The European stock markets and the government bonds of the euro area shine in the aftermath of the ECB meeting (which confirmed its ultra-accommodating policy): the Stoxx600 updates its all-time highs, as investors' attention shifts to the G7 summit in Cornwall, where the big names would like to immunize the world from Covid-19 by 2022 and corner China.
Frankfurt closes up 0,76%; Paris, 0,83%, uncorks champagne with Laurent-Perrier after the annual accounts; London +0,64% progress with mining. Well Madrid +0,76% and Amsterdam + 0,42%.
Slightly further back Milan, +0,31%, 25.717 points, due to profit taking on bank stocks. Fractional dips hit Understanding -0,57%; Bper -0,34%; Unicredit -0,18%. The black jersey, among the blue chips, belongs to Cnh, -0,65%, which began to slide in recent sessions after reaching an all-time high of 15 euros per share. The company has appointed Gerrit Marx to lead the commercial vehicles division, which will be spun off from agricultural and construction equipment. Well Diasorin +2,89%, thanks to a positive recommendation from Berenberg. Saipem, +1,6%, moved into the top positions after being awarded a 1,3 billion dollar contract in Brazil together with Daewoo Shipbuilding & Marine Engineering (Dsma) for the supply of a floating crude oil production and storage unit and of gas, with a total value of 2,3 billion dollars.
money for Inwit +1,12% and stm +1,03%, on the day of the industrial summit between Italy and France. nexi rises by 0,77%, after updating its highs since the listing in 2019 in the session.
Among the smaller capitalization stocks, +8,55% stands out The Italian Sea Group which has gained more than 20% in three sessions since its debut on the Stock Exchange.
After a successful start, she moves cautiously Wall Street, which fluctuates within a narrow range: the Dow Jones is down slightly and the Nasdaq is up slightly, while the S&P500, after the previous record and new intraday tops, is currently colourless. Weighing on the index of the 30 most capitalized stocks are fears that President Joe Biden's infrastructure spending plan may not go through, while the cruise sector is in fibrillation due to 2 Covid-positive guests on a Royal ship Caribbean Group. The government bond market was stable, with the US 1,46-year rate at the levels seen on the eve, at a three-month low, around XNUMX%. It seems that inflation is no longer scary, despite yesterday's jump in consumer prices, higher than expected. The reason is that much of the increase in May would have been due to raw materials and airfares and therefore it is expected that it will prove to be temporary, as the Fed has repeatedly reiterated, from which no change of course is expected at next week's meeting .
The Italian 0,7-year benchmark stock benefited from the dovish attitude of the central banks, whose yield is down today to XNUMX%, while the spread with the German 97-year bond, it drops to 3,14 basis points (-0,27%), despite the fall in the German bond rate to -XNUMX%.
Meanwhile, the Bank of Italy has sharply revised upwards the estimate of Italian growth for the three-year period 2021-2023 compared to the January forecast, which is now between 4,9 and 5%. The estimate for next year is 4,5% and for 2023 2,3%. In January they were, respectively, +3,5%, +3,8% and +2,3 percent. However, work decreases in the first quarter photographed by Istat: the unemployment rate in the first quarter of 2021 rises to 10,4%, +0,5% on the last quarter of 2020 and +1,2 percentage points on the first quarter of XNUMX Last year.
Still on the subject of central banks, the cost of money had to tighten up on the Russian central bank, which raised its reference rate for the third consecutive time, bringing it to 5,5% from 5%. "Increased inflationary pressure in a context of economic recovery" could lead to a "higher and more prolonged" price increase than expected, the institute wrote in a note, not ruling out the possibility of further increases.
Sul currency market the euro retreats against the dollar to around 1,21. Among commodities, oil's progress continued, setting itself on track for a third consecutive weekly increase, on expectations of a recovery in fuel demand in Europe, China and the United States thanks to the increase in vaccination rates. The Brent exceeds 73 dollars a barrel. Goes down their spot, which lost 0,8% and traded at 1882,30 dollars an ounce.
