Today’s Stock Exchanges, March 2nd. Markets hanging on to inflation. Musk does not warm investors
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MILAN – A cautious opening on the financial markets is announced. Investors’ expectations revolve around the data on European inflation and the ECB minutes, who are looking at how prices will force the Eurotower to keep the bar of monetary tightening straight.
Closure slightly down for Tokyo (-0.06%) weighed down by electronics and fears of tightening of monetary policies.
In the USA, Elon Musk’s new plan for Tesla was not welcomed with particular enthusiasm by the market: he talked a lot about the long-term vision, the sustainability of the energy of the future, steps in that direction, for example towards heat pumps, but without giving details on the new generation of electric vehicles of his automaker, in particular on the expected updates for an economic segment that already appeared two years ago. Crypto-universe shakes up again: Shares of Silvergate Capital have plunged nearly 30% after the digital-asset-focused bank postponed its annual balance sheet as it needs to see more clarity into its finances.
Gas, price on the rise but February closed at -14%
Natural gas prices in Europe open higher below 48 euros per megawatt hour. At the TTF reference hub, futures on the April contract are traded at the start of trading at 47.80 euro/Mwh, with an increase of 1.52%. Contracts ended February down nearly 14% as spring approaches and the worst of the energy crisis appears to be over. Europe’s winter has been mild so far despite some brief cold spells and storage is around 62% full, well above the 10-year average of 54% for this time of year, with Germany recording levels by 71%, thanks to record LNG imports, increased energy production from alternative sources and energy saving efforts by households and businesses.
Gold prices down. Oil is also down
Falling prices for gold. The spot price of the metal with immediate delivery fell 0.22% to 1,832.8 dollars an ounce.
Oil prices down this morning. The American WTI for delivery in April loses 0.27% to 77.48 dollars a barrel. The contract on Brent in May, listed in London, fell by 0.21% to 84.13 dollars.
Colorless session for Tokyo, closes at -0.06%
Session without momentum for the Tokyo Stock Exchange divided between the signs of economic recovery in China which had supported the start-up and the weakness of US technology as well as the risk of a more aggressive US Federal Reserve. The Nikkei index of leading stocks closed almost on par (-0.06%) at 27,498.87 points and the broader Topix index lost 0.16% at 1,994.57 points.
Stock markets, weak futures awaiting inflation
A weak and uncertain start is expected for the European stock exchanges in the wake of the mixed closure of Wall Street. Eyes on preliminary Eurozone inflation data after similar readings from Germany, France and Spain unexpectedly accelerated in February. But the spotlights will also be on the reports of the last meeting of the ECB which on 2 February decided to raise interest rates by 50 basis points, promising a similar tightening in March. Futures on the Eurostoxx 50 drop 0.14%, those on the FTSE 100 increase by 0.13% and those on the Dax 30 mark -0.07%. Futures on Milan’s Ftse Mib were also weak, recording -0.09% while those on Paris’ Cac 40 fell by 0.44%.
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