MILAN – European stock markets had a slow start to the final session of the week. The signals that arrived yesterday are still influencing the markets as the US GDP grows faster than expected and the ECB keeps its doors closed on the issue of interest rate hikes, urging observers to expect a first cut until the summer at the earliest. There is a subdued development in Asia, where Intel’s disappointing results weigh heavily. Tokyo fell sharply, with the Nikkei closing at -1.34%.
The stock markets are accelerating
European stock markets are slowing on positive quarterly reports and expectations that the CCE could start cutting interest rates in April. While US PCE inflation data is expected in the afternoon, continental equity markets will be supported by purchases of consumer goods (+3.97% in the Stoxx sub-index), food (+2.03%) and energy stocks (+1.4%). Piazza Affari’s Ftse MIB thus rises by 0.54%, Frankfurt by 0.23% and London by 1.09%, but Paris is at the top, rising by 1.98%, driven by the +10, LVMH’s 81% after record 2023 deals.
Europe begins in no particular order
The European stock markets are off to a mixed start. London gains 0.67% while Eurozone indices are more cautious in the wake of the ECB. Like Milan, Paris recorded growth of 0.11%, while Frankfurt lost 0.17%.
Lower opening for spread
The BTP Bund spread opened lower, starting the session at 152.1 basis points versus 153 at yesterday’s close. The Italian 10-year bond yield fell to 3.77% (from 3.81%).
Oil falls
Oil prices are falling in commodity markets this morning: WTI for March delivery is changing hands at $76.81 a barrel, down 0.71%, while Brent, also for March delivery, is trading at $82.07 which corresponds to a decrease of 0.44%.
It’s going downhill to accelerate
Trading for February TTF gas futures at the European benchmark hub Amsterdam fell to 27.250 euros per megawatt hour, down 1.922% at the start of the day. March futures lost 1.828% to 27.275 euros per megawatt hour at the start of the session, while April futures remained flat at 27.750 euros, down 1.592%. The index has been below the threshold of 30 euros per megawatt hour since mid-January.
