Bitcoin breaks through $64,000. EU stock markets little moved, Tokyo updates records

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Finance

by Andrea Fontana and Stefania Arcudi

This week, eyes on the Congress of the Chinese Communist Party, the ECB’s decisions on interest rates and “Super Tuesday” in the USA. Diasorin flies to Milan, Saipem also does well. Spread slightly higher, oil little moved after OPEC+. Euro above 1.08 dollars

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(Il Sole 24 Ore Radiocor) – European stock markets begin the first session of the week at a slow pace after the new records on Wall Street and Tokyo. This after a contrasting eighth for the continental stock exchanges (+1.8% Frankfurt, +0.7% Milan, the other indices in the red) but the Stoxx600 still updated its historical highs. The FTSE MIB of Milan, close to 33,000 points, is in slight decline, just as the CAC 40 of Paris, the DAX 40 of Frankfurt, the IBEX 35 of Madrid, the AEX of Amsterdam and the FT-SE 100 London.

There will be many events that investors will be watching: in Asia the National Congress of the Chinese Communist Party which will indicate the growth targets for 2024 and the priorities for the economic recovery, in Europe the ECB’s decisions on rates and Christine Lagarde’s press conference , in the USA the monthly report on the labor market but above all the so-called “Super Tuesday” of the primaries in which in 15 states the two reference parties will vote for their presidential candidates.

Many ideas in Milan, spotlight on Poste and Enel

On Piazza Affari in the first weekly session the best was Diasorin, which obtained FDA approval for Liaison Plex. Saipem also did well and the spotlight was on Enel (on which Goldman Sachs lowered its recommendation to “neutral”) for its partnership with Sosteneo for battery energy storage projects and open-cycle gas plants; Poste Italiane with the arrival in the Chambers of the draft decree for the sale of 29% owned by the Mef; Generali for the completion of the sale of Tua to Allianz; Ferrari on which Citi has cut its recommendation to “sell”.

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Spread slightly up at 148 points, yield at 3.9%

Lively upward trend for the spread between BTp and Bund. The yield differential between the benchmark ten-year BTp (ISIN IT0005560948) and the German equivalent maturity stood at 148 basis points from 147 points the day before. The yield of the benchmark ten-year BTp is also increasing, marking a first position at 3.90% from 3.88% at Friday’s closing.

Euro strengthens, oil moves little after OPEC+

On the currency market, the exchange rate between the euro and the dollar rose to 1.084 from 1.082 on Friday. Euro/yen at 163.1, dollar/yen at 150.36.
Oil prices showed little change with May Brent at 83.5 dollars a barrel and April WTI at 79.8 dollars a barrel. OPEC+ will extend oil supply cuts until the end of June 2024 in a bid to avoid a global surplus and support prices. Natural gas down 2.5% to 25.1 euros per megawatt hour in Amsterdam.

Bitcoin breaks through $64,000, flies towards an all-time high

The upward race of bitcoin continues which, according to analysts, is marching towards the all-time high reached during the pandemic at $69,000. The cryptocurrency surpassed the $64,000 mark, up approximately 2% to $64,169, after reaching a high of $64,284, a level not seen since November 2021.

Tokyo closes first session of the week on the rise

The Tokyo Stock Exchange ends the first session of the week on the rise, updating the record by exceeding the 40,000 point threshold for the first time. The Nikkei reference price list recorded an increase of 0.50%, to 40,109.23, and a gain of 198 points, in the wake of the consolidation of US stock indices. On the exchange rate front, the yen is stable against the dollar, at a level of 150.20 and is losing ground slightly against the euro at 162.90.

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Chinese markets are also on the rise with the CPPCC in focus

Chinese stock markets close the session on the rise on the day of the opening of the «Two sessions» («Lianghui»): the Shanghai Composite index gains 0.41%, to 3,039.31 points, while that of Shenzhen rises by 0 .18%, at 1,728.52. The opening of the Chinese People’s Political Consultative Conference (CPPCC) – the consultative branch – is currently busy with its inaugural ceremony, while tomorrow it will be the turn of the National People’s Congress – the powerful legislative branch – with the speech of Prime Minister Li Qiang which will outline the growth targets for 2024 amid the economic difficulties.
Meanwhile, the Chinese Central Bank has carried out 10 billion yuan (about 1.41 billion dollars) of seven-day repurchase agreements at an interest rate of 1.8%. The operation aims to maintain reasonable and ample liquidity in the banking sector.

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