Down session for the European stock exchanges, orphaned by London and without the Wall Street beacon, both closed for holidays. In Piazza Affari, the Ftse Mib closed down by 0.4% in points, with Nexi (-1.9%), Erg (-1.55%), Telecom Italia (-1.5%) and Mps (- 1.4%) at the tail. On the other hand, Tenaris (+1.9%), Amplifon (+1.1%) and Terna (+0.4%) resist.
The news of early elections in Spain, called by Prime Minister Sanchez after the disappointing result of his party in the local elections, helped to curb sentiment in the Old Continent.
Previously, the lists had been supported by the preliminary agreement reached yesterday by US President Joe Biden and the speaker of the US House, Kevin McCarthy, to raise the debt limit and curb spending growth for the next two years. The go-ahead from Congress for the agreement is expected on Wednesday.
In the background remain the uncertainties related to economic growth and monetary policy, after the latest macro data, in particular the core PCE on Friday, which raised the probability of further rate hikes by the Fed between June and July. In the coming days, focus in particular on eurozone inflation (Thursday) and the US job report (Friday).
On bonds, Btp-Bund spread unchanged at 183 bp with the Italian 10-year bond at 4.27%. On Forex, the euro/dollar remains just above 1.07 while among raw materials, oil (Brent) sinks the 77 dollars a barrel. Splash of the Turkish lira, at an all-time low of 20 against the dollar, after the victory of the current president Erdogan in the run-off of the presidential elections.