MILANO – 11:45 am. The European stock exchanges reverse the march after the positive opening, when the new Wall Street records were supporting. Yesterday S&P and Nasdaq further improved their records driven by the tech and banking sectors, with large financial institutions distributing an extra $ 2 billion in the first quarter. During the session, however, optimism gave way to concern: the Delta variant still influenced the moods of the markets, the spread of which risks slowing down the pace of the recovery of the world economy. There is also expectation for the data on the US labor market arriving at the end of the week.
With US futures becoming more uncertain during the session, EU price lists turn down: mid-morning London moves back by 0.9%, Frankfurt gives l’1.25% and Paris 1.2 per cent. It does not escape the trend too Milano: the Ftse Mib index marks a decrease of 1.35%. Unipol stands out, better than the main price list even after the completion of the purchases by Koru (vehicle owned by Coop Alleanza 3.0 which is the largest shareholder of the insurance group, Cefla, Cooperare, Nova Coop, Aurum and Copura). The company acquired only 7.44 million shares, less than the initial intentions, equal to 1% of the capital: the price paid was 34.2 million euros. Among the individual titles, the thud of Safilo which is priceless at the start of the day after the board’s decision to call the shareholders’ meeting to vote on a capital increase against payment, for a maximum value of 135 million. When it enters trading, the stock loses in double digits.
Investors also weigh the slight slowdown in manufacturing activity, thought of by a series of disruptions in supply chains and a Covid outbreak in a major manufacturing region, with the SME index standing at 50.9 in June compared to to 51 in May but in any case above the 50.8 expected by analysts. In Asia Tokyo it closed down at -0.07%, despite an improvement in consumer confidence in the current month. Weak too Hong Kong which lost 0.57%.
Among currencies, theeuro opens stable above 1.19 dollars and changes hands at 1.1903 dollars and 131.49 yen. The dollar / yen exchange rate instead slows down at 110.47. The spread between BTP and German Bund opens slightly to 106 basis points, compared to 105 points at yesterday’s closing. The yield of the Italian 10-year is stable at 0.88%.
The price of the Petroleum, on the eve of the OPEC meeting which should give the green light to an increase in production. The WTI drops to $ 72.80 a barrel.
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