Wall Street it changes pace, after a positive start and the European lists are following it, closing the first June session down.
The obstacles holding back the Bull are still inflation and fears of low economic growth. After yesterday Janet Yellen admitted that she had underestimated the price run and its duration, today Jamie Dimon, CEO of JpMorgan (-2,25% in New York), appears very pessimistic and says that the economy is heading towards "a hurricane". "Hold on tight - he suggests - JpMorgan is preparing and we will be very conservative with our budget".
Meanwhile, the president of the ECB, Christine Lagarde, after yesterday's record data seen in the eurozone, argues that the global transition to renewable energy will also likely lead to higher prices in the medium term.
Thus the continental markets, after an attempt to rise in the early afternoon, took the path of sales with conviction.
Business Square it loses 0,9% and retreats to 24.283 basis points. The budget is heavier ad Amsterdam -1,64% and Madrid -1,14%. They limit the damage Paris, -0,77% and Frankfurt, -0,33%, while outside the single currency area red dominates London -1,01%.
Manufacturing slows down in the Eurozone
In the eurozone, the manufacturing sector slowed down in May (to its lowest level in 18 months) and the risk of stagflation reappeared in the minds of investors. The index drops to 54,5 from 55,5 in April. Producers in the area are suffering from a lack of supply, high inflationary pressures and weakening demand in a context of growing uncertainty about economic prospects, also due to the war in Ukraine. In Italy the drop is to 51,9, beyond expectations. Consumers meanwhile are increasing spending on tourism and recreation, according to Chris Williamson, chief economist at S&P Global Market Intelligence.
Euros down
Macro data weighed on the euro, which fell back below 1,107 against the dollar and traded at 1,062, down 0,9%.
The Italian secondary school, on the other hand, ends in green. The yield of the 10-year BTP falls to 3,07%, while the 1,17-year Bund rises to +XNUMX%, for one spread in retreat at 190 basis points (-5,45%).
Il Petroleum roars (Brent +1,77%, 117,65 dollars a barrel), in view of the EU blockade of Russian crude oil and with the easing of Chinese health restrictions. A trend that casts some doubts on the fact that inflation has already reached its peak. For S&P, the increase in food prices will also last for a long time, until 2024.
And the inflationary picture continually questions the ECB. According to Deutsche Bank economists, Frankfurt will eventually have to give in to the hawks and raise rates by 50 basis points in July. Austrian Governor Robert Holzmann argues that such an increase is needed to give a clear signal that the ECB is serious about tackling inflation.
Piazza Affari money on industrialists
Some stocks in the automotive sector acted as a barrier to sales today. In particular, stellantis + 1,74% Pirelli + 1,06% Iveco +0,35%. Bad instead Ferrari -2,07%.
Among stocks, oil rebounds Tenaris + 0,77%. Leonardo +1,5%, celebrates "a further expansion of the AW139 twin-engine helicopter fleet in Australia with an order for three units".
Moncler +0,43%, continues on the road to recovery with China reopening large areas.
Instead, it was the change of sign of the banks that weighed. It doesn't even save itself Bper, -0,23%, which was up almost the entire session after signing, together with Banco di Sardegna, a strategic agreement for the sale to Nexi (-0,44%) of the merchant acquiring and POS management activities.
At the bottom of the basket it is Saipem, -4,09%, after a binding agreement with Kca Deutag for the sale of all of its onshore drilling activities. The group will collect 550 million dollars and will obtain 10% of the shares of the new entity.
Telecom has definitely changed its mood compared to recent days and closes with a loss of 3,5%. Reuters underlines that Vivendi, the group's first shareholder, will never support the sale of the network for the creation of a single network with Open Fiber if the valuation is that of analysts between 17 and 21 billion, according to what was said by the CEO of the French group Arnaud de Puyfontaine to La Repubblica.
They retreat Amplifon -2,78% Prysmian -2,56% Recordati -2,21% Enel -2,28%.
It floats near parity Snam, -0,26%, which has purchased a storage and regasification vessel for 350 million.
