Positive day for European stock markets, with the Ftse Mib up 0.9% to 34,315 points. Purchases in particular on Interpump (+4.8%), Iveco Group (+3.9%), Telecom Italia (+3%) and Diasorin (+2.95%) while Campari retreats (-0.7%).
On the macro front, in Europe only German data were released on industrial production, above expectations, and on the trade balance, which shows a sharper decline in exports than estimates. In the US, the New York Fed’s survey of one-year inflation expectations shows a value essentially unchanged at 3.0%.
In the coming days, the spotlight will be on US inflation and the Fed minutes, both scheduled for Wednesday. Consumer prices are expected to accelerate to 3.4%, with the core reading slightly down to 3.7%, but still well above the Fed’s 2% target. Meanwhile, Friday’s solid jobs report led Treasury yields at their highest levels since November (above 4.4%), pushing expectations of rate cuts downwards.
The ECB meeting is scheduled for Thursday, in which the institute led by Christine Lagarde will confirm the cost of borrowing at current levels, awaiting a probable reduction in June.
On bonds, the BTP-Bund spread stands at 139 basis points, with the Italian ten-year bond at 3.83% and the Bund at 2.44%.
Among raw materials, Brent oil fluctuates around 90 dollars a barrel after four consecutive weeks of gains, while gold went up to 2,353 dollars an ounce, updating the historical record, and then retraced to 2,328 $/oz . On Forex, the euro/dollar exchange rate increased slightly to 1.085 and the dollar/yen remained stable at 151.8.