Table of Contents:
Positive trend of European stock exchanges
The European stock exchanges opened the day with a positive sign, with the Ftse Mib in Piazza Affari recording an increase of 0.3%, reaching 33,600 points. This momentum was backed by a series of economic and financial news that captured the attention of investors. In particular, the focus is on Unicredit, which announced a voluntary public exchange offer worth €10.1 billion on Banco Bpm, which saw an increase of 5.7% in its
share value.
Focus on Unicredit and other securities
The market reacted positively to the news of Unicredit’s takeover bid, with the stock falling by 2.7%. However, other stocks performed better, such as Brunello Cucinelli (+ 3.2%), Campari (+ 2.8%) and Moncler (+ 2.6%). On the contrary, Leonardo showed a slight weakness, with a decline of 0.7%. These market movements are indicative of a climate of confidence, despite global economic uncertainties
.
Upcoming economic events and statements by the ECB
Today, investors are waiting for the German Ifo index and data from the United States regarding the activity of the Chicago Fed and the manufacturing sector of the Dallas Fed. This week will be crucial, with the release of the American Central Bank minutes scheduled for tomorrow, followed by the core PCE on Wednesday and the eurozone inflation data on Friday.
The ECB’s chief economist, Philip Lane, recently stated that rates cannot remain in restrictive territory for long, warning that a slowdown in growth could bring inflation below the 2% target.
Bond markets and commodities
In the bond sector, the Btp-Bund spread stands at 126 basis points, with the Italian 10-year yield at 3.49% and that of the German benchmark at 2.23%. The confirmation of Italy’s rating by Moody’s helped to maintain stability, despite growth forecasts of less than 1% for 2024. In the commodities market, Brent oil fell below 74 dollars per barrel, while the price of gold fell to 2,667 dollars an ounce.
In the currency market, the euro/dollar exchange rate rose to 1.045, while the dollar/yen stood at 154.6.
Cryptocurrencies and future prospects
Finally, in the world of cryptocurrencies, Bitcoin remains in the area of 98,200 dollars. Fluctuations in the cryptocurrency markets continue to arouse interest among investors, with many watching trends closely to assess possible future investments. With the focus on upcoming economic events and central bank statements, financial markets are preparing for a week full of opportunities and challenges
.
