MILANO – Orphans of references from macroeconomic data or current events, the European stock exchanges restart in no particular order in the morning, still hanging on to updates on the diffusion of the Delta variant. Milano salt by 0.5%, London loses 0.22%, Frankfurt advances by 0.06% e Paris 0.08%.
On the markets, the sharp slowdown in the most precious commodities stands out: gold loses one percentage point and drops to 1744 dollars and silver touches its lowest level since December. The latest good data from the US job market on Friday pushed commodities down and fueled investors’ belief that the Fed’s tapering could start sooner than expected.
Encouraging signs from US jobs, the focus of the markets shifts to inflation
by Flavio Bini
Among the European macro data we note the growth of the German trade surplus, which rose to 16.3 billion in June from 15.4 in May, with exports increasing by 1.3% and imports by 0.6%.
On the Asian side, the lists moved mainly upwards, comforted by the good trend in inflation, which slowed to + 1% annually in July from 1.1% in June, although above analysts’ expectations. With Tokyo closed for holidays, both Shanghai and Shenzhen are heading towards the close of trading.
It spread opens stable at 102 basis points: the Italian ten-year yield is also unchanged, standing at 0.56%. Among the currencies, the euro rose slightly against the dollar, to 1.1761 and also strengthened against the pound (+ 0.2% to 0.8477).
The fears about the Delta variant instead depress the prices of the Petrolium, on the prospects of a possible contraction in demand. Contracts on WTI crude oil changed hands at 66.54 dollars a barrel, down 2.43%; Brent dropped below $ 70 to $ 69.51 per barrel (-2.25%).
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