he predicts. Repercussions were seen today in Asia, with Tokyo down slightly (-0.1%) and more substantial losses in China and Hong Kong, where the rally at the beginning of the year risks fading.
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Asian stock exchanges, closures down for Tokyo and China
Fondi, Anima buys 80% of Castello Sgr
Anima Holding has signed a binding contract for the acquisition of 80% of the capital of Castello sgr for 60 million. The funds managed by Oaktree Capital Management, the current majority shareholder of the company that promotes and manages mainly real estate alternative investment products, will keep the remaining 20% of the capital (with a put/call option), and representation on the Castello board . Giampiero Schiavo will keep his position also following the transfer of the company shares. In partnership with Oaktree, explains a note, “Anima intends to grow Castello’s existing platform in the alternatives market and consolidate its role on the domestic market both organically and with strategic growth operations for external lines”. “With today’s agreement, Anima begins a growth path in the world of alternative investments with a project similar to the one that gave rise to the group in 2009 and which at the time counted on assets of 20 billion, which became over 177 at the end of 2022”. commented the CEO Alessandro Melzi D’Eril.
Asian stock exchanges, closures down for Tokyo and China
Negative closures for the Tokyo and Chinese Stock Exchanges. The Shanghai Composite Index dropped 0.28% to 3,258.03 points, while the Shenzhen Composite dropped 0.74%, slipping to 2,124.88. The Tokyo Stock Exchange also closed slightly lower with the Nikkei index losing 0.11% to 27,423.96 points.
The climate was affected by the negative closure on Friday on Wall Street, after the return of the flame of US inflation in January which fueled fears of further rate hikes by the Fed. Among the securities traded on the main Asian market, highlighted on the negative side technological and those of the gaming sector which more than offset the performance of financials. Softbank Group lost 2.3% while Nintendo lost 1.9%. The title of the video console giant dropped in the wake of analysts’ negative estimates on the results for the 2023-24 financial year, which will begin next April, due to the fact that the Japanese group does not have a new console ready to replace the ‘current, Switch, which is starting to be perceived as ‘old’ by the market.
Gold down, oil below 76 dollars
Falling price for gold. The precious metal with immediate delivery fell 0.15% to 1,808 dollars an ounce. Investors are looking at the Fed’s next moves after the increase in the data on the inflation index taken into consideration by the US central bank.
Minus sign also for oil prices. With the markets looking to the Fed’s next moves, expecting a possible new rate hike that would lead to a strengthening of the dollar, the American WTI falls by 0.6%, reaching 75.86 dollars a barrel. Even Brent listed on the ICE in London lost 0.66% to 82.61 dollars.
Euro little moved at the start
The euro moved little at the start of the week after the decline recorded on Friday in light of data on the US inflation index taken into consideration by the Fed, which rose to 5.4%. The single currency stands at 1.0542 dollars, with a just negative change of 0.06%.
The exchange rate with the yen is 143.67 (-0.12%).
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