The echo of the American recovery continues to support world stock exchanges, with European markets moving cautiously, but still in positive territory. After the sprint of the Asian lists, with Tokyo in the lead (+ 2.1%), also in the Old Continent i Investors appear more optimistic on the timing of the post-Covid economic recovery. Moreover, the European Commission’s ESI index, which measures business and consumer confidence in the economy, also rose to 114.5 points in May. Thus the FTSE MIB of Piazza Affari holds 25,000 points, regained at the close of the eve for the first time since February 2020, the CAC 40 in Paris, the DAX 30 in Frankfurt, the IBEX 35 in Madrid, the Ftse 100 in London and the AEX in Amsterdam were also positive.
The credit goes to the positive news on jobs in the United States combined with rumors about the 6 trillion dollar maxi-budget wanted by President Joe Biden – the highest since World War II – which are mitigating fears about a rise in inflation and a consequent slowdown of support policies of central banks (so far always denied, starting with the Fed). In the last session of the week, the focus will return to inflation, given that the data on personal income and consumer spending in April are expected from the United States, an important figure for assess inflationary pressures. This is while Wall Street is starting to live the last session of May, as the markets will be closed for Memorial Day on Monday 31st.
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Piazza Affari returns to pre-pandemic levels
The European markets therefore restart from a tonic Piazza Affari: on the eve of the Ftse Mib closed for the first time since 20 February 2020 above the threshold of 25,000 points. It must be said that the blue chip index of Piazza Affari has already shown one for several sessions greater relative strength compared to the neighboring stock exchanges and is trying to close the gap with those lists (such as the Dax 30 in Frankfurt) which for a while have completed the recovery of pre-Covid levels and have even gone further. At this point, the Ftse Mib is missing 1.7% to return to those 25,483 points touched on February 20, 2020, before the collapse triggered by the pandemic.
Nexi and Leonardo accelerate, the bankers are doing well
Nexi climbs on the Ftse Mib and Leonardo – Finmeccanica is doing well too, positive session also for banks with Unicredit among the best. Exor is also in positive territory, after the titles of the Agnelli-Elkann galaxy have pointed upwards on the eve. After all, Diasorin. Out of the main list, Cattolica leaps, after the positive accounts and above the forecasts of the analysts of the first quarter. The waltz of the benches continues to make its effects felt on football, with the spotlight on Rome, Juventus and Lazio.
Euro down, little oil moved
On the foreign exchange market, the euro is down to $ 1,217 (versus $ 1,219 closing yesterday) and 133.83 yen (133.81 yen), while the dollar / yen ratio is at 109.91 (109.72) . The price of oil is flat, with fears that Iranian production could return to the market if the sanctions on Tehran are lifted, offset by the data on the US recovery: the July future on the WTI is stable at 66.8 dollars a barrel and the similar delivery on Brent is a drop of 0.2% to $ 69.4.