European stock markets ended the session mostly down, also held back by the performance of Wall Street. In Piazza Affari, the Ftse Mib closed down by 0.6% to 27,576 points, with Tenaris (-2.4%), Stellantis (-2.4%), and Finecobank (-2.3%) at the bottom of the list .
Stellantis has announced the birth of SiliconAuto, a joint venture with Foxconn for the production of chips for the automotive sector. Bper (+1.5%), Unicredit (+1%) and Telecom Italia (+0.6%, well below the intraday highs) bucking the trend in the aftermath of the board meeting on offers for the network and awaiting the final examination of the proposals scheduled for Thursday.
Sentiment remains held back by disappointment over economic stimulus in China and cautious ahead of Fed Chairman Jerome Powell’s semi-annual testimony to the US Congress.
From the macro agenda came the German data for May on producer prices, down by 1.4% on a monthly basis and up by 1% on an annual basis, against 4.1% in April. In the afternoon, the numbers on new home constructions in the US were released, the highest since 2016 in May.
In the next few days, focus on manufacturing PMIs, UK inflation and consumer confidence in the eurozone.
On Forex, the euro remained just above 1.09 dollars, while the exchange rate between the greenback and the yen fell slightly to 141.4. Among the raw materials, oil (Brent) stands at 75.3 dollars a barrel. On bonds, the Btp-Bund spread widens beyond 160 basis points, with the Italian 10-year bond at 4.01%, in a context of decreasing yields.