A week of volatility is shaping up for the markets: the Vix index, a measure of volatility, climbed above its long-term average to hit a four-month high on Asian stocks yesterday, the European stock exchanges and Wall Street they closed decidedly lower and the purchases continued on sovereign bonds considered safe and gold, which is up for the fourth consecutive day at $1.283.
The markets look to the referendum next week in Great Britain and I'm waiting this week for the indications coming from the Fed which meets today and tomorrow and from the Japanese Central Bank whose meeting ends on June 16th.
On the front macroeconomicJapanese Industrial Production was released this morning and was revised upwards in April. Waiting for a series of European data: May inflation in Spain and Italy, May producer prices and inflation in Great Britain, first quarter employment and April industrial production in the Eurozone. Various data from the USA are also on the agenda: import prices in May, retail sales again in May and business inventories in April.
In terms of stocks, yesterday's announcement of theMicrosoft-LindedIn operation for 26,1 billion. But in Piazza Affari the banks are always in the eye of the storm. Yesterday Banco Popolare -10,08% while the capital increase is in progress, Bpm -9,9%, Mps -9,14%, Banca Mediolanum -6,53%. Uniresti has lost more than 5% while it is still deadlocked on the choice of the new CEO.
Even the oil companies are down, with Saipem (-6,14% to 0,347 euro) once again below the prices of the capital increase. Oil yesterday lost half a percentage point and the decline continues today: the WTI falls by 0,88% to 48,45 dollars a barrel.
Among the blue chips only Snam closed in positive territory (+0,57%). Rcs +1,36% on the day in which the exchange offer by Cairo Communication gets underway and will end on 8 July. Over the weekend, Consob gave the green light to the rival takeover bid which was launched in cash by Andrea Bonomi and will start on June 20th. On the other hand, a negative debut for Cairo Communications -5,6%. Now the Stock Exchange is betting on the raises of the two contenders.
