The squeeze on Petroleum decided by Saudi Arabia affects the start of trading on the financial markets: sector stocks rise, others mark time, starting from luxury. Piazza Affari, moreover, suffers from the competition of the placement of the Btp Valore, off to a great start: beyond three billion at the end of the morning on the day of debut of the offer. German Bund at 2,36%, +5 basis points. 4,12-year Btp 7%, +XNUMX basis points. Here is the latest news from the Stock Exchanges.
Oil: Ryyad cuts production by one million barrels
The highlight of the day was theoil advance (+2% over $77) following Saudi Arabia's announcement of sharp cuts in oil production as part of a broader OPEC+ agreement to limit supply until 2024. In fact, the The agreement is the result of a compromise between Russia, which is selling as much as possible (moreover at a steep discount) to finance the war in Ukraine, and Ryyad who, so far in vain, is trying to bring crude oil back at least above the barrier of 81 dollars a barrel, the breakeven point for crude oil extracted by Aramco. Over the weekend, Saudi Arabia tried to impose production cuts on African countries, led by Angola and Nigeria, but with limited results. And so, after having lashed out against the "downward maneuvers of the US counterparts", the Saudi minister Abdulaziz Bin Salman decided the unilateral cut in production of one million barrels, a move harshly criticized by the US. But Saudi Arabia is now moving in a manner increasingly independent of Washington: deals with its first customer, China, in yuan (and not in dollars); develops an autonomous diplomacy marked by rapprochement with Tehran (and with the Shiites of Yemen). But above all, it continues its march towards Vision 2030, the goal that is to give life with gigantic investments to a completely different country, a little Disneyland, a little Silicon Valley, among other things competing for the soccer World Cup after having hoarded all the stars in disposition.
In Piazza Affari, only oil prices are up
According to experts, the Saudi moves will not cause a significant increase in prices, held back by the weak economic situation of the main economies, led by China. But the squeeze nonetheless translated into a robust rally for sector stocks. In Piazza Affari they advance Saipem +1,7%, Tenaris +1,5% ed Eni +1,3%. The European Oil & Gas index rises by one percentage point.
The stock exchanges of Europe proceed slightly below parity: Ftse Eb of Milan -0,28% a thread below 27 thousand points. The Dax of Frankfurt barely moved, the Cac40 of Paris unchanged. Standard & Poor's confirmed the AA level on French debt. The reasons that led her to optimism are the following: expected reductions in the deficit and pension reform. The decision "is mainly due to the revision of the government's fiscal consolidation strategy", wrote the rating agency, citing as positive elements, in addition to the pension reform, the planned end of energy aid thanks to the drop in hydrocarbon prices.
The focus is on theintervention by the president of the ECB, Christine Lagarde, today committed to the Economic Affairs Commission of the European Parliament.
The morale of German investors is down
The macro data of the morning took care of curbing the price lists. LSentix index on German investor morale fell to its lowest since November 2022, despite an unexpected increase in exports in April. The growth of businesses in the euro area in May was supported by the services sector, dominant in the area, which compensated for the decline in the manufacturing sector. L'composite PMI index of hcob purchasing managers, compiled by S&P Global and considered a good indicator of the euro zone's economic health, fell in May to a three-month low of 52,8 from 54,1 in April.
At the top of Monte Paschi, Moncler loses its shots
In great evidence in Piazza Affari Mount Paschi +2,7%, other banks under fire -1,3%. On Mediobanca Sadif Investimenti has cut the recommendation from Buy to Hold. Down the titles of the luxuryor, starting with Moncler.
Wall Street futures are mixed. The S&P500 was up 1,8% last week. The Nasdaq hit a XNUMX-week high on Friday.
