Calm almost flat on the European markets, at the end of a session lacking a precise direction, while Wall Street is following the same script in the American morning.
The financial markets remain at the mercy of conflicting emotions, amidst signs of a slowdown in the global economy (-7,5% for Chinese exports in May, on an annual basis) and the expectation of a stop to rate hikes by the Fed, in next week's meeting.
The OECD sees Italy growing more than the euro area
Business Square after small ups and downs, it closed with a very slight increase (+0,07%) and saved 27 thousand basis points, weighed down by profit-taking on financial stocks and supported by oil and industrial stocks. On the other hand, the rush to purchases knows no slowdown Btp Value, which, half an hour after the closure, again received requests for approximately 4,13 billion.
Meanwhile the OECD nearly doubled from the March projections the 2023 growth estimates for Italy, bringing them to +1,2%, an increase higher than the euro zone average (+0,9%). However, the international body warned Italy against delays in implementing the Pnrr, which could have negative effects on growth.
Madrid in dust with Zara
It stands tall on the continent Madrid, +0,5%, trailing by Inditex (+5,7%), parent company of Zara, which announced sales of the spring-summer collection up 16% in the last month.
Frankfurt loses 0,21%, followed by Paris -0,09% Amsterdam -0,08% and London -0,03%.
wall street, after a colorless start, it is now contrasted. The Dow Jones rises, driven by Caterpillar, while the S&P500 and the Nasdaq are fractionally down, after having touched their highs for many months yesterday. Coinbase stock recovers 1,6%, but yesterday lost 12% following the lawsuit filed by the Sec, the US financial market supervisory authority, against the cryptocurrency platform.
Euro up, Turkish lira at historic lows
On the foreign exchange market the euro it trades higher against the dollar and recovers an exchange rate above 1,07, while the bankers of the ECB insist on the need to beat inflation in the euro area with further increases in the cost of money. He insists on the subject Class Knots, a member of the Eurotower board of directors, who expects two rate hikes in June and July. “After that, the picture is not clear. In an optimistic scenario we will have done enough by then. But there are many upside risks that could force us to hike rates further. I would not hesitate to do so if necessary." However, a survey by the European Central Bank showed that consumers in the eurozone have reduced their inflation expectations.
Il dollar on the other hand, he is cautious with the fading possibility of a rate hike by the Federal Reserve next week, even if there are those who do not exclude an intervention in the next meeting. US inflation data for May will also be released on Tuesday.
Il canadian dollar on the other hand, it is at the highs of a month after the new increase in rates by the Canadian central bank by 25 basis points, to 4,75%, the top for 22 years.
It moves on record lows Turkish lira hit, overwhelmed by an ultra-accommodative policy in a context of explosive inflation.
Among the raw materials is in progress the Petroleum, with Brent crude up 1,4% to $77,35 a barrel and Texan crude up .15% to $72,83 a barrel.
In Piazza Affari, Saipem and Stm do well, Fineco down
It is among the best blue chips in Piazza Affari today stm, up 3,22%, which announced a $3,4 billion manufacturing joint venture in China with Sanan Optoelectronics for 200mm silicon carbide (SIC) devices.
Oil stocks are recovering, with Saipem (+3,55%) in the lead. The happy phase continues Recorded, +1,13% and industrial stocks like stellantis +1,45% and Cnh +1,08%, while Leonardo falls by 2,15%..
Financial stocks are mixed. Among the banks the appeal of does not subside Mount Paschi, which also appreciates today by 1,26%, while the big ones diverge, it rises Understanding +0,77%, closes in the red Unicredit -1,17%.
The signs are also opposite in asset management: good General Bank +0,99%, bad Finecobank -3,1%, despite the positive figures for May net inflows from both companies.
In luxury Moncler -1,25% follows the malaise of the sector which looks more to China than to Zara. Ovs instead it celebrates the accounts of its Spanish rival and appreciates by 5,22%, also driven by the promotion of some brokers.
Weakness continues Pirelli, -1,01%, while Reuters, Citing Bloomberg, argues that the Italian government is preparing restrictions against the Chinese company Sinochem, the first shareholder of Bicocca.
Veto powers are reportedly being evaluated to exclude the Chinese partner from appointments and from access to strategic technologies. Utilities go down, starting with Ivy -1,1%.
Stable spread, rising rates
The secondary appears stable regarding the spread between 10-year BTPs and Bunds of the same duration, for a closing price of 173 basis points. THE rates however they continue to rise: the Italian stock is indicated at +4,17% and the German one at +2,44%.
