MILANO – The European stock exchanges restart cautiously in a week that looks above all at the data on US inflation coming in on Wednesday. Last week, the much better-than-expected performance of the US labor market pushed away the specter of recession, approaching instead the hypothesis of a more massive monetary tightening by the Fed to counter inflation. In this sense, the update on price growth could give an important indication of the next moves by the US central bank.
Europe therefore starts all with the plus sign. Milano rises by 0.76%, in Frankfurt the Dax index gains 1.04%, in Paris the Cac index rises by 0.71% while in London the Ftse 100 index rises by 0.67%. In Asia Tokyo closed at + 0.26%.
On the raw materials front, gas prices are starting to decline after Siemens Energy said it was ready to send the turbine for Nord Stream to Russia. In Amsterdam, prices drop to 195 euros per megawatt hour, a drop of 0.3% compared to the close on Friday.
Spread in rialzo
The spread between BTP and Bund opens up to 210 basis points, compared to 206 at the close on Friday. The Italian 10-year yield is stable at 3.01%.
Oil price up this morning on the commodity markets: the barrel of WTI for delivery in September is trading at 89.37 dollars with an increase of 0.40%. Brent for October delivery changed hands at $ 95.35 with an increase of 0.45%.
Stable opening for the euro
Stable exchange rate of the euro against the dollar in the early morning trading. After the drop on Friday, the result of US data on the labor market that hint at future strong rate hikes and a possible strengthening of the dollar, the euro keeps its course, trading at 1.0182 for a minimal change of +0. 04%. The common currency rises 0.2% against the yen to 137.68, and is stable against the pound. Dollar / yen improving to 135.22.