Is coming to a conclusion a brilliant semester for the financial markets. The first half of 2023 will be memorable especially for Milan. The index Ftse Mib of Piazza Affari is starting to conclude it with an increase of around 18,6%, which is also good Madrid (around +16%), Frankfurt (+15,2%), e Paris (+14%). While London marked an increase of 0,72% (Source Bloomberg). Even overseas, the gains are more than positive. Since the beginning of the year it S & P 500 rallied 14,5%, the Nasdaq flew 29,9%, finishing the best first half since 1983. More modest the Dow Jones which marked an increase of 2,94%.
The positive indications on the inflation and unemployment front support the European stock exchanges, traveling in positive territory: in the middle of the day, Paris increased (+1,18%), after the slowdown in consumer prices in France (4,5% in June, from 5,1% in May), Frankfurt (+1,19%), Madrid (+1,23%). Less tuned Amsterdam (+0,54%) and London (+0,72%). Milan +1,26% is confirmed top Europe. The markets are now awaiting the publication of the US PCE indicator for May, the Fed's tool for monitoring the trend of US inflation.
Prices slow down in the Eurozone, unemployment rate stable
The inflation according to Eurostat estimates: +5,5% compared to 6,1% in May. The rate of food, alcohol and tobacco remains high (11,7%, compared to 12,5% in May), followed by non-energy industrial goods (5,5%, from 5,8% in May).
Sharply declining energy component (-5,6% from -1,8% in May). Inflation remains at the center of attention of the markets, as the governors of the main central banks (Powell and Lagarde) have reaffirmed the hard line, for which interest rates will continue to be raised.
From the European statistical institute also comes the data of unemployment rate for the eurozone, which remained stable at 6,5% compared to April and down from 6,7% a year earlier: in the EU it fell to 5,9% month-on-year from 6% in April and 6,1% in May 2022. This was revealed by Eurostat, adding that 12,937 million people are unemployed in the EU and 11,014 million in the Eurozone, down in both areas. The youth unemployment rate was 13,9% in both areas (from 13,8% in the E20 and stable for the EU the month before).
Employment rises in Italy, unemployment at its lowest since 2009
Employment growth continued in May 2023, according to Istat data, but the pace slowed down: the increase was 0,1%, equal to 21 more employed persons than in April. Compared to the previous year, there were 383 more employees (+1,7%), due to the increase in permanent employees and the self-employed, which more than offset the decrease in temporary employees.
The rate of unemployment, in May, it drops to 7,6% (-0,1 points) in Italy. And it is the lowest since April 2020, according to Istat data, when it was 7,5% in an anomalous month due to the anti-Covid restrictions. To find a lower previous result, one has to go back to May 2009, when the unemployment rate stood at 7,5%.
Other macro data the Italian foreign trade outside the EU which recorded a surplus of 4,47 billion euros compared to the deficit of 258 million in May 2022, with exports returning to growth. According to data provided by the Institute of Statistics, in the month under review exports increased by 4,1% over the year while imports fell by 13,8%, from -4,9% and -19,4% in April respectively.
In Milan, Saipem and Erg stand out
On the Milanese price list, the oil companies have won the best performances: Saipem at the top of the Ftse Mib gains +3,62%, Getting very the + 3,38% which, through the subsidiary Erg Power Generation, will transfer to Achernar Assets Ag, a Swiss investment holding company, the Priolo thermoelectric plant. and Eni +2,53%. Weak instead Enel (+0,26%) following the change of guard at Enel Americas, the subsidiary listed on the Santiago stock exchange. As communicated by the Chilean Consob, CEO Maurizio Bezzeccheri is leaving his office and will be replaced from 1 July by the CFO, Aurelio Bustilho De Oliveira.
The race continues Diasorin (+ 2,92%).
Bank stocks are also doing well. Unicredit salt of 1,92%, B for Bank (+ 1,63%) and Bpm bank (+ 1,43%). Intesa Sanpaolo (+1,4%), whose subsidiary Fideuram has signed a new strategic partnership with Man Group aimed at generating innovative investment opportunities for private banking customers, rose by 0,96% to 2,409 euro.
The only sour note is Moncler (-0,1%).
As for Mfe (A +0,97% to 0,52 euro, B -0,07% to 0,71 euro), the shareholders' meeting of the family holding company Berlusconi, Fininvest, approved a dividend of 100 million euros down from the 150 million of the previous year, which will go to Silvio Berlusconi's children. Remaining in the Berlusconi galaxy, it rises by 2,41% to 2,04 euros Mondadori which revised its 2023 forecast upwards and announced the signing of the contract for the acquisition of the majority stake in the comic distribution company Star Shop.
The euro slips. Oil slightly moved, gas slightly up
The euro trades at 1,08668 on the dollar (+0,02%). The price of Petroleum it is little moved. Texas WTI shares on the threshold of 70 dollars (70,17 dollars a barrel, +0,44%) while Brent from the North Sea is up slightly to 74,75 dollars (+0,55%). While the price of the gas: the TTFs in Amsterdam mark 35,6 euros with an increase of 0,76%.
Spreads down, XNUMX-year yield up
The differential marks 166 points (-0,46%), after having touched 170 basis points. Since the beginning of the year spread fell by 23,24%. While the yield on the Italian ten-year bond fluctuates at 4,1%, recording an increase of 2023% since the beginning of 7.
