The first trading session of 2023 ended in relatively good mood despite the sharply reduced volatility caused by the lack of trade in the US and in the derivatives market. Benchmark shares of companies from the Old Continent gained nearly 1.9% today.
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Negative news was provided today by Tesla, which fell short of analysts' expectations. The company reported that deliveries for the fourth quarter of 2022 amounted to 405,278 vehicles against expectations of 420,760 vehicles. Model S and Model X deliveries totaled 17,147 units against expectations of 18,578 units.
As for the production of new vehicles, here the figures fare better. The company produced 439,701 vehicles in Q4 against 438,840 expected by analysts surveyed by Bloomberg. Production of S/X models totaled 20,613 versus 18,611 expected, and 3 and Y models totaled 419,088 versus 411,828 expected.
The Japanese yen and the US dollar dominated the currency market today. The New Zealand dollar and the euro performed poorly.
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The revision of the manufacturing PMI indices for December was the highlight of today's economic calendar.
The Spanish PMI rose to 46.4 in December, up from 45.7 the previous month against market expectations of 46.2. The reading indicated a sixth consecutive deterioration in operating conditions, but at the weakest pace in three months.
Meanwhile, Italy's manufacturing PMI rose to 48.50 last month, up from 48.40 in November. It came in line with analysts' estimates and showed a sixth consecutive month of decline in Italian factory activity amid weak demand. Both production and new work also fell, albeit at a slower pace.
The reading from France was revised slightly upward, while the German data was not positive, having been revised downward confirming the weak overall state of the eurozone economy.
France, manufacturing PMI for December 49.2 vs. First release: 48.9
Germany, manufacturing PMI for December 47.10 (final). First release: 47.4
The swaps market is currently pricing in a near 90% chance of a 50 bps rate hike at the ECB's February meeting. A 50bp hike seems certain and in line with the ECB's announcements at its last meeting. Croatia joined the Eurozone and Schengen today,
Airbus (AIR.DE) began preliminary talks to take a minority stake in the Evidian cybersecurity unit of the Atos (ATO.FR) consulting group, Les Echos newspaper reported. As a result of the news, the French company's shares are trading up more than 17%. At this point, Airbus has not confirmed speculation on the subject.
The first session of the new year brings an improvement in sentiment on the cryptocurrency market. One of the best performing digital currencies on Monday is Litecoin, which gains about 6%. Bitcoin, on the other hand, adds just less than 1%, while Ethereum is trading 1.15% higher.
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