Mixed ending for European stock exchanges. Piazza Affari ends in the red, with the Ftse Mib down by 0.4% to 27,245 points. Weakness above all on Pirelli (-2.15%), Interpump (-1.7%), Moncler (-1.6%) and Telecom Italia (-1.6%), while Recordati advances by 4.1% still strong from the accounts.
Little move Wall Street awaiting tomorrow’s meeting between Biden and the Speaker of the House McCarthy to unblock the impasse on the debt ceiling. Meanwhile, the US Empire Fed manufacturing index for May fell to -31.8 points from 10.8 points the previous month, versus -3.8 points expected.
In Europe, industrial production in the euro zone fell by 4.1% in March, compared to -2.5% expected on a monthly basis and +1.5% previously. On an annual basis it marks a -1.4% from the previous +2%.
In the morning, the European Commission released its updated spring economic projections, revising inflation estimates upwards to 5.8% (from 5.6%) in 2023 and 2.8% (from 2.5%) in 2024 As regards GDP, it expects +1.1% this year and +1.6% in 2024. With reference to Italy, Brussels has raised its growth forecasts to 1.2% and 1% respectively. ,1%.
Data on US retail sales will be published in the coming days, as well as the second reading on GDP and final April inflation for the eurozone. At an international level, the spotlight is on the presidential elections in Turkey, destined for run-off.
On bonds, the Btp-Bund spread remains slightly moved in the 187 bp area and the Italian 10-year bond rises slightly to 4.18% after Fitch confirmed Italy’s BBB rating on Friday with a stable outlook and “credible objectives”. The rating agency also raised its growth estimates in 2023 to +1.2% from the previous +0.5%. Moody’s verdict on the Italian rating will arrive at the end of the week.
On Forex, the euro/dollar moved little at 1.087 while among raw materials, oil (Brent) climbed back above 75 dollars a barrel.