MILANO – European stock exchanges closed with a steep decline, burning over 230 billion euros of combined capitalization in one day. Investors fear a return of inflation, pushed in this phase of economic restart by the rush of commodity prices: as the reopening on the markets proceed, the securities of the companies that have benefited most from the months of lockdown to the advantage of securities pay the bill of utilities, energy, basic necessities, that is, those that bet on the recovery of consumption.
At the end of the day Milano drops by 1.64%, London 2.47% cove, Frankfurt drops by 1.82% e Paris 1.86%. Also Wall Street confirms the correction: at the close of the European stock exchanges, the Dow Jones is down by 1.3% while the Nasdaq – which yesterday had left over two percentage points on the parterre – manages to contain the deficit to 0.25%.
It was already in the morning to pay for the tech thud Tokyo, with the Nikkei ending trading at a hefty -3.08%. Investors’ attention is focused on the US inflation data scheduled for tomorrow, which could give a signal to the markets about a possible excessive overheating of the US economy. The cost of living index, according to analysts, could mark an increase of 3.6% on an annual basis, the largest since 2006.
Meanwhile, from Germany it is recorded that theindice Ext which monitors the expectations of German investors on economic growth shows a marked increase in May, to 84.4 points, compared to the previous 70.7. The result, which is based on a survey conducted among 250 institutional investors and analysts, is higher than the expectations of economists who were aiming for a rise to 72 points.
Among currencies, theeuro closed stable at 1.21 against the dollar. The spread between BTP and German Bund it is slightly below 115 basis points.
Fresh from yesterday’s maxi rises, the Petroleum lives a fluctuating day in the aftermath of the cyber attack on the Colonial Pipeline. Crude oil prices turn around and return to parity after losing over a dollar a barrel. The WTI lost 0.15 to 64.8 dollars, the Brent 0.2% to 68.1 dollars a barrel.
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