June warms up the markets, which close the second consecutive session up today in Europe encouraged by news coming from the United States: in particular the approval also in the Senate of theraising the debt ceiling (which avoids the dreaded default) and theexpansion of the labor market with stars and stripes, two novelties that they take away the risk of a US economic and financial crisis that could have global effects.
Business Square it is once again among the top of the class, with a progress of 1,85, which takes it beyond the psychological limit of 27 points. They are almost all blue chips are positive Milanese, starting from sectors such as oil, industry and luxury.
Volumes have been limited by day of celebration in Italy, but optimism has not known shadows today and green is also bright on the secondary, where it is spread between the ten-year benchmark Btp and its German counterpart, it falls by 167 basis points (-4,76%), with copy purchases on Italian paper and rates respectively at +3,97% (from 3,99% the day before) and +2,3 % (from 2,25%).
In the rest of Europe, Paris is upbeat +1,87%, which yesterday remained a bit in the shade; the earnings are consistent a London + 1,54% Madrid + 1,67% Amsterdam + 1,13% Frankfurt + 1,27%.
Overseas Wall Street, a momentum game, is moving into positive territory, with the Dow Jones (+1,7%) particularly brilliant. Among the titles runs Amazon (+2,12%) which, according to Bloomberg, is in talks with the major mobile phone companies to offer US Prime subscribers a low-cost or even free service.
Together with the shareholder, he celebrates today the Petroleum, in view of the OPEC+ meeting on 4 June (Brent +2,1%, 75 dollars a barrel) and the dollar strengthens slightly, even if the euro maintains an exchange rate around 84.
Macro data and central banks
In May they were 339 non-agricultural jobs created in the United States, nearly double what analysts expected. At the same time, however, the unemployment to 3,7% from 3,4% (and against expectations at 3,5%), while average hourly wages increased correspondingly to expectations.
The strong American job market tells of an economy that is resisting the restrictive policy of the central bank, while the slight increase in unemployment and the stability of wages give hope for theawaited pause in rate hikes by the Fed in June. According to experts the chances that Jerome Powell raise the cost of borrowing for the eleventh time in a row at the meeting of June 14 are now lower than 30%.
In the euro area, on the other hand, the statements of various bankers are weighed up, after the words of Christine Lagarde of yesterday. Second Gabriel Makhlouf the decline in inflation released a day ago is "welcome, but not definitive, given that underlying pressures and prices of services remain quite strong." The most probable consequence is therefore that at the next meeting Eurotower will raise rates again by 25 basis points but that's not all: "I think we will probably see rate increases in June and July".
For the board member Fabio Panetta however, this is not the time to be hasty: "my intuition - he told Le Monde - suggests that we have not reached the end of our cycle of rate hikes, even if we are not far away".
Piazza Affari over 27 thousand basis points
Piazza Affari is almost all in green and sees massive gains practically in all sectors, recovering 27.068 basis points. On the Ftse Eb we start from oil stocks with Saipem, +5,64%, Tenaris +3,61%, Eni +2,77%, while luxury regains share with Moncler +4,01%. L'automotive is widely represented in today's top ten with Iveco +4,11%, Pirelli +3,11%, Ferrari +2,88%, Stellantis +2,8%.
Amplifon gains 3,34%, after signing an ESG credit line with banks for 300 million.
In the banking sector it is confirmed as effervescent Monte Paschi di Siena + 3,61%.
I am in only two titles bucked the trend, thought to be mostly defensive such as Campari -0,12% and Inwuit -0,25%.
Out of the main basket Rest, close to delisting, closes the session with an increase of 1,83%, while Dufry approaches 95% of the capital. They are not moved i titles Mfe A (-0,36%) And Mfe B (+0,46%), after the news that the Czech group Ppf ha increased its share in the German Prosiebensat (which has as its first shareholder MediaForEurope of the Berlusconi family).
