Banks are betting on interest rate hikes
Bags without direction. Wall Street is up after a flat open. The European price lists are advancing in no particular order. London is negative by 0.32%, Paris at +0.27% and Frankfurt at +0.20%. The pink jersey of the day in the Old Continent was Piazza Affari. The Ftse Mib gained 0.81%. The entry of the Eurozone into a technical recession and US jobless claims, at their highest since October 2021, fueled fears about the global economy again.
The surprise of the Bank of Canada
In any case, yesterday the surprise hike in Canadian interest rates reaffirmed once again that the monetary policy tightening is not over, even if as far as the Fed is concerned, the market expects a pause at Tuesday’s meeting and Wednesday. towed by the banking sector, which for its part is preparing for a new increase in ECB rates next Thursday. Mediobanca rose by 2.3%, again confirming the positive trend following the presentation of the new plan, which led it to mark an increase more than double that of its national competitors (+4.9% from 23 May to 7 June against +2.2%). UniCredit (+0.95%) and Intesa Sanpaolo (+0.91%) also performed well, while outside the sector Stellantis rose by 1.44% taking advantage of the launch of the 500 million buyback. Tim (+0.36%) under the spotlight on the eve of the deadline for the presentation of the new improved offers on the network, while Amplifon (-0.71%) and Nexi (-0.59%) lost ground.
The price of oil is falling
On the currency market, the euro rose to 1.0781 dollars (1.0705 at yesterday’s close) and 149.83 yen (149.71). Oil prices are down: the July future for WTI loses 0.83% to 71.93 dollars a barrel and the August contract on Brent slips by 0.74% to 76.38 dollars. Natural gas in Amsterdam rose by 3.7% to 27.3 euros per megawatt hour.
The article Stock exchanges advance with the lights off. Piazza Affari at the top in Europe comes from Truth and Business.