In Europe, where the Eurogroup meets today and tomorrow, it is a question of avoiding the default of Athens which, without new funds, is heading towards default when on 5 June it will have to repay the IMF loan. Furthermore, the coffers are increasingly empty: according to the Greek Ministry of Finance, less than 800 million remain, when 2,8 billion euros are needed per month to pay public administration wages, pensions, social security funds and the operating costs of the government.
Meanwhile, Greek sources have announced that the ECB has increased by 200 million, from 80 to 80,2 billion euros, the ceiling on emergency loans granted to Greek banks through the Ela branch which is managed by the Central Bank of Greece, at higher rates compared to the normal refinancing operations of the ECB and the risks of which remain borne by the national central banks.
To avoid the worst, a two-stage solution is emerging: a partial agreement immediately and a second more general one by the autumn. According to the German newspaper Süddeutsche Zeitung, the aid plan offered by the euro area and currently in progress could be extended until the autumn. The leaders of the European Union allegedly discussed it last night.
Of the main European stock exchanges, however, only Milan closed in negative territory (-0,14%), weighed down by banks: Mps -3,05% awaiting the increase, Bpm -1,99%, Bper -1,81 %, Mediobanca -1,74%. Among the worst of the Ftse Mib also Luxottica (-1,3%).
Tonic instead Tenaris +1,95%, Azimut +1,65%, Cnh Industrial +1,56%, Finmeccanica +1,13% and A2A +1,09%.
London (+0,09%), Frankfurt (+0,14%), Paris (+0,26%) closed just above parity. The weakness of the European markets was also conditioned by the disappointment in the leading PMI services index which in the Eurozone fell more than expected in May. According to the data released by Markit, the index of purchasing managers in the services sector (preliminary data) was equal to 53,3 while the consensus estimate was 53,8.
After a slightly lower opening, Wall Street also turned positive: the Dow Jones rose by 0,07%, the S&P500 by 0,29%, the Nasdaq by 0,34%. Numerous macroeconomic data were released today which for the most part disappointed expectations confirming what emerged yesterday from the Fed's minutes: in June the economic data will probably not be enough to trigger a rate hike in the month. The rise in the cost of money should therefore be postponed to the second half of the year.
Among the disappointing data, existing home sales fell 3,3%, the Philadelphia Fed index dropped 6,7 points and the May manufacturing PMI fell to 53,8 points. Jobs data was particularly disappointing, with initial jobless claims for the week ending May 16 up 10 to 274 compared with expectations for a more modest increase to 271.
WTI oil rose by 3,02% to 60,76 dollars a barrel. The euro-dollar exchange rate rose by 0,3% to 1,1127.
