Another weak day for European stocks. The president of the Fed sent new signs of concern, who while opening to more gradual increases in rates, insisted on the need for an aggressive monetary policy to counter the race of inflation. All indices close down with the exception of Milan which stops at +0.12%. Weak price lists also in Asia, with Tokyo however closing at +0.56%.
17:44
Europe closes weakly, holds Milan
The European stock exchanges all closed down, with the exception of Milan, which ended trading just above parity. Weighing the fears fueled by the statements of the president of the Fed, Jerome Powell, who envisages new rate hikes within the year.
The Paris Cac 40 index drops 0.46% to 7,260.97 points, Frankfurt’s Dax 30 falls 0.53% to 16,026.55 points and London’s FTSE 100 loses 0.12% to 7,560 ,18 points. In Piazza Affari, the Ftse Mib marks a +0.12% to 27,609.37 points.
17:06
Europe sluggish after Powell
European stock exchanges sluggish along with weak US stocks after Fed chairman Jerome Powell’s relaunch on rate hikes to fight inflation.
The unexpected increase in consumer prices in May in the United Kingdom (+8.7%) weighs heavily, 2 days after the decisions of the Boe and the SNB on rates, with a possible rise of half a point.
Milan (Ftse Mib +0.12%) is once again the best ahead of Madrid (+0.04%), London (-0.16%), Frankfurt (-0.48%) and Paris (-0. 51%). The Dow Jones (-0.28%) and the Nasdaq (-0.92%) were weak in New York. The differential between German ten-year BTPs and Bunds stands at 162.3 points, with the Italian annual yield up by 4 points to 4.06% and the German one by 3.9 points to 2.438%.
11:54
Positive Piazza Affari, thud by Brembo
Piazza Affari is confirmed as the best (+0.52%) among the European stock exchanges, supported by the good intonation of bank stocks among which Unicredit (+2.6%), Mps (+2.2%), Bper (+1 ,76%) and Banco Bpm (+1%). Stellantis also did well (+1.4%) Pirelli remained at the bottom of the main list (-1.25%) downgraded from ‘outperform’ to ‘neutral’ by Oddo Bhf according to whom the exit of the designated CEO Giorgio Bruno is “the last straw” to overflow the vase of governance of the group.
Meanwhile, the move of the registered office to Amsterdam depresses Brembo, which loses more than 7%.
09:18
UK inflation remains unchanged at 8.7%
Inflation in the UK, the highest in the G7, did not fall in May as analysts had hoped: it remained stable at 8.7% year-on-year against expectations for +8.4%. This was announced by the Office for National Statistics. These data make it almost certain that the Bank of England will raise interest rates tomorrow when it announces its new monetary policy decision, despite the cost-of-living crisis. Consumer prices on a monthly basis slow to +0.7% (from +1.2% previously) but analysts expected +0.5%
09:17
Weak opening for European stock exchanges
Weak and declining opening for European stock exchanges. In Frankfurt the Dax dropped by 0.08% to 16,098.05 points, in London the FTSE 100 dropped by 0.45% to 7,535.20 points, in Paris the Cac 40 dropped by 0.14% to 7,284.06 points and in Madrid the Ibex-35 lost 0.07% to 9,433.11 points. In Milan, the Ftse Mib scores +0.07%