A slow start for European stock markets, after the drops on the day before. At Piazza Affari, Ftse Mib essentially unchanged in the 30,087 point area, with the rebound of Moncler (+3.1%) and luxury in general in the wake of sales above expectations by Richemont. Stm also did well (+1.8%) after the positive indications of Tsmc, while Leonardo (-1.6%) and Campari (-1.4%) fell behind.
Sentiment remains cautious after yesterday’s declines triggered by a mix of factors, including Lagarde’s comments, some Chinese data below expectations, and the rebound in inflation in the United Kingdom. The president of the ECB, in particular, said that the first cuts could arrive in the summer, rejecting market expectations of an imminent reduction.
In the evening, the Fed’s Beige Book was published, which in turn dismissed hopes of lowering rates in the short term, saying that extraordinary consumer spending has helped revive the economy in recent weeks.
Also noteworthy is the disappointment linked to China’s lack of stimulus to reverse the profound real estate crisis and stubborn deflationary pressures. Scheduled today are the ECB minutes and American data on construction and unemployment claims.
On bonds, the BTP-Bund spread fell to 158 basis points, with the yield on the Italian 10-year bond at 3.88% and that of the Bund at 2.3%, while the 10-year Treasuries fell to 4.08%.
Among raw materials, Brent oil returns above 78 dollars a barrel, with the increase in geopolitical tensions in the Middle East.
On Forex, the euro/dollar exchange rate remained unchanged at 1.088 while the dollar/yen fluctuates around 148 yen per dollar.