Departure in red for the main European stock exchanges (including that of Milan), after the weak closures of Wall Street and the Japanese financial center. In Europe, the start of the British Ftse 100 index dropped 0.4%, while the Dax in Frankfurt and the Cac40 in Paris fell by 0.24% and 0.3% respectively. On global markets, we are still looking at US inflation in June published yesterday, which rose to + 5.4% on an annual basis in June, well above the + 4.9% expected by the consensus. Beyond expectations, core inflation also reached + 4.5% (consensus was + 4%) which marks the record since September 1991.
All in a day full of appointments. In the eurozone we look to the publication of industrial production. The session continued with the decisions on the rates of the Turkish central bank (expected rates steady at 19%). Double appointment with the Federal Reserve (Fed): first, starting at 6pm Italian time, Jerome Powell’s speech during the six-month hearing at the House Financial Services Commission (the speech to the Senate is scheduled the following day); the publication of the Beige Book will follow. For the US quarterly season, which started yesterday with JP Morgan and Goldman Sachs, indications from BofA and Citigroup are expected today, which will lift the veil on the accounts for the second quarter of 2021.