Piazza Affari cautious, quarterly reports and inflation in focus

Another light-dark session for European stock markets with a focus on macro data and inflation in particular. The Ftse Mib closes down 0.1% to 32,580 points, with Saipem (+13.3%), Moncler (+5%), Poste Italiane (+2.6%) and Prysmian (+3.1%) following their respective results are among the best. However, Telecom Italia (-2.6%), Iveco Group (-2.6%) and Brunello Cucinelli (-2.5%) fell.

In Europe, consumer prices in Germany, France and Spain showed signs of cooling, with harmonized data falling to 2.7%, 3.1% and 2.9% respectively, awaiting euro zone and Italy reports scheduled for tomorrow.

In the US, the focus in January was on core PCE, the indicator of underlying inflation that the Fed closely monitors in its monetary policy decisions. On an annual basis, the index slowed to 2.8%, but monthly growth of 0.4% remains too high, supporting the Fed’s wait-and-see thesis on possible interest rate cuts.

Additionally, jobless claims rose more than expected to 215,000, while home sales claims fell 49%.

For bonds, the BTP Bund spread remains at around 142 basis points, with the yield on the Italian 10-year bond falling to 3.83% and that of the Bund falling to 2.4%. The fourth placement day of the BTP Valore is now taking place in Italy.

Among commodities, Brent oil is hovering around $82 a barrel. In the foreign exchange market, the euro/dollar exchange rate fell slightly to 1.081 and the dollar/yen fell below 150 yen per dollar.

Meanwhile, Bitcoin remains above $62,000 after recent gains.