The first hitches in the talks of peace between Iran and the USA are leading investors to lighten the positions in a session characterized by exchange contents for the closure for festivity half of the Asian markets and with the United States busy celebrating Juneteenth, while the week is still on track to close positively.
Despite US Vice President JD Vance communicated that he will not be in Switzerland today for the negotiations with Iran, entrusting the talks to the technicians, the climate on the markets is quite relaxed since the tankers blocked in Hormuz they started to leave the channel, after the United States lifted its blockade against Iran yesterday, following the entry into force of an interim agreement to end the war. Furthermore, the Kuwait announced it will gradually increase production. Three Saudi-flagged ships loaded with crude have already passed through the strait, although it is not yet clear when supplies will return to pre-war levels. The Israeli army said it conducted attacks overnight and continued to target what it described as Hezbollah militants and infrastructure in several areas of southern Lebanon.
Brent crude oil futures rose this morning but closed the week down 9,5%, down 37% from their late-April peak. This was a relief for central banks around the world, which were poised to counter overheating inflation with monetary tightening. On June 4, Brent crude oil futures rose to $97,16 a barrel, down from $72,48 before the February 28 attacks, due to concerns about oil supplies in the Middle East. U.S. West Texas Intermediate crude rose 0,8% to $77,23 a barrel, but was still on track to close the week lower.
Wall Street rose yesterday thanks to the chip sector. Today is closed for holidays.
Yesterday on Wall Street the indices closed on the rise, with the Nasdaq which rose to +1,9% thanks to gains in semiconductor stocks, while inflation fears eased after the signing of a peace agreement between the United States and Iran, although investors still priced in interest rate hikes this year by the Federal Reserve. Dow Jones closed at +0,14%, S & P 500 to +1,08%,
The index of the semiconductors Philadelphia significantly outperformed the rest of the market with a 6,4% rally thanks to Intel whose shares jumped to an all-time high and closed up 10,6% after Trump said the iPhone maker Apple has agreed to collaborate with Intel to design and manufacture its chips in the United States.
With the closing today on the occasion of Juneteenth, a holiday that commemorates the emancipation of enslaved African Americans, the settimana The S&P 500 Index closed yesterday with a gain of 0,93%, compared with a 2,43% gain for the Nasdaq and a 0,71% gain for the Dow Jones.
Consumer stocks were led by the travel sector, as the prospect of lower fuel prices supported gains in cruise lines and airlines. The Dow Jones Transportation average closed up 0,5%.
The Russell 2000 small-cap index rose 2% and hit a new all-time closing high.
On the data front, data from the Labor Department showed that the number of Americans filing for unemployment benefits decreased last week, as layoffs remained low.
Il software sector The S&P 500 index closed down 0,7% after falling to the lowest in over two monthsThe sector has been put under pressure by the actions of Accenture fell by 18% after the company cut the top end of its annual revenue forecast. Competitors, including Cognizant Technology Solutions, Gartner, and IBM, fell between 4,5% and 10,5%.
SpaceX Elon Musk's stock closed lower for the second day in a row, losing 3,6% after a strong rally in the first few days of trading following its stock market debut last Friday.
Yesterday also saw the simultaneous expiration, which occurs once a quarter, of derivative contracts linked to stocks, index options and futures, also known as “triple witching”, which typically increases trading volumes. A total of 33,59 billion shares were traded on U.S. stock exchanges, compared to the average of 21,83 billion over the last 20 trading sessions.
The most restrictive orientation of the Fed, sung by the new president Kevin Warsh which said it was ready to counter a rise in inflation, hit hard the short-term US government bonds, with two-year U.S. Treasury yields rising 9 basis points this week to 4,1790%, but supported bonds longer term As investors were reassured by falling oil prices, 10-year yields fell 3 basis points to 4,4510% this week, while 30-year yields fell 7 basis points to 4,9010%, nearly their lowest level in two months.
In Asia, Nikkei and Kospi reversed course towards the end, but the week closed sharply higher
With half of Asian markets closed for holidays, attention today is on Japan and South Korea After reaching new highs, they pared their gains towards the end of the session. Stock markets in mainland China and Hong Kong are closed for the Dragon Boat Festival holiday. Taiwan is also on holiday.
Il Nikkei, up 0,8% hit a new record for the fifth consecutive session, extending its weekly gain to 8,5%. The key indicator ofinflation in Japan Energy prices remained stable in May, thanks in part to government subsidies that kept energy costs low, allowing the Bank of Japan to continue its path to further increase interest rates by the end of the year. Consumer prices excluding fresh food rose 1,4% from a year earlier, the Ministry of the Interior and Communications reported on Friday. This figure is in line with economists' expectations and represents the lowest level since 2022. An indicator that excludes both fresh food and energy rose 1,8% from a year earlier, also in line with the median forecast.
The Kospi (+0,06%) recorded a weekly increase of 15,3%. In May, producer prices in South Korea rose at their fastest pace in four years, as rising energy costs and a broad-based increase in industrial prices continued to impact the economy.
The index of dollar The US dollar is set to close the week with a 1% gain, settling at 100,78. Subdued trading due to the holidays suggests this is the perfect time for Tokyo to intervene on the Yen collapsed to 161,3 against the dollar, well above the 160 threshold considered to be a warning. Precious metals have been under pressure due to the strong dollar. The Spot gold fell 0,5% to $4.188 an ounce, while spot silver fell 0,8% to $65,30 an ounce.
European stock markets opened slightly lower. At the Milan Stock Exchange, attention was on Avio and banks.
European stock markets are expected to open slightly lower. The Euro Stoxx 50 futures are down 0,3%.
In BritainLabour Mayor Andy Burnham's new parliamentary seat has created a potential challenge to unseat British Prime Minister Keir Starmer. The pound has barely seen any shock, but the UK government bond market could have a more pronounced reaction at the open.
Avio – It has signed a production order worth over €35 million with MBDA in France. The order concerns the supply of solid rocket motors and aerodynamic surfaces. It is part of a previously signed framework agreement and will be implemented over a four-year period.
Bpm bank Credit Agricole is considering increasing its stake in the Piazza Meda-based bank, currently at 22,9%, although no decision has been made yet, Bloomberg reports.
Leonardo – The group's new organizational structure was approved yesterday.
Monte dei Paschi di Siena The government's neutral stance on banking consolidation operations does not prevent it from potentially setting limits through the exercise of its golden power. Economy Minister Giancarlo Giorgetti stated this in the Senate, confirming his intention to reduce the remaining stake in the bank.
Poste Italiane The extraordinary shareholders' meeting approved the capital increase for the TIM offer. Five banks were selected to finance the transaction: Intesa Sanpaolo, UniCredit, BNP Paribas, Deutsche Bank, and JPMorgan Chase.
IT sector Accenture shares fell to their lowest levels since 2017 after cutting revenue forecasts, fueling investor concerns that the rapid development of AI is penalizing traditional IT consulting and outsourcing businesses. Accenture attributes the weakness to reduced corporate spending caused by geopolitical uncertainty. As for Reply, confidence remains in the company's ability to continue outperforming the market.
Recordati – During the company's centenary celebrations, Giampiero Mazza reiterated CVC Capital Partners' ambition to increase its stake in Recordati from more than 50% to 100%.
Utilities – Electricity demand increased in May. Wind and solar generation increased by 15% and 19%, respectively, while hydroelectric generation decreased sharply (-39%).
Exor – Benoit Ribadeau-Dumas has been named Deputy CEO; John Elkann becomes President of Lingotto, while Suzanne Heywood leaves her operational roles within the group (she was COO). She will remain President of CNH Industrial and Iveco Group.
