THEUS inflation It slows down surprisingly in June (+3% per year) and profit-taking begins on the US indices which have gained the most in recent weeks: S & P 500 (-0,78%) And Nasdaq (-1,72%), on widespread sales among big tech companies. Thus Wall Street moves contrastingly in the American morning (DJ +0,25%), while the European stock exchanges they preserve the day's gains and close higher.
European lists close in green
Business Square consolidates the brilliant results achieved in the previous session and closes flat, +0,03%, at 34.318 basis points, with the banks in the red, worried about the effects on margins of a possible rapid rate cut by central banks. Outside the main basket, the former Mediaset stocks shine on the day Malpensa airport was named after Silvio Berlusconi.
In the rest of the eurozone it remains toned Madrid +0,91% and rising Paris +0,71 led by Vivendi (+5,52%) driven by the recommendation of Jp Morgan and the possibility of a moderate government leading France. Frankfurt it appreciates 0,63%, while Amsterdam adapts to the US technological climate and loses 0,38%.
Off the block London recorded an increase of 0,37%, partially slowed down by the jump in the GBP after better-than-expected macroeconomic data. L'British economy in fact, it grew more than expected in May: in particular, GDP recorded +0,4% on a monthly basis and +1,4% on an annual basis, well above consensus. A trend that dampens expectations of an interest rate cut by the BoE in August.
On the macro front, again in Europe, the trend ofinflation in Germany, fell to 2,5% in June. This is a confirmation of preliminary data, which leaves the door open to the possibility of another rate cut in September by the European Central Bank.
Inflation below estimates in the US, the dollar declines and T-Bond prices rise
The most awaited news of the day has arrived and has been felt on all markets, including the currency which sees a sharp decline in the dollar.
I consumer prices in the United States they fell 0,1% in June month on month (expected +0,1%) and slowed to 3% annually (from 3,3%). Estimates were for a figure of 3,1%. The core figure also went to 3,3% from 3,4%. This is the smallest increase since 2021 and raises the chances of two rate cuts by the Federal Reserve during the year, the first of which could be in September.
Il dollar It thus loses share against the main currencies, in particular against the yen against which it has lost up to 2%. L'euro strengthens against the greenback, for an exchange rate close to 1,087.
At the same time, i T-Bond prices, while rates are falling. After the inflation data, the ten-year bond sees a yield of 4,184% from 4,289% yesterday.
Faced with a less powerful dollar, thegold: spot gold gains 2% approaching 2420 dollars an ounce.
Futures are also appreciated petrolium: WTI, expiring in August, gains over 0,6% for a price of 82,6 dollars a barrel; Brent, expiring in September, also rises by around 0,5%, to 85,5 dollars a barrel.
Piazza Affari, jump in former Mediaset stocks
In Piazza Affari the most tantalizing leap today is outside the main list and concerns securities Mfe – Media For Europe with the promotion to 'Overweight' of JP Morgan, optimistic about the prospects in the second half and even more so for those of the subsidiary Prosieben. Mfb salt by 10,45%, mfa of 7,27%.
The news that Malpensa airport was officially named after its founder Silvio Berlusconi, who died on 12 June last year, also contributed to giving verve to the headlines in the Berlusconi galaxy. The Ministry of Infrastructure announced this in a note, specifying that the naming was established by an ENAC ordinance, with immediate effect.
On the Ftse Mib the best blue chips of the day are Inwit + 3,47% Iveco + 2,85% cucinelli + 2,29% Erg + 1,85% Campari + 1,73%. Telecom it appreciated by 1,48%, after yesterday's rally following the S&P promotion which brought the rating to BB from the previous B+, after the sale of Netco. The outlook remained stable.
Banks are in the red, among the most popular stocks in recent months and which are looking at rate cuts with less enthusiasm.
They are at the bottom of the list Bpm bank -1,49% Bper -1,37% Monte Paschi bank of Siena -1,3% Unicredit -1,28% Bper -1,02%. Negative Ferrari -1,43%.
Spreads down
The positive streak of the Italian paper continues which is also seen today spread and falling rates.
The yield differential between 133-year BTPs and Bunds of the same duration falls to XNUMX basis points, with rates at 3,78% and 2,45% respectively.