The push to US price lists continued yesterday thanks to the oil momentum, supported by the words of Janet Yellen and by a picture characterized by supply interruptions, with the WTI closing in New York for the first time above 50 dollars a barrel since last July. TO Wall Street the indices regained recent intraday highs and then closed cautiously. Meanwhile Hilary Clinton has earned the Democratic nomination for the presidential elections.
However, the positive trend failed to infect the Asian stock exchanges, which are moving in the red this morning, with the exception of the Nikkei. During the night, the data on the Japanese GDP (final reading): the economy grew beyond forecasts in the first quarter of 2016, favored by a less marked reduction in business investments. In particular, in the January-March period, the gross domestic product grew by 0,5%, compared to the +0,4% communicated in mid-May, while the annualized figure showed an increase of 1,9% from the previous +1,7 .60%. The consumption component, which accounts for approximately 0,6% of GDP, grew by 0,5% compared to the first reading of +XNUMX%.
The markets then also recorded the data on Chinese trade balance in May, whose surplus increased in May to about 50 billion dollars from 45,6 in April against expectations for an increase to 58 billion. China's exports fell 4,1% in May against economists' expectations for a 3,6% drop. Exports to the United States, China's main trading partner, fell by 12% while those to the European Union by 2,1%.
On the imports front, there was a drop of 0,4%, the lowest since the end of 2014 and much lower than the expectations of analysts who expected a reduction of 6,7%. The drop in imports continues the downward trend seen in the previous 18 months.
Now let's look at Britain's industrial production and weekly US oil inventories. Today Draghi's ECB the purchase of corporate bonds begins through the corporate sector purchase program (CSPP) which expands Draghi's purchase plan beyond government bonds.
In Piazza Affari we look at the current increase in the Banco Popolare, which started downhill – yesterday the share recorded a marked increase (+6,10%) -, and the increase of Veneto Bank. Yesterday Carlo Messina, CEO of Intesa Sanpaolo, one of the promoters of the consortium guaranteeing the capital increase of Veneto Banca said that "the shareholders will not reach 51% and therefore Atlante will acquire control of Veneto Banca" after the capital increase.
Good performance yesterday also for oil stocks, with Saipem highlighted in the wake of the oil rally but also after the news of a new contract in Saudi Arabia. As reported yesterday on the Riyadh Stock Exchange website, in fact, the company has been awarded an onshore contract worth 180 million by the Saudi group PetroRabigh, which involves the construction of a plant for the treatment of vanadium and the disposal of caustic soda.
