The rate hike can wait. In her speech in Philadelphia yesterday, the chairman of the Fed, Janet Yellen, spoke of possible hikes in the coming months, without referring to a tightening in June. The market thus expects firm rates at the next meeting on 14-15 June, which comes after a series of lackluster US employment data and on the eve of the Brexit referendum. However, Yellen launched an encouraging message on the US economy by speaking of "positive economic forces that prevail over the negative" and indicated that the path to rate hikes had begun.
IERI (Yesterday) Wall Street it thus closed in positive territory after a volatile day on the European markets. However, the Ftse Mib closed up by 0,74%, better than Paris (+0,04%) and Frankfurt (+0,18%), held back by the data on German industrial orders which fell by 2% in April, much worse than expected. However, the best stock exchange on the old continent was London, thanks to the mining sector, which closed up by 1,03% despite the new polls on Brexit and the marked repercussion of the pound. Over the weekend and again this morning, some polls showed that the majority of the British would be in favor of leaving the EU. Even the Btp-Bund spread widened again during the day above 140 basis points and yielded 1,49%, however closing in the end at 127 points.
Yesterday the market registered the downward revision by the Bank of Italy estimates of economic growth in 2016 and 2017. For 2016, the Central Bank forecasts an increase in Italian GDP of 1,1%, compared to the previous indication of +1,5%, while for 2017 the estimate is +1,2 .1,4% from +XNUMX%.
In the spotlight the Banco Popolare, on the day the increase started: +7,6% for shares and rights combined (+5,06% for shares alone). Eyes then on local election results and reflections on the securities of municipal companies, among which he suffered for example That due to fears of a change in strategies of the business plan. Well instead A2A (+1,43%): the Lombard utility met today in Brescia for the ordinary and extraordinary shareholders' meeting to approve the financial statements and the proposal to reduce reserves and approve the merger by incorporation of the companies A2A Trading Srl and Edipower Spa in A2A.
On the macroeconomic front in Italy we are waiting the monthly note from Istat on the performance of the Italian economy in May, German and Spanish industrial production, the GDP of the Eurozone while the annual unit cost of labor (final data) and annual productivity (final data) from the USA. However, let's start with the data on Chinese foreign exchange reserves.
