MILANO – 9:45 am. Stock markets are not very moving, while trading volumes begin to decrease in view of the summer period (and due to the closure of some Asian markets), with investors waiting for the Fed by Jerome Powell. Italian 10-year yields rose slightly towards 1.5% after they hit a three-month low last Thursday. The board of the American Central Bank meets during the week but among investors the fear that the Fed could start a reduction in support in the short term seems to have subsided, despite the overheating of the stars and stripes inflation, which in May marked an increase trend of 5%, the largest since August 2008.
Markets hanging on Powell: Thursday will have to say if inflation is “transient” or “lasting”
by Giovanni Pons
According to the panel of economists monitored by Bloomberg, there should be no discussions of tapering on the table (ie the beginning of the stimulus squeeze), but the projection of rate levels by the governors could emerge a projection of a rise starting from 2023. James Knightley, chief global economist at Ing, believes it is possible that ” the Fed continues to talk about temporary inflation. But doubts are starting to spread among its own officials, which leads us to suspect that the Jackon Hole symposium in late August could prove very interesting. Maybe with the Fed presenting a change in language that could really open the door to the announcement of a Quantitative easing tapering in December “. If the Fed announces its considerations on Wednesday, June 16, it will be there in the next two days Combat to meet: according to expectations there will be no change in the monetary policy of the institution, given that Japan has been forced to declare a state of emergency again in several prefectures, in order to contain the new Covid-19 wave.
Openings in Europe are on the upside: London salt of 0.45%, Paris 0.4% e Frankfurt 0.3%. Piazza Affari is also online, with Milano which adds 0.4% in the start of negotiations.
Wall Street just back from a record close for the S & P500: on Friday, the Dow gained 0.04%, the S & P500 finished up 0.19% and the Nasdaq added 0.35%. During the week, the three indices respectively recorded a loss of 0.8%, after two hikes in a row, a gain of 0.4% (third consecutive hike), while the Nasdaq added 1.9% (fourth hike). consecutive). In the morning, Tokyo it closed with a positive 0.74% with Hong Kong and China closed for holidays. Japan has seen an acceleration in industrial production: in April, it was revised up to + 2.9% from the + 2.5% of the first estimate at the end of May, despite the impact of the shortage of semiconductors on automotive production.
Among the cases of the day, the umpteenth link between the externalizations of Elon Musk, founder of Tesla, and the Bitcoin courses: “When there is confirmation of reasonable (50%) use of clean energy forms by miners with a positive future trend, Tesla will return to allow Bitcoin transactions,” tweeted the South African entrepreneur. Bitcoin reacted immediately, flying over + 13% to $ 39,321.
The Petroleum which has returned to grind increases supported by the prospect of economic growth: WTI crude oil with delivery in July changes hands at 71.24 dollars a barrel, marking an increase of 0.47% Brent with delivery in August changes hands at 73, 05 dollars per barrel (+ 0.50%).