In Moscow, everything is silent. And the Bags are watching. Oil futures, which rose in early overnight trading, are now only up modestly (+0,4%) on Friday. The geopolitical risk the expectations of the financial markets are not reflected for now: Europe seems destined to open higher while Wall Street futures are in positive ground.
The Bank of Basel: high interest rates for the long term
While awaiting clearer signals on what is happening in the East, operators are once again asking themselves about the state of market health on the eve of the turning point at the end of June. Surprises the good condition of health of the stock lists capable of holding up around the highs despite the tightening of central banks.
For Basel Committee, the highest banking supervisory body, the diagnosis is severe: “i rates – reads the annual report – they will have to stay taller and longer than the markets believe”. "But we're almost there now," says ECB vice president Luis de Guindos, speaking of the level of interest rates, a topic that will be discussed at the annual bankers' conference organized from today to Wednesday in the splendid medieval fortress of Sintra in Portugal.
Confidence indices in Germany and the Eurozone
I financial markets they look for a compass in the data to guide their next moves. In Europe, the spotlight was turned on this morning on the iGerman Ifo Trust Index, expected to descend. Tomorrow the consumer confidence index of Italy and the United States will be announced, Wednesday it will be the turn of France and Germany, and Thursday of the Eurozone.
Index futures euro Stoxx 50 +0,2%. Milan's FtseMib lost 0,7% on Friday, -1,6% for the week. Since the beginning of the year, the gain is 15,6%.
They're going to pay this morning coupons di Unieuro (0,49 euro) DigiTouch (0,25 euro) and the quarterly dividend of stm (0.06 euro).
Btp under 4%, the right triumphs in Greece
Le bonds they are in good health. The XNUMX-year bund trades at 2,35% from 2,49% on Friday morning. 3,97-year BTP at 4,12% from XNUMX% on Friday morning, spread 162 bp. The Italian 4-year future posted a positive third week of the last four, pushing the yield below XNUMX% for the first time since February.
Le elections of the new Parliament in Greece ended on Sunday with the victory of the New Democracy party by outgoing premier Kyriakos Mitsotakis.
Euro up slightly to 1,091, +0,1%.
Italy/France/Germany summit today on industry
Today the economy ministers of Italy, France and Germany will be in Berlin to define a common industrial policy. At the center of the trilateral will be the theme of decarbonisation and European independence in procurement.
Test on Wall Street on the resistance of the Nasdaq
On Wall Street, the S&P500 closed down 0,8%, -1,4% for the week on Friday. First signs of trouble for the Nasdaq (+36% since the beginning of the year) which closed the week at -0,4%, the first in the red after eight octaves of rise.
For some months now, however, I have been less than ten super-titles to lead the rise of the American stock exchange. Amazon, Alphabet, Tesla, Microsoft, Apple, Meta and Nvidia alone are worth a nearly +12% rise in the S&P500 year-to-date.
Barclays: AI is still a business
- strategists of Barclays wrote in a note that “any correction of the titles related to artificial intelligence is an opportunity buying as valuations are not overdone, despite impressive gains this year.
The S&P500 (4.381) records a weekly balance in the red of 0,6% which in turn defends the support at 4.200 points.
The Fed will release the results of its annual bank stress tests on Wednesday.
Weak Asia, but Tokyo recovers
Le stock exchanges of Asia Pacific are mixed in the final session, the initial decline almost completely recovered Nikkei of Tokyo, just below parity on the day of the publication of some data on the performance of the services sector: producer prices rose by 1,6% in May, the same change as the previous month.
THEHang Seng of Hong Kong marks a slight decline. The Shanghai stock exchange, which was closed for holidays both Thursday and Friday, reopened tonight: the CSI 300 index, which also incorporates the performance of companies listed in Shenzhen, lost 0,7%. The Chinese yuan weakens and falls to a seven-month low.
Il Kospi Seoul is up 0,5%. S&P ASX200 of Sydney -0,4%. BSE sensex of Mumbai down 0,2%.
Little moved gold and Bitcoin
Gold at $1.925. It opens timidly up, moving away from the lows of the last three months, favored by purchases to protect riskier assets led by tensions in Russia. Over the past five days, it has lost 1,9% on hawkish statements by several central bankers.
Bitcoin ($30.255) opens slightly, after completing the best week in three months (+15%) on the expectation of the launch of initiatives in the crypto world by the most solid names in world finance. Meanwhile, another one has arrived hard attack (not the first) in the crypto world by Fabio Panetta, member of the Executive Board of the ECB. In a speech in Basel he said crypto-assets are being promoted as decentralized alternatives that promise more resilient financial services. However, the reality falls short of that promise. There blockchain technology underlying crypto-assets can be “extremely slow, energy-intensive and insufficiently scalable,” he said, noting that “the practicality of crypto-assets for day-to-day transactions is low due to their complex management and significant price volatility.”
Mediolanum, the Doris family ready to rise
Maire Tecnimont she announced on Saturday that she had won two contracts worth about two billion dollars relating to the petrochemical expansion of the SATORP refinery in Saudi Arabia.
Banca Mediolanum: if Silvio Berlusconi's heirs wanted to reduce their stake in the bank, equal to 30%, the Doris family would buy a 3-4% stake, rising to 43-44%, while the rest could go on the market, the ad Massimo Doris told MilanoFinanza on Saturday. Doris also said that once the legal steps on Berlusconi's will are concluded, it is possible that a new syndicate pact could be drawn up with the heirs, and added that he would "gladly see a Berlusconi on the board".
sapphire: the licensing agreement with Jimmy Choo will not be renewed when it expires at the end of the year.
Tim: Elisabetta Romano, Tim's Chief Network Operations & Wholesale Officer, has been appointed chairman of the subsidiary Sparkle in place of Alessandro Pansa who moved to the board of directors of the parent company.
