Today i European markets they moved with greater conviction, in the wake of the gains on the eve of Wall Street (reinforced by optimism on the outcome of the debt ceiling negotiations) and the rally of Tokyo.
The closure of the Old Continent is thus above parity, although below the session highs, conditioned once again by the current trend of the New York indices, not very convinced at the start (DJ -0,1%), due to the impact of weighty quarterly reports such as Cisco (+0,02%) and Walmart (+0,7%) and to macroeconomic data which raise fears of further tightening in monetary policy.
Business Square, which had gained one percentage point, appreciated by only 0,14% to 27.235 basis points, driven by stm +3,54% and Saipem +3,34%, but held back by utilities. The day in Italy also offered a break from a meteorological point of view and the rain stopped in Emilia-Romagna, although the tragic damage of the tsunami of rivers and streams in the region will amount to several billion and the human death toll has already risen to 13 people.
Returning to the financial markets, it should be noted that Europe is leading the charge Frankfurt +1,3%, on new highs, with a rebound of Commerzbank +4,67%. It also shines Volkswagen (+2,17%), which intends to renew the main brand to increase efficiency and returns.
Bene Amsterdam +0,92% and Paris + 0,64%. London stops at +0,26%, held back by BT Group -5%, after disappointing quarterly data and theshock announcement of a roughly 40% cut in its workforce by 2030. The math also hurts Burberry (-5,2%). In line Madridpractically colorless.
It's still superdollar; gas under 30 euros
Against many forecasts, the dollar continues to rise, despite the return of risk appetite.
Perhaps the idea that the Fed it will lower interest rates within the year and for savvy currency market observers it is this that is supporting the greenback's rally. The index of the US currency has risen by 2% since mid-April, while remaining down by 10% compared to the twenty-year high of last September. The hypothesis of a still aggressive central bank is supported by the president of the Dallas Fed, Lorie Logan, according to whom the latest data do not justify a pause in the rise in interest rates at the next meeting, scheduled for June 14th.
I macro data during the day they offer a chiaroscuro reading: new applications for unemployment benefits fell, -22.000, to 242.000, against estimates of 250.000; the Philadelphia Fed's manufacturing index remained negative for the ninth month in a row, although it climbed to -10,4 points, a figure better than estimates.
In this context theeuro retreats by 0,6% against dollar and change to 1,077.
Among the raw materials they are in reverse Petroleum e gold.
In Amsterdam the gas drops below 30 euros per MWh for the first time since 21 June 2021.
Piazza Affari, the Milanese automotive races
stm, leads the Ftse Mib, in an effervescent sector globally after Micron announced multi-billion dollar investments in Japan.
Bene Saipem, thanks to new offshore contracts for DLR 850 million announced this morning and expectations of a positive impact on margins.
The automotive shares of Milan are also in line with the purchases in the four-wheeler shares in Europe stellantis + 2,06% Iveco + 1,7%. Ferrari + 1,22%.
Many financial stocks are appreciating, some of which come from a weak session in yesterday's trading: Bpm bank + 1,4% Mediobanca + 0,91% Bper + 0,9% Unicredit +0,59%. Profit taking weighs on instead Ps -2,63%. Weak too Understanding -0,56%.
The utilities sector suffers the most: A2a -4,02% Ivy -3,82% Italgas -2,63% Terna -2,62%. Erg it loses 1,77%, while Reuters writes that in the next revision in June the stock could leave the blue chip index, to make way for Brunello Cucinelli (-0,61%).
Out of the main basket it makes a great debut Italian Design Brands +2,94%, share of the Italian pole of high quality furniture and design.
Stable spread and rising yields
Lo spread between ten-year BTPs and Bunds of the same duration remains stable at 185 basis points, while yields rise respectively to +4,3% (from +4,18%) and +2,45% (from +2,33% yesterday ).
