Let's start once again. After the long weekend, Wall Street will reopen its doors in a cautiously positive climate pending the vote on thedebt ceiling agreement federal reached between Republicans and President Biden. As usual, there is no shortage of disagreements in the parties, but it is almost assumed that in the end the agreement, valid until January 2025, will pass the exam in Washington. Biden himself yesterday telephoned 60 MPs to ensure the loyalty of Democrats, unhappy with the planned spending cuts.
Debt deal launches Nasdaq
US futures are positive: on the Nasdaq +0,4% the race of the tech sector could continue today, coinciding with the release of the quarterly reports of some companies linked to Artificial Intelligence. The Treasury Notes at ten years it trades at 3,76%, -4 basis points. In excellent health dollar at 1.071 against the euro, on the sixth day of ups. The games between the currencies will take place in the next few days: the preliminary inflation of the Eurozone on the month of May will be released on June XNUMXst and the US manufacturing ISM of May, the following day the data relating to the labor market in the United States will be published, followed closely by the Fed.
Eurostoxx future flat, EU stock exchanges weak
EuroStoxx50 index future is flat. This morning the data on inflation in Spain comes out. The real political surprise came from Madrid on Monday: the outcome of the local elections caused the government crisis and the recourse to early elections scheduled for 23 July. The Madrid Stock Exchange closed just below parity.
Yesterday on flexion also Milan -0,36%. Overwhelming the victory of the centre-right in the municipal vote on Sunday.
The significant drop in bond yields in the Eurozone should be noted. The Waist German 2,42-year slips to 11%, -XNUMX basis points. The yield of construction sector is at the lows of the week at 4,26%, -11 basis points.
Holds positions lo spread despite last week the issuance of the 15-year syndicated BTP indexed to European inflation weighed on the long end. The minimum guaranteed coupon rates of the first issue of the will be announced on Thursday 1 June Btp Value with a four-year maturity and a final loyalty bonus of 0,5%. The security of the new category of BTP for families and small savers should be compared with the current 4-year benchmark, now in the 3,75% area.
Eyes on medium/long auctions today: the Treasury offers up to 11 billion, between Btp and CctEu, including a new five-year. The yields of the two 10-year bonds proposed are seen to be down compared to the previous placement at the end of April, while that of the new 5-year BTP, with a maturity of 2028 June 3,8 and a XNUMX% coupon, should not deviate much from the last auction.
Chinese price lists at their lowest since November
In Asia Pacific the Tokyo Nikkei is on par on the day of the release of April's unemployment data: last month the jobless rate fell more than expected to 2,6%, from 2,8% in March. There Hong Kong bag is down for the fifth consecutive session, the Hang Seng loses 1%. CSI 300 of the price lists Shanghai and Shenzhen -0,7%. With today's descent, the two indices slip to the lowest levels since November 2022. The Kospi of Seoul gains 0,8%, the Korean financial market was closed yesterday for holidays.
Oil slows down, Chinese trouble for raw materials
Brent at 76,5 dollars it opens down 0,7%, from +0,7% yesterday. Oil prices reversed as fears of further Fed interest rate hikes and slowing economic growth offset optimism about raising the US debt ceiling. The anticipation of further weak economic signals from major oil importer China also kept traders alert, ahead of key manufacturing and services sector data for May due out on Wednesday. There is also some doubt that OPEC Plus intends to intervene as early as next week's summit to support prices, given the disagreements between Russia and Saudi Arabia.
L'Bloomberg Commodity Index slips below 100 dollars close to the lows of the last 16 months. China's weakness is the root cause of this situation. European gas (not included in this index) closed yesterday almost unchanged at 24,56 euro/mWh, after attempting a rebound (+5%) from what are the lowest since September 2021. Some European natural gas markets day -ahead could record sub-zero prices briefly this summer if demand remains sluggish and renewable energy production remains high, operators and industry officials told Bloomberg at the E-World energy show in Essen. in Germany
The Stellantis gigafactory kicks off, Banco Bpm goes shopping
Today in Douvrin, in the north of France, the first battery gigafactory of Stellantis. The plant, spread over 34 hectares, when fully operational will produce 800 batteries a year also for Mercedes and TotalEnergies. The other two factories should be built in Kaiserslautern and Termoli.
Banco BPM ha exercised the option against Cattolica Assicurazioni, of the Generali group, on the remaining 65% of the share capital of Vera Vita and Vera Assicurazioni for a total consideration of 392,5 million.
Team: No resolution by the board meeting in extraordinary session at the request of a group of directors who had requested the cooptation of Luciano Carta, a candidate supported by Vivendi, to fill the box left empty by the number one of the French group Arnaud de Puyfontaine in the council.
Inwit announced that the buyback program approved by the shareholders will start today, for a maximum of 1,2 million treasury shares, equal to 0,1% of its share capital.
