muted art the financial week today without the US stock exchanges, on holiday for Memorial day, and the City, which celebrates the Bank Holiday. Asian stocks lag after last week's records. The feeling is that the markets, before taking a precise direction, await the data on theEuropean inflation, out tomorrow, and above all, Friday's data on US employment, the two most important statistics before the ECB directorate (June 10) and the Fed board meeting (June 16).
TOKYO -1%. RECOVERY IN CHINA AND JAPAN SLOWS DOWN
The Tokyo Stock Exchange is starting to close down by 1%. Hong Kong -0,5% Shanghai -0,3% Mumbai -0,3%. The Indian GDP data is arriving: +2% expected for the fourth quarter, -7% for 2020.
The economy is less brilliant than expected Japan, which in terms of industrial production this month has returned to pre-Covid 19 levels, but the 2,5% rise is lower than consensus expectations. The restrictions on travel still in force in many key areas are also limiting the dynamics of consumption, down by 4,5% month on month. Today the Australian softball team arrives in the Rising Sun, the vanguard of the 7 thousand athletes expected for the Olympics, still uncertain.
The economic activity of China it remains at good levels, broadly within the parameters that signal expansion, but nothing more than what the consensus already expects, on the contrary, in the case of the PMI index on the expectations of purchasing managers of manufacturing companies, we are slightly below.
OIL UP, TOMORROW OPEC REVIEWS QUOTAS
Il Petroleum WTI is up 0,6% to $66,7 a barrel. Brent at 68,93. Tomorrow the OPEC + summit will take stock of the market trend, which has risen by 5%. The cartel is expected to proceed with a modest increase in production.
salt thegold at $ 1.910. Euro dollar slightly up to 1,220, just below the highs for four months (1,2226).
ITALY AT THE CROSSROADS, THE GOVERNOR'S REPORT TODAY
At the center of the financial news today stands the Annual report of the Bank of Italy with the final considerations of the governor Ignazio Visco. It will be an opportunity to take stock of the recovery: via Nazionale estimates growth of more than 4%, numbers that the Italian economy has not touched for thirty years. "The launch of vaccination campaigns in Italy and in the rest of the world", Visco said on the occasion of the ordinary meeting of participants, "leads to cautious optimism for the future". But the banker added: "uncertainty remains strong about the evolution of the health crisis and, consequently, about the prospects for the economy". Already on that occasion, Visco drew attention to the fact that the 248 billion of the Pnrr risk "not being sufficient to guarantee a lasting increase in the rate of growth" if they are not accompanied by reforms.
On Sunday the governor will participate in the Trento Festival of Economy together with the chief economist of the International Monetary Fund, Gita Gopinath.
AUTOSTRADE PER L'ITALIA, TODAY THE DECISION ON THE SALE
On the corporate front, the eagerly awaited shareholders' meeting of Atlantia is held, which will have to pronounce on the sale of the entire stake in Autostrade per l'Italia to the consortium made up of Cdp Equity and the Blackstone and Macquarie funds, probably the last move by Fabrizio Palermo at the head of the Box before the arrival of Guido Scannapieco. Despite the opposition of the Tci fund, the operation should be approved by the majority, thanks to the vote of Edizione Holding, the Cassa di Torino foundation and the Gic of Singapore. In this case, the board of directors of the holding should already be held tonight to set the date for another board meeting (presumably June 10) to formalize the final transaction which could take place at the end of June with the final closing in the first quarter of 2022.
OECD REPORT, BEIGE BOOK, INFLATION IN EUROPE
On the macro front, the six-monthly report on the OECD is worth noting, another opportunity to take stock of the global economy. Tuesday will be the turn of European inflation. As for the USA, the Beige Book will be published on Wednesday. During the week also the ISM data on manufacturing and services. The week will then be closed by the meeting of G7 finance ministers and governors in London.
US EMPLOYMENT DATA ON FRIDAY
The most important data of the week, however, concerns the trend of the labor market due next Friday at 14,30. It will be on these numbers that the Federal Reserve will make a decision on the full maintenance of ultra-expansive stimulus policies. Economists expect a strong recovery of new jobs, after the unexpected setback in April: +624.000, from +266.000 the previous month. But, notes the Wall Street Journal, with such a pace it will take at least a year to return to pre-pandemic levels. The data on wages should have the same influence, another crucial element, because it will show how willing the millions of citizens who preferred to stay at home in April are to return to work, contenting themselves with government checks.
THE NEW TESLA HAS STARTED, MOVE CHIPS FROM TAIWAN
On the corporate front, once the quarterly season is over, attention will focus on some corporate events: Tesla will present the new Model S Plaid. Facebook will host the annual meeting of service developers on the platform. Great expectations for the symposium of TSMC, the Taiwanese giant of semiconductors.
