Stock Market News: The European stock markets start with rises. Central bankers week and employment data in the US. European stocks open slightly higher in an environment of low activity, in which investors will try to process the implications for many companies in the region that the Chinese communist government has set a conservative economic growth target for 2023 , 5%
After a week of gains, with the DAX, FTSE MIB and Ibex 35 achieving benefits of more than 1%, another week begins with a mixed tone in the main indicators of the old continent. The DAX rises 0.17% to 15,605.55 points. The FTSE -100 corrects slightly to 7,943.44 points, the CAc-40 opens with increases of 0.5%, above 7,383.09 points, the Eurostoxx 50 registers 0.3%, to 4,311.75 points , the FTSE MIB rose 0.4% to 27,949 points. The Ibex 35 rises 0.39%, over 9,501 points.
Among the leading stocks at the opening, LVMH is placed at the top of the Eurostoxx 50 with gains of 1.2%, up to 825.40 euros. Banco Santander and Kering , with advances of more than one percentage point, begin the session at 3.8390 euros and 583.50 points, respectively.
The shares of AB InBev are trading negatively , which are down more than 0.6%, while Bayer or BMW are down just over a tenth in the first minutes of trading.
At the corporate level, Telecom Italia has received a non-binding offer for the fixed network and its submarine cable business from Cassa Depositi and Prestiti (CDP) and the Australian infrastructure fund Mcquarie. A proposal that is in force until March 31 and that would also involve Open Fiber, the smaller rival of Telecom Italia’s fiber optic network.
Harris Associates has sold its 10% stake in Credit Suisse. An operation that he began doing during the capital increase and that earned him to be replaced as the first investor by the Saudi National Bank. He says that they have many options to invest, that the increase in rates will benefit the banks and wonders why bet on something that is burning capital when the rest of the sector is now generating it.
British chip group Arm could raise at least $8 billion in the US IPO.
Stock Market News: Central Bankers Earrings
This Monday we will be attentive to investor confidence in the Euro Zone and retail sales for January. Germany and France issue debt with various maturities. In Spain, the National Statistics Institute disseminates data on foreclosures carried out in the fourth quarter of last year and the Sociological Research Center publishes the consumer confidence index for February. And in the United States, durable goods and factory orders for January are published.
This week investors will have several references to watch ahead: appearances by Jerome Powell, in Congress and the Senate, (on Tuesday and Wednesday) and by Christine Lagarde (Tuesday) and on Thursday, the last meeting of the Bank of Japan under the command of Haruhiko Kuroda. Meetings in which the market will look for the next movements of the monetary organisms in monetary matters to combat inflation. In addition, this Friday the employment data will be published in the US. “It will be important to know, once again, your opinion on the state of the US labor market, which is much more stressed than expected at this point after the strong increases in official rates, since a tense labor market has important connotations inflationary”, they acknowledge in Link Securities.
After closing a positive week, today the futures of the main indices are trading with slight gains. The Dow Jones future is up slightly above 33,402 points, the S&P 500 future is up 0.16%, above 4,052.20 points while the NASDAQ 100 is down 0.3%, to 12,333.80 points.
Oil prices ease after China set an economic growth target for this year of around 5%, lower than expected, and as investors cautiously await testimony this week from the chairman of the United States Federal Reserve United States, Jerome Powell. Brent oil futures fell 0.4%, above $85.48, while West Texas fell 0.3%, above $79.42.
On the other hand, China has set an economic growth target of “around 5%” for this year, and that number is on the lower end of analysts’ expectations. In addition, analysts point out that this modest, conservative figure suggests that there will be no massive stimulus.
Large Chinese stocks were down 0.5%, after gaining 1.7% last week. The broader MSCI index of Asia-Pacific stocks, which does not include Japan, was up 0.7%. Japan’s Nikkei rose 1.2%, hitting a three-month high, while South Korean stocks added 1.0%, helped by a softer reading on inflation.
In the currency market, the EUR/USD maintains increases against the dollar, up to 1.0650 units, while the main cryptocurrencies also register advances. Bitcoin registers 0.15%, above $22,405.5 while Ethereum loses 0.3%, to $1,562.69 .
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