MILANO – 2.00 pm The European stock exchanges start the week with a good rise: Milano is confirmed as positive by 1.25% in the early afternoon, Paris adds 1.1%, Frankfurt 1% e London – which reopens after two closed sessions for the Queen’s Jubilee – is up by 1.15 per cent. Banks highlighted on the rumors of the Financial Times according to which next Thursday there will also be a plan to help peripheral countries in the event of turbulence on their sovereign debt following the rate hike path. Positive futures up Wall Streetin particular the tech sector.
A tow comes from China where the capital Beijing has removed most of the restrictions related to the Covid emergency fueling the economic restart in a context of global uncertainty linked to the surge in inflation and the consequent monetary policy countermeasures implemented by central banks. All this despite the signs of weakness from China: in May, the PMI services index calculated by Ihs market stood at 41.4 points, signaling a contraction due to the anti Covid measures, albeit less abruptly than in April (when the index was at 36.2 points).
The Asian stock exchanges, however, saw the glass half full and closed the session with a sharp rise: Tokyo +0,56%, Shanghai + 1.28% to a maximum of two months, Hong Kong +2,73%.
The dynamics of the Petroleum it is influenced by the hope that the Chinese reopening will support demand: thus the barrel returns to exceed the threshold of 120 dollars a barrel, despite the recent decision of OPEC + to increase production. The Texas WTI changes hands at $ 119.6 with a growth of 0.66% while the Brent of the North Sea advances to 120.5 (+ 0.65%). For the markets, however, it is a week full of ideas, from the ECB meeting scheduled for Thursday to the new data on US inflation arriving on Friday.
L’euro opens little movement on the currency markets. The single currency changes hands, unchanged, at $ 1,072. In Asia, the yen rose to 130.5 on the general weakening of the dollar. After a declining opening, it returns slightly to widen it spread between BTP and Bund: it now reaches 207 points. The 10-year yield also dates back to 3.36% on the levels of the end of November 2018.
Cryptocurrencies continue to regain ground. The Bitcoin keeps a safe distance from the threshold of 30 thousand dollars and is positioned in the morning at 31,250, up by 5% while Ethereum is at 1878, recording a similar growth.