(Il Sole 24 Ore Radiocor) – The double vote on raising the American debt ceiling, with the Senate giving its green light after the troubled ok of the House, gives wings to world price lists, which shrug off the uncertainties related to fears, however remote , of a US budget default. The wait is now for the US employment dataarriving in the afternoon, which could be useful for making predictions on the Federal Reserve’s next moves.
The destinies of Europe and the United States could take different paths: in the Old Continent, in fact, despite the fact that inflation fell to 6.1% in May, the president of the ECB, Christine Lagarde, confirmed the need to continue the squeeze, while on the Fed front, declarations were received in the same hours that suggest a pause in rate hikes (with observers convinced that the weak recovery of the Chinese economy could also contribute to slowing down US inflation, further holding back the Federal Reserve).
Thus the European Stock Exchanges – after the gains on the eve – are all in positive territory. In particular, the FTSE MIB of Milan rose, with Piazza Affari open despite the Republic Day but with limited trading, the Paris CAC 40, the Frankfurt DAX 40, the Madrid IBEX 35, the Amsterdam AEX and the London FT-SE 100.
Purchases on oil stocks in anticipation of the OPEC+ meeting
In anticipation of the OPEC+ meeting, the relief for the agreement, and the subsequent vote in Congress on the American debt ceiling, is reflected on the stock market above all on oil stocks, which, in the wake of the rise in crude oil, see the stop of the economy (the world‘s largest consumer of oil). In Milan, the oil companies shine, with Saipem and Tenaris at the top of the Ftse Mib, and Eni and Saras are doing well. But what does the market expect? In reality, observers judge a new cut in the production of barrels of crude oil unlikely, after the one already decided by surprise last April. The outcome of the meeting therefore appears uncertain, all the more so after the surprise reduction of 1.16 million barrels at the April meeting. And doubts also remain about the stability of global energy demand, given China’s intermittent recovery, which still makes long-term estimates uncertain.
Well the luxury and Stellantis after registrations
Good luxury with Moncler, insurance and cars with Stellantis after the data on registrations in May. Among the few stocks at a slow pace Unicredit and Terna. It should be noted that at the end of the period for reopening the terms of the takeover bid launched by Dufry on Autogrill, the Swiss group would directly hold a total of 94.3493% of the share capital of the Italian company. We are therefore moving towards the delisting procedure of the company.
Spread down to 173 points, ten-year stable below 4%
The spread between BTPs and Bunds was down, consolidating the progressive narrowing trend that emerged yesterday after the latest data suggesting a slowdown in inflation in the Eurozone. Initially, the yield differential between the 10-year benchmark BTP (Isin IT0005518128) and the same German maturity is indicated at 173 basis points, slightly down from the 174 points of yesterday’s closing. Sharper drop for the yield of the ten-year benchmark BTP which is confirmed at the levels of yesterday’s closing, at 3.99 per cent.