MILANO – 2.45 pm. European stock markets up cautiously at the opening of the week while the yield on American government bonds is held close to the highs of the last year, above 1.6%, in a week characterized by many meetings with central banks: above all , the one with the Federal Reserve called to preserve market support together with the recognition of rate growth and inflation prospects.
Leaving the tunnel, because Europe cannot keep up with Biden’s pace
by Giovanni Pons
In Europe, the lists are therefore moving positively: Milano salt by 0.63%, London by 0.16%, Frankfurt 0.13% e Paris adds 0.23%. Astaldi was in sharp decline in Piazza Affari, after the exchange with Webuild and the related integration procedures were disclosed. Flat opening for Wall Street, which on Friday had brought S&P and Dow to new records: the Nasdaq index which lost 0.09% to 13,320.3 points, the Dow Jones advanced 0.4% to 32,911.12 points and the S & P500 gained 0, 06% at 3,945.8 points.
It spread at ten years it is stable at around 93 points, with sorties even below this level, after the session of the telematic markets passed the mid-day mark. The 10-year Treasury product records a yield of 0.62%. Meanwhile, the Bank of Italy data shows a new record for public debt, which grew to 2603 billion euros in January.
The Stock Exchange of Tokyo closed slightly higher this morning with the Nikkei up 0.17%. On the other hand, the orientation of the Chinese squares is different, with Shanghai down by 0.96 and Shenzhen by 2.13%. Macroeconomic data in China they say of a significant recovery, which according to market observers could generate a less expansive attitude on the part of the authorities. Today it emerged that the industrial production of the Asian giant jumped by 35.1% per year in the first two months of 2021, after + 7.3% in December and against a consensus of analysts set at + 30%, however comparing with a January-February 2020 characterized by the blocking of activities in the midst of the crisis linked to Covid-19. Retail sales are also widespread, again in China: in January-February they recorded a jump of 33.8% annually, after the + 4.6% in December and the + 32% expected by the markets, thanks to consumption linked to the New Year lunar.
Opening down foreuro above $ 1.19. The single currency changes hands for 1.1929 dollars and 130.37 yen. The greenback, which benefited from the renewed rise in Treasury yields, also gained ground against the Japanese currency at 109.28. The absolute star of the weekend was again the Bitcoin, which after exceeding the threshold of 61 thousand dollars moves to the 60 thousand area.
Among the macro data released today, manufacturing activity in the New York area rose in March to its highest level since July 2020, and prices paid to suppliers are at their highest in 10 years, according to the monthly indicator. Empire State of the Fed. Also in the US, President Joe Biden is considering the largest federal tax hike since 1993 to finance his next moves to support the economy, according to press leaks. After the $ 1,900 billion stimulus plan, the administration is evaluating other measures, to be financed not only with government debt but with a fiscal component with expected increases in taxes on companies and individuals with high incomes. At the center of the next intervention are initiatives such as the fight against climate change, infrastructures, greater aid to categories in difficulty and the fight against tax inequality.
The prices of the Petroleum they remain buoyant by mid-morning, with WTI traveling around $ 66 a barrel and Brent folding back slightly after aiming for $ 70. Record data on industrial production and retail sales in China showed that the Asian giant’s economic recovery accelerated in early 2021, raising the outlook for energy demand in the world‘s largest oil importer. Also keeping prices high is Saudi Arabia’s decision to cut crude oil supply in April by up to 15% to at least four North Asian buyers, while meeting the normal monthly needs of Indian refineries. The oil market has grown by more than 30% this year, driven by supply cuts from Saudi Arabia and OPEC, signs of an increase in energy demand, and the implementation of anti-Covid vaccination campaigns.
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