MILANO – Ore 10. Petroleum bullish on the day the cartel producers meet Opec expanded to confirm the next steps in the pace of black gold production. Brent has exceeded $ 70 in Asian trade (WTI at $ 67.5) on the prospects of a market with restarting demand, both in the United States and in China, where manufacturing activity expanded in May. of Caixin / Markit rose to 52, the highest level since December, from 51.9 in April). Also noteworthy is the decline in the dollar, which plays in favor of the price per barrel. Analysts expect the market to be able to absorb the planned increases in production by the cartel, which has increased the supply of barrels since May with a program to grow, until July. A greater supply of Iranian crude oil could change the scenario, if and when the sanctions are eventually lifted. Talks in Vienna between world powers and Iran over the relaunch of the nuclear deal have been underway since April, and oil industry sources say Iranian oil exports have increased since late 2020.
Pmi indices: new signs of recovery
In general, all commodities are oriented to the upside, on a day that for European prices and US futures is starting to rise. Investors remain suspended (near all-time highs) between optimism for the recovery and fear of inflation: they expect Friday’s US jobs data for a more complete picture. Already today, in the meantime, the day is full of data: starting with those on the manufacturing SME, which for Italy reaches a record level that the analysts of Ihs Markit define “sensational”: 62.3 points in May, well above the 50-point threshold that separates expansion from economic contraction. Another element that strengthens the recent releases – from Confindustria to the OECD via Governor Visco – which see the economy restarting. The unemployment rate and GDP are also arriving from Istat. For the Eurozone, inflation and manufacturing PMI tests. Looking overseas, we expect the data on construction spending but above all the manufacturing ISM index.
In Europe, Milano marks a gain of 0.9% in the early stages. The others are also in black: Frankfurt salt by 0.7%, Paris 0.3% e London, which was closed yesterday, by 0.35%.
In Asia, the Tokyo Stock Exchange closed trading down 0.2% worried about the pandemic trend in the country but also about profit taking after last week’s purchases. Bloomberg Report the boom in baby-related securities in China, after the government’s choice to open to the third child: among the cases benefiting from the new birth policy, the financial agency cites the dairy company Beingmate Co. which in Shenzhen rose 10%, as the supplier of services for Jinfa Labi Maternity & Baby Articles fertility clinics. Double-digit margin also for the Shanghai Aiyingshi Co.
Among currencies, theeuro opens slightly above $ 1.22. The single currency changes hands for 1.2219 dollars and 133.82 yen. Dollar / yen at 109.52. The spread between BTPs and German Bunds it is little moved below 110 basis points.
Said of oil, among the commodities the prices oforo they rose slightly on the Asian markets under the pressure of signs of inflation and the decline in the dollar. The bar with immediate delivery thus changes hands at 1,912 dollars per ounce (+ 0.2%). In May, the price went up by 7.8%.
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