I cuts in oil production announced by Saudi Arabia (one million barrels less than in July) do not slow down running of the bull in Asia. In Tokyo the index Nikkei (+2%) surpassed the barrier of 32 points: it had not happened since 1990. To justify the rally, in addition to the good economic data from Japan (the Jibun index of economic activity is up for the sixth month, orders and exports to the maximum) is the bet on the Fed: this time, in the meeting of 15/16, the central bank should give up yet another rate hike. Much will depend on the macro data coming from the economies. The most important arrive today with the publication of PMI data for Italy, Germany, the Eurozone, the United Kingdom and the USA. But it will be no less important, at least in a domestic key, the launch of subscriptions Btp Value, the last product baked by the Treasury. Yield: fixed at 3,25% for the first and second year, 4% for the third and fourth year plus a 0,5% loyalty bonus for whoever holds the security until maturity.
Opening little moved in Europe, speaks Lagarde
Le stock exchanges of Europe open around parity. The Ftse Mib of Milano, that Friday June 2 closed up 1,8%, starts the session at the start of the week modestly up (+0,15%).
Il BTP restarts after the best week of the year in which the recovery of prices continued: from a ten-year yield of 4,40% they dropped today to 4,10%. May finished with a roughly 1% gain.
The hearing of is held in Brussels Christine Lagarde to the economic and monetary affairs committee of the European Parliament. In the latest releases he has not spared his hawkish tones, announcing new rate hikes, but the latest inflation data suggest a faster than expected slowdown. Markets expect about two 25 basis point hikes by the summer.
Citi predicts a bear month for Wall Street
I Wall Street futures are in slight decline. The S&P500 was up 1,8% last week. The Nasdaq touched the highs of the last fifty-two weeks on Friday.
Among the large operators, caution prevails: Citi, expects a drop of around -5,4% in theS & P500 in the next two months.
Fitch: US debt remains under observation
Il Ten-Year Treasury Notes is at a yield of 3,71%, from 3,61% on Friday morning. The strong and unexpected increase in new jobs recorded in May in the United States last month pushed up bond yields slightly, but did not greatly change expectations about the Federal Reserve's next moves, the damage to 67 will be delayed % the possibility of a confirmation of rates on the current level.
Fitch he wrote that the US "AAA" rating will remain under review with negative implications, despite the debt ceiling agreement that will allow the government to meet its obligations.
Arabia cuts production, the price skyrockets
Partly unexpected, after long and bitter discussions, theOPEC+ decided to extend the already known gradual reduction path to the whole of 2024. But Saudi Arabia has chosen to unilaterally proceed with a further cut in production: from July it will drop to 9 million barrels per day against the current 10.
Il crude WTI trades at 72,5 dollars a barrel, +1%. Texas crude opened 5% higher above $75 tonight.
La Saudi Arabian decision could also favor the rebound of the natural gas: European gas hit its lowest level since September 2022 on Friday at 22,85 euros/mWh.
Asia rises, Australia decides on rates
The oil shock has not had much influence on the performance of the Asian stock markets, driven upwards by the Tokyo rally.
THEHang Seng of Hong Kong rises by 0,6% on the anniversary day of Tiananmen. CSI300 of the Shanghai and Shenzen lists -0,5%.
Kospi of Seoul +0,7%, BSE sensex of Mumbai +0,4%. S & P ASX 200 Sydney rose 1,1% on the eve of announcements from Australia's central bank. A quarter-point increase is expected.
US fine to Stellantis. Mps, the Treasury will be released in 2024
stellantis (-0,51%) And General Motors paid a total of $363 million in civil penalties for failing to meet U.S. fuel economy rules for past years' models. The CEO of subsidiary Opel said the brand has overcome the semiconductor shortage that has weighed on the industry in recent years, Business Insider reported.
Mount Paschi (+0,31%). According to rumors, the Treasury will exit the capital of the Siena-based bank, not before 2024.
Media for Europe. The Czech fund PPF has announced that it has a 15% stake in Prosieben.
Tim (+0,67%). A majority of EU countries have rejected calls by major European telecom operators to force big tech companies to help finance the rollout of 5G and broadband in the region, sources familiar with the situation said.
