The European lists regaining share e Wall Street appears volatile in the first hours of trading, after OPEC+ decided to meet Western requests by announcing an increase in monthly production of 648 barrels in July and August.
They move briskly Nasdaq e S & P 500 while the Dow Jones is further behind, weighed down by Microsoft (-2%), which cut its forecast for its fiscal fourth quarter, citing "unfavourable" exchange rates.
In Europe, yields on government bonds soared, while on equities Business Square it closed up 0,59% to 24.426 points, at the end of a day of rarefied trading due to the Republic Day. London is closed, due to the platinum jubilee of Queen Elizabeth II. Paris it is tonic, with an increase of 1,27%; Well Frankfurt +1,01%. They are more shy Madrid -0,04% and Amsterdam + 0,32%.
European inflation hurts the spread
In Europe i producer prices they reach a new record and demonstrate that the surge now goes beyond energy. In detail, in April industrial production prices in the euro area increased by 1,2%, in the EU by 1,3% compared to March when they rose by 5,3% and 5,4%.
Compared to a year before +37,2% and +37%. Eurostat indicates this.
In Italy -0,3% on March, +44,1% compared to April 2021.
French governor Francois Villeroy de Galhau and member of the ECB, claims that the June meeting will be decisive. Inflation in the bloc on the other hand “is not only too high, it is also too large. This requires a normalization of monetary policy and I say normalization and not tightening”.
Euroland government bonds react to the macro picture and rise sharply. The yield on the ten-year BTP rises to 3,27% and that of the Bund rises to +1,23%, the highest for eight years, for one spread sharply widening to 204 basis points, +7,04%.
On the foreign exchange market, the euro recovers around 0,7% against the dollar and trades at around 1,072.
Moncler and cars are fine in Piazza Affari
In Piazza Affari it is confirmed in cash Moncler, +3,05%, which rises with the luxury sector.
The auto sector remains well tuned, despite the data on registrations in May which shows a drop of 15,14%. It bounces Ferrari, +2,03%, widely sold in recent days.
I'm in progress Iveco + 2,47% Cnh + 2,47% stellantis + 0,62% Pirelli + 0,39%.
In the industry it is in light Interpump +2,83%. In the health sector Diasorin + 2,6%.
Go back to growing Telecom + 1,53%.
Above all, sales on the price list weigh Saipem -1,85% and utilities, A2a -1,07% Ivy -0,82% Snam -0,44%. The banks have moved little. The best is Bper, which appreciates by 0,86% after the go-ahead from the Antitrust to acquire control of Banca Carige.
Oil recovers after OPEC+ decisions
Crude fell as much as 3% ahead of the producers' meeting and after the Financial Times reported that the Saudis were willing to ramp up production if Russia's contribution were to decline substantially due to the Western sanctions.
At the moment, however, Brent is appreciating by 0,58% to 116,97 dollars a barrel.
OPEC+ actually confirmed the strategy of gradually increasing production by 432.000 barrels per day but at the same time decided to bring forward the increase forecast for September by two months and to spread it equally over the months of July and August. Hence the determination of an increase in output of 648.000 barrels per day for the period in question.
“None of this will alleviate the refining crisis that is causing gasoline and diesel prices to soar globally, but it would be rare good news for the world economy and the fight against inflation,” the OANDA analyst Jeffrey Halley, ahead of the producers' statement. "It's certainly not in the interest of the open to send the world into a recession," he added.
Use work in chiaroscuro
As for the US macroeconomic page, they are important today job data in the private sector, an appetizer of the complete report which will be released tomorrow and which will be able to guide the choices of the Fed. The trend partially disappoints, while wages rise and unemployment claims fall.
The increase in seats was 128 in May, against expectations close to 300. This is the worst picture since the beginning of the post-pandemic recovery. The April figure was revised from 247.000 to 202.000. To provoke the slowdown in hiring it was fears of a slowdown in the economy, amid inflation at a 40-year high, the war in Ukraine and the lockdowns imposed in China due to Covid-19. The new demands of unemployment benefits fell by 11.000 to 200.000, with expectations being for a figure at 210.000.
Productivity in the first quarter of 2022 fell significantly, but less than estimates, while unit labor costs increased by 12,6%, against expectations for a confirmation of 11,6% of the preliminary reading. Over the past year, labor costs rose 8,2%, the largest increase in four quarters since 1982.
Ukraine doubles rates
The central bank of Ukraine has decided to drastically increase its main interest rate to 25% from 10%, tightening the monetary policy for the first time since the Russian invasion to combat double-digit inflation and protect income and savings during wartime.
The rate on bank loans will rise to the highest levels since 2015, starting tomorrow, in an attempt to fight inflation (17% annually in May) and support the local currency weakened by the invasion.
