The week in eight charts: Stoxx 600 sets another record, Lisbon is painted red
The Stoxx 600 repeated last week’s “brilliant” and broke a new record. Among the “commodities”, cotton rose due to the lack of “stock”. In the debt market, interest rates in the US eased following the “dovish” words of several members of the US Federal Reserve (Fed).
After reaching historic highs less than two weeks ago, the Stoxx 600 index repeated the feat, reaching 497.88 points during this Friday’s session. It ended up easing slightly and closing negotiations at 497.58 points.
After two weeks of gains, the PSI ended in the red. Among the 16 listed companies that make up the main index of the Lisbon stock exchange, the overwhelming majority (10) closed in negative territory, at a time when investors are following the results season.
Mota-Engil was the listed company that most contradicted the PSI’s negative trend and recorded the best week in a month. JB Capital almost doubled the target price and revised upwards the estimates for the annual results, which will be released on March 5th.
Daimler Truck shares rose around 17% this Friday, having reached historic highs, at 44.72 euros. The truck manufacturer reported record profits and announced a share buyback program worth around two billion euros.
Dominion Energy was penalized for the “guidance”. The listed company expects to close 2024 with adjusted profits between $2.62 and $2.87 per share, below analysts’ estimates that pointed to $3.03. NetApp, on the other hand, took the lead in positive annual accounts.
The euro gained strength against the dollar, at a time when ECB leader Christine Lagarde highlighted the need to keep interest rates in restrictive territory “for a sufficiently long period” to reduce inflation, even though the central bank recognizes that the inflation is slowing down.
Cotton prices are rising due to temporary stock shortages in the US ahead of a new harvest in August, after drought damaged the largest regional producer, Texas. In Brazil, producers are already postponing sales waiting for more increases, according to Bloomberg.
Interest rates eased in the USA, in contrast to the Euro Zone where they worsened. Chicago Fed leader Austan Goolsbee argued that the federal funds rate is in very restrictive territory. There were also voices calling for a slowdown in the pace of reduction of the Fed’s balance sheet.
Tags: week charts Stoxx sets record Lisbon painted red Markets
