Le European stock exchanges closed another session up today, supported by further signs of a slowdown in US inflation and despite the mixed performance of Wall Street, waiting for the Fed to announce its rate decision tonight and give a glimpse of future actions. After the good surprise on the trend in consumer prices with stars and stripes yesterday, production prices also exceeded estimates today, going to 1,1% in May (the lowest since December 2020), from +2,3, XNUMX% in April.
Piazza Affari one step away from 28 thousand points: Telecom rally, profit taking on Berlusconi's galaxy stocks
Business Square it approaches 28 thousand basis points and closes with an increase of 0,88%, driven by the banks and by Telecom (+4,54%), queen of the price list on speculations relating to future of the network. Today there was the board of directors to co-opt the fifteenth director, while on June 19 there will be the first evaluation of the offers presented by Kkr and the Cdp/Macquarie consortium. The scenario is enlivened by expectations for the possible entry into the scene of F2i, the largest independent Italian manager of infrastructure funds.
On the day of State funeral of Silvio Berlusconi even the titles of the galaxy hang their heads Fininvest, in rallies in recent days, after the death of the patron, on the bet of possible succession consequences, of any mergers or transfers. According to press reports, control of the company is in fact armored and the possibility of a sale will depend only on the children and not on a possible takeover. At the end of today's session Mfe A lost 2,82% and Mfe B lost 2,44%.
Banks shine on the Ftse Mib, occupying a large part of the top ten of the day: Unicredit + 3,27% Bper + 2,37% Mount Paschi + 2,43% Bpm bank + 1,76% Understanding + 1,64% Mediobanca + 1,16%.
They close the picture of the major increases Stellantis + 1,31% Iveco + 1,21% stm + 1,16%.
Happy financial day does not involve Leonardo, down 1,76%. They retreat fractionally Recordati -1,14% Saipem -1,75% Tenaris -0,96%.
Out of the main basket Dovalue it was one of the most popular stocks, +6,76%, in the wake of yesterday's announcement of a shareholders' agreement between the two main shareholders Fortress and Bain Capital on 41,85% of the capital.
Spreads up
Another sign is the closure of the secondary market for government bonds: lo spread between the ten-year benchmark Btp and the same German maturity, it rises to 158 basis points (+1,78%), with rates of 4,02% and 2,44% respectively.
Tomorrow will come ECB decisions and Frankfurt is expected to hike rates further by 25 basis points. Inflation in Germany appears to have slowed sharply in May (+6,1% on year compared to +7,2% of), but the rate "nevertheless remains at a high level", warns Ruth Brand, president of the federal institute of statistics Destatis.
Green wave in Europe; Mixed Wall Street
The wave is also green in the rest of Europe, although the contrasted trend of Wall Street slowed down the lists slightly in the afternoon trades.
On the podium it is Madrid, up 1,03%, thanks to the rally in bank stocks.
They appreciate each other more modestly Frankfurt + 0,5% Paris + 0,52% Amsterdam +0,48%. Bringing up the rear is London +0,11%, held back perhaps by a very tonic pound. The London market has also focused attention on theVodafone and CK Hutchison agreement (which controls the operator Three in the United Kingdom) for the merger of the British mobile telephony operations.
Meanwhile, Wall Street proceeds in no particular order: the Nasdaq and S&P are in the fifth consecutive session of earnings, while the DJ is weighted by UnitedHealth -7%. The health insurer sounded an alarm about a soaring health care costs in the second quarter, which is weighing on the entire industry.
Dollar falls ahead of a pause for reflection by the Fed
On the currency market curb the dollar, on the expectations of a cautious and coherent Fed with what has been announced, which will take a break in the tightening that has been going on consecutively for 15 meetings. However, many observers believe that this stop is only temporary and that the Fed will resume its hikes in July, following in the footsteps of the Canadian central bank. For this reason, attention will be keener than ever on any indications for the rest of the year. The Fed is expected to issue a statement on monetary policy and the new quarterly economic projections at 20 pm Italian time, ahead of the press conference by chairman Jerome Powell. The euro changes around 1,085.
On the raw materials front, crude oil futures cool down (Brent is flat, while Wti loses 0,17%, 69,3 dollars a barrel), also following the news that, last week, inventories of Petroleum in the United States they increased significantly, contrary to expectations.
It still strengthens the gas natural, which accumulates an increase of more than 6%, reaching close to 40 euros per MWh.
