Minus 10. The countdown has begun for an agreement in extremis on the US public debt ceiling, after which, according to Janet Yellen, head of the Treasury, "anything could happen". But the markets, heartened by the words of the Republican Kevin McCarthy after the meeting with President Biden, are still convinced that there will be an agreement in the end.
In the meantime, markets float without glory or infamy, resigned to postponing the end of the long season of rate hikes for a few more months, hampered by inflation that shows no signs of abating. The stall phase could be broken by manufacturing data arriving in the morning. But the feeling is that the indices, having reached the threshold of new highs (the MSCI World which photographs the performance of the main world stock exchanges yesterday closed at 2.845 points, the highest since August 2022), could settle in the absence of a strong push positive that is not seen.
Dbrs promotes Italy, rain of coupons on Milan
In the meantime, the European lists seem to be on the way to aopening in slight progress. Yesterday the European stock markets closed mixed: EuroStoxx 50 index -0,3%. Frankfurt Dax -0,2%, close to the all-time highs retouched on Friday.
Milano -0,7% after the max detachment: 61 companies, including 19 blue-chip FtseMib companies, have detached the dividend with an impact on the main index of the Italian stock exchange estimated at 1,7%, or about 350 points. Net of this effect, therefore, the index, driven by the banks, went up. This morning, starting Piazza Affari travels at -0,24%
THEItalian economy improves despite the shocks of recent years, he says in a dbrs reports, which last month left Italy's credit rating unchanged at 'BBB high' with a stable outlook. The rating agency writes that Italy has recorded a better-than-expected post-Covid recovery and stronger growth than other countries. Analysts predict "a higher level of economic growth than in the pre-pandemic period, together with a gradual improvement in the public budget which will contribute to the future decrease in the debt-to-GDP ratio".
A new 15-year BTP, spread fixed at 184 points
Final contrasted yesterday for the Btp after the announcement of a new syndicated operation of the Treasury. An issue is expected in the morning new Btpei at 15 years old for which the Treasury gave mandate yesterday to a pool of banks. The bond is indexed to euro area inflation.
The 4,31-year rate stood at 4,26% after closing at 184% the previous session. Nailed on XNUMX points lo spread with the Bund.
The governor of the French central bank, Francois Villeroy de Galhau, tried to throw water on the fire. The Eurozone will reach the rates peak in his next three meetings, not necessarily standing up at every meeting, he said, according to reports from Bloomberg. For the governor it was "wise and cautious" to slow the rate of hikes to 25 basis points this month, while the ECB monitors the effect of the unprecedented tightening implemented so far. “We've already completed the majority of our hike run, and we're clearly in restrictive territory,” Villeroy said. Now “we have three possible directive tips to lift or pause,” he added.
Meta (-2,4%) absorbs the EU sting
Wall Street closed yesterday with little move, S&P500 flat and Nasdaq +0,5% with the new fractional high since August at 12.756 points.
La fine of 1,2 billion dollars imposed by the EU a Meta Platform -2,4% did not impress Wall Street. The company was fined by the European Union for transferring data on European users to the United States.
China's embargo on products weighs the most Micron -3%. China's cybersecurity agency has banned operators of the country's "critical information infrastructure" dI buy products from the US company that have failed the network security review.
The hawks of Fed they continue to keep the tension high. Yesterday the president of the St Louis Fed, James Bullard, one of the most intransigent members of the Federal Open Market Committee in the fight against inflation, said that he expects "two more interest rate hikes this year". According to the central banker, inflation "still remains too high and this is a reason to support further rate hikes". Core inflation "hasn't changed much in recent months," he added. The labor market "is slowing down, but this does not mean there will be a recession". According to him, the Fed Funds could even reach 5,75%.
Japan, industry restarts. Improves Kospi's confidence
A positive note has already arrived this morning from the data Japan PMI. Manufacturing activity in Japan increased for the first time since October: the Jibun Bank Manufacturing Index rose to 50,8 in May, from 49,5 in April.
In the final session though the Nikkei index it closed slightly lower, interrupting the positive streak on the ninth day.
Kospi of Seoul +0,6%. The consumer confidence index compiled by the central bank of South Korea rose in May to its highest level in the last twelve months.
Hong Kong's Hang Seng, positive at the start of negotiations, reversed course and lost 0,6% on the day of the publication of the inflation data. In the city-state, consumer prices rose by 2,1% in April, the consensus was +2%, in March the growth in prices had been 1,7%.
CSI 300 of the price lists Shanghai and Shenzhen -0,4%.
Profit taking on gold
Gold down to $1.963. The price remains at its lowest since the beginning of May, conditioned by uncertainty about the debt ceiling, but above all by a strong dose of profit-taking taken close to the historic highs.
Espinet makes peace with the taxman, double blow for Juventus
esprinet has closed a dispute with the Italian tax authorities, the company will pay more than 33 million euros, against a total original claim of more than 220 million euros.
Tim: replies from the CDP-Macquarie consortium regarding TIM's requests for clarification on the 19 billion euro offer for the telephone group's fixed network are expected on Tuesday, according to two sources familiar with the situation. According to one of the sources, the responses partially meet TIM's requests on antitrust issues.
Media for Europe tonight presents the accounts for the quarter. According to rumors, Comcast intends to sell SKY Deutschland to Prosieben, an operation which MFE does not like
Juventus: the FIGC Federal Court of Appeal inflicted on the club dten penalty points in the current Serie A season in the context of the so-called "capital gains case".
Moncler: DBK raises the target price to 75 euros.
