European stocks rebound today e Business Square jumps the most, closing with a gain of 2,01, at 26.575 basis points, ahead of Frankfurt + 1,22% Paris + 0,55% Amsterdam + 1% Madrid + 1,31% London + 0,6%.
The yields of government bonds in the euro area also fall and the euro area collapses spreads, on the day in which the Italian ministry of the economy announced the minimum rates of the new one Btp Value (+3,25% the first two years and +4% the last two years, with a loyalty bonus of 0,5%). On the secondary side, the yield differential between the ten-year benchmark Btp falls to 174 basis points (-3,73%) and the rates are indicated in retreat at +3,99% and +2,25% respectively.
It was not so much the start of Wall Street, timid in the first hours of trading, that instilled confidence in Euroland (despite the approval by the US House of Representatives of the raising of the debt ceiling, which gives hope for a quick green light also from the Senate) , as much as the confirmation that inflation in the euro area si is getting cold. The race for prices could be short of breath, also looking at today's collapse in the price of gas (-14%).
Instead, it takes a leap forward Petroleum.
Lagarde: close to cruising speed
Eurozone inflation fell to 6,1% in May, versus 7% last month and the same rate expected this month.
For the president of the ECB Christine Lagarde “we are approaching cruising altitude and this means that we have to climb more gradually”, even if inflation is still “too high and will remain so for a long time”. “We are trying to bring it back to the medium-term objective of 2% in a timely manner”, for this reason rates have risen rapidly and there is still a way to go.
According to the French central banker Francois Villeroy de Galhau the next rate hikes will in any case be marginal.
Favorable indications on rates also arrived from the other side of the Atlantic, where some members of the Fed board reiterated the possibility of a pause by the US central bank in raising rates.
Less encouraging, in the macroeconomic context, were today the data relating to PMI indices of the single currency bloc, with the aggregate one at 44,8, the lowest level for three years.
A wave of optimism on the global economy has instead come from China, which yesterday disappointed with the official PMIs and today offered a different reading with Caixin and data beyond expectations. The China Caixin manufacturing purchasing managers' index rose to 50,9 in May from 49,5 in April. The Caixin survey differs from the official one in that it focuses more on smaller private companies.
Peak gas
In this context the'EUR regains share against the dollar and trades above 1,07.
Among commodities, the petrolium: the August 2023 Brent future appreciates by 2,8% at ; the WTI contract, July 2023, rises by 3,35% to 70,37 dollars a barrel.
On the other hand, the futures of the gas in Amsterdam, slightly recovered yesterday. In closing, the value is 23,11 euros per Mwh, down by 13,94% from the previous day's figure.
Piazza Affari toned with Recordati and banks
Piazza Affari raises its head after yesterday's fall and appreciates with Recordati, +4,78%, best blue chip of the day also thanks to the positive opinion of the analysts of Equita and other brokers.
In the high ranking are the banks, which stand out with Unicredit +4,57% and Understanding +3,46%, followed by Mediobanca + 3,21% Bper +2,64% and Bpm bank + 2,52%.
After the sales of the day before, purchases on industrialists and oil stocks are back: they shine Prysmian +3,21% ed Eni + 2,72%. Leonardo +2,99%, looks at the fact that the government has lifted the embargo on the sale of arms to Saudi Arabia, while according to the Sun 24 Hours contracts with Azerbaijan are expected next week
Bene stm, + 2,91%.
There are only three negative blue chips and the only one in sharp decline is Moncler, -2,27%. Small discounts and some profit taking instead for Inwit -0,46% nexi -0,11%.
Wall Street goes green
In New York, meanwhile, the indices are proceeding with small but positive variations. Salt the title of MetaPlatforms,,+2,1%, among the best on the S&P 500, after CEO Mark Zuckerberg presented the latest virtual reality viewer, the Quest 3, which will succeed the Quest 2. Thus Meta anticipates Apple Lossless Audio CODEC (ALAC), (+0,9%) which should present a similar instrument next week.
The title of Nvidia, up 3,3% after losing nearly 6% yesterday; two days ago, the capitalization of the semiconductor giant had briefly exceeded one trillion dollars.
It goes peak instead Sales Forces, -4,3%, which recorded the slowest pace of revenue growth in the last 13 years. Black day for too Macy's -3,4% and Dollar general, -19,8%, after the two chain stores cut their full-year sales forecasts on high inflation.
On the macro front, the weekly questions for i unemployment benefits they rose less than expected, to 232, against expectations of 235 applications. THE wages they grew 6,5% year-over-year, down from 6,7% year-over-year a month earlier.
