MILANO – A declining restart for the European stock exchanges, with the markets worried by a tightening of the squeeze of the central banks to counter the rush of inflation. A key indication in this regard will come on Wednesday, with the release of the inflation figure in the United States in June.
Between the energy crisis and the pandemic, the European price lists are moving forward in the red. Someone, comment the operators, is repositioning itself in view of the new quarterly season and the focus is on energy companies and airlines in particular, on fears of a new wave of pandemic.
Spotlight also on gas, with Russia announcing that the Nord Stream gas pipeline, the main supply channel to Germany, will be shut down for the next 10 days. Prices in the morning recorded a decline: in Amsterdam Tff futures are trading at around 160 euros per megawatt hour (-8%) after the rises of last week.
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Retail sales in May + 7% per annum
Weak EU stock exchanges in the morning
The stock markets, in the wake of the eastern weakness, also in Europe are moving downwards. At the opening London leaves 0.99%, Paris 1.12%, Frankfurt 1.78%, Milan 1% and Madrid 1.31%. Zurich, the protagonist with Dufry of the transaction with Autogrill, lost 0.71 per cent.
Retail sales in May + 7% per annum
In May, a cyclical increase in retail sales of 1.9% in value and 1.5% in volume is estimated. Sales of non-food goods (+ 2.4% in value and + 2.0% in volume) and those of food goods (respectively + 1.4% in value and + 0.6% in volume, respectively) are growing . This was revealed by Istat, explaining that on a trend basis in May retail sales increased by 7.0% in value and 2.7% in volume. Sales of non-food goods are growing (+ 9.1% in value and + 6.8% in volume) while those of food goods show an increase in value (+ 4.5%) and a decrease in volume (- 2.8%).
Euro still down on the dollar
Euro down again against the dollar on the first day of the new week. After a slight recovery on Friday evening (to $ 1.0182 after the Wall Street close), the single currency fell by 0.4% to $ 1.0141 this morning. The exchange rate with the yen is instead at 138.89 up by 0.17%.
Stable opening for the spread
The spread between 10-year BTPs and Bunds opens stable at 193.6 points from 193 basis points at last Friday’s closing. The yield of the Italian ten-year at 3.24%.
Oil down
Oil prices are down this morning. The American WTI with delivery in August loses 1.38%, settling at 103.34 dollars a barrel. Brent from the North Sea fell by 1.11% to 105.83 dollars.