MILANO – The yield on US Treasuries has risen again in view of a new multi-billion dollar infrastructure plan by President Biden, details of which are expected: the American 10-year has now reached a step of 1.8%, highs for 14 months before retracing slightly. The pressure on bond yields suggests caution on the equity front: Asian markets traded weak in the wake of the Wall Street close. Tokyo moves back by 0.68%, Hong Kong 0.6% e Shanghai 0.7%, despite the positive signs coming from the Chinese recovery.
I future su Wall Street are flat after the close to the downside last night (Dow Jones -0.33%, Nasdaq -0.1%), with analysts assessing the damage and potential knock-on effects caused by the crisis Archegos, the US fund that went into default sending part of the banking sector into a tailspin.
L’euro it is declining in early trading on European currency markets. The single currency is trading at $ 1.1708 against 1.1722 yesterday after the close of Wall Street. The euro, on the other hand, is stable against the yen, at 129.78 (129.48 yesterday’s rate of the European Central Bank).
As we said, the Chinese manufacturing it showed signs of acceleration with the March SME index at the strongest growth rate in three months: 51.9 points against 50.6 in the previous month. Any reading above 50 points indicates an economic expansion and the Beijing result is slightly higher than the average forecast of analysts. In Japan, however, the mid-February earthquake in the Tohoku region penalized the Japanese industrial production, with the temporary closure of auto factories, and the semiconductor sector. The figure was a negative 2.1% versus a 4.3% rise and a more pronounced 8.8% decline in auto maker business as the global chip shortage continues.
Pending European data, it should be noted that the Great Britain’s GDP rose by 1.3% in the fourth quarter of 2020 for an overall calculation of -9.8% in the entire year of Covid.
The rise in the dollar is also felt on commodities with theoro which continues the downward trend on the Asian markets. The immediate delivery precious metal, which fell below $ 1,700 an ounce yesterday, fell 0.3% to $ 1,680.72 an ounce, close to a 9-month low. Silver also fell, while platinum and palladium advanced. Petroleum up above $ 60 on Asian markets. WTI for May delivery gains 0.2% to $ 60.68 a barrel. Brent also rose (+ 0.1%), trading at $ 64.20 a barrel. The OPEC + meeting tomorrow, which should remain cautious on the need to increase supplies, given the short-term concerns about demand, weighs on the changes in crude oil.
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