A day full of sales for European stocks, also held back by Wall Street on the eve of American inflation data. The Ftse Mib closes trading down by 1.1% to 33,946 points. Leonardo was especially bad (-8.9%), in a context of declines for the entire defense sector, held back by Goldman Sachs’ doubts about the sector’s valuations.
Iveco Group was also subdued (-7%), active in defense with its IDV division. Diasorin bucked the trend (+3.5%) following the results of the French company BioMerieux.
On the macro front, attention is focused on tomorrow’s meeting with US inflation, expected to accelerate to 3.4% but with core data slowing slightly to 3.7%, well above the target of 2%. % of Fed.
Also worth following are the minutes of the Stars and Stripes central bank due out tomorrow evening, while the ECB will meet on Thursday. The institute led by Christine Lagarde will confirm the cost of borrowing at current levels, awaiting a probable reduction in June. Finally, on Friday the season of US quarterly reports will come into full swing with the accounts of the banking giants.
Yields falling on bonds, after the increases in recent days. The BTP-Bund spread stands at 138 basis points, with the Italian 10-year bond at 3.75% and the Bund at 2.37%.
Among raw materials, Brent oil drops below 90 dollars a barrel, while gold remains not far from the historical highs in the area of 2,347 dollars an ounce. On Forex, euro/dollar exchange rate stable at 1.085 and dollar/yen unchanged at 151.7.