European stock exchanges move uncertainly in a session in which the market is concentrating on waiting for the publication of the data on the US labor market: unemployment benefits and the ADP report, while the official unemployment data will arrive on Friday. The numbers will provide new indications on the health of the first economy on the planet in a context in which numerous economists in the US have stressed the need for the Fed to start planning the exit from the current ultra-accommodative monetary policy.
In the spotlight at Piazza Affari Petroleum
The FTSE MIB in Milan is confirmed above 25,000, which in the session of Wednesday 2 June, however, closed above the threshold of 25,000 points, not far from the level abandoned in 2008 after the bankruptcy of Lehman Brothers, which marked the beginning of a global crisis. Among the Milanese stocks with the highest capitalization, purchases reward the oil sector thanks to crude oil which has reached its highest level for over two and a half years. Saipem scores the best performance, Tenaris too. Realizations on Interpump Group after the race on Wednesday 2 June. StMicroelectronics and Buzzi Unicem were also weak.
Loading…
Wti oil on the highs for two and a half years
The price of oil is still rising, which already on Wednesday 2 June had closed the highest levels since October 2018 after the American Petroleum Institute (Api) forecast a decline in US reserves: a prospect that supports prices together with confidence in the global economic recovery and the consequent increase in energy demand.
Tokyo closed a mixed session above 29 thousand
The blue chips of the car compartment they pull the Tokyo Stock Exchange above the important psychological quota of 29 thousand points at the end of a mixed session, opened under the sign of profit taking and closed under that of purchases. The Nikkei index of 225 leading stocks thus scores 29,058 points in the final, up by 0.39%. The trend of Wall Street, where caution prevailed pending the important macro data on Friday, did not offer particular insights to Japanese market while the depreciation of the yen against the dollar was positive. There is confidence in the country for the prospects for economic recovery after the pandemic. Highlighted are the big Japanese cars listed, Toyota, Nissan and Honda, with increases of over 2% during the period, also due to their greater reactivity to expectations on the trend of the economic cycle. Negative session, however, for the title of the fashion giant Fast Retailing penalized by the announcement of the drop in sales of the Uniqlo department stores.
The macro agenda
The most important macroeconomic data to come are the final readings of the May IHS-Markit indices on euro area business activity, the similar US ISM index for the services sector and the estimates on new American employees.