Another positive day for European stock markets, with the Ftse Mib of Piazza Affari increasing by 0.7% to 33,881 points. Money in particular on Prysmian (+3.2%), Mps (+3.1%) and Campari (+2.6%) while Saipem (-1.9%), Brunello Cucinelli (-1.85%) closes behind %) and Telecom Italia (-1.8%).
As fears over an imminent escalation of conflict in the Middle East have receded, attention has returned to focus on economics and monetary policy, with a focus on the interventions of several central bankers and global financial leaders.
The vice president of the ECB, de Guindos, confirmed that we could be close to a rate cut, while in the USA the president of the New York Fed, John Williams, stated that there is no rush to lower them, leaving the door open to a rise.
Kristalina Georgieva, managing director of the International Monetary Fund, said she still sees potential for the Fed to reduce borrowing costs in 2024.
The spotlight is also on the US quarterly reports, with Netflix’s accounts due out this evening. From the macro agenda came American data on unemployment claims (stable at 212 thousand), leading index (-0.3%) and home sales (-4.3%). The Philadelphia Fed manufacturing index in April was above estimates (15.5 points).
Bond yields rise again, with the ten-year US Treasury at 4.64%. Btp-Bund spread little changed at 142 basis points, with the Italian 10-year bond above 3.9% and the Bund around 2.5%. Tomorrow, with the markets closed, the S&P agency will give its opinion on Italy’s rating.
Among raw materials, Brent oil remains at 87 dollars a barrel and gold remains in the area of 2,380 dollars an ounce. On Forex, the euro/dollar exchange rate trades at 1.066 and the dollar/yen stands at 154.6.