Positive EU stock exchanges, confidence in US debt agreement. Milan pink jersey with Saipem sprint

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(Il Sole 24 Ore Radiocor) – In the aftermath of a shy sessionwith its eyes on US debt talks and efforts to avoid the first default in US history, the European stock exchanges they’re off to a good start, following Asia and Wall Street in optimism about a bipartisan debt ceiling deal. So they go up FTSE MIB of Milan, the CAC 40 of Paris, the DAX 40 of Frankfurt, theIBEX 35 in Madrid, l’AEX of Amsterdam and the FT-SE 100 from London.

US President Joe Biden said he was “confident” about an upcoming agreement and also the speaker of the House, Republican Kevin McCarthy spoke of a “possible agreement by the weekend”. Eyes always focused on the central banks and on the possible indications that may come from the interventions scheduled by Fed and ECB members, while on the macro front the data on unemployment benefits will arrive from the USA.

Eyes on banks, fashion in focus after Burberry accounts

Meanwhile, the season of quarterly reports continues in Europe, with accounts among others of EasyJet and Burberry (which saw sales jump by 16% in the quarter thanks to China). In Milan, attention is always high on the banking sector, following the government’s requests to increase remuneration on deposits. In focus again Tim with the node of the network that remains to be dissolved and Saipem, which has announced two new offshore contracts worth 850 million dlr. Meanwhile, Saipem takes off, which has been awarded two new offshore contracts for a total value of about 850 million dollars.

Euros down, gas falls towards 30 euros

On the currency, the euro fell to 1.082 dollars while oil retraced after the run on the eve of optimism for the US debt agreement and after the figure that saw gasoline inventories fall beyond expectations, with Brent at 76, 67 dollars (-0.38%) and the WTI at 72.5 dollars (-0.45%). Gas futures are falling and are approaching the threshold of 30 euros per megawatt hour, last broken down in November 2021.

Tokyo closes up, yen falls against the dollar

The Tokyo Stock Exchange closed the session sharply higher, following the acceleration of the US equity indices, thanks to optimism on a resolution of the stalemate in the US Congress regarding the debt ceiling, which would avoid a default. The reference Nikkei index scores an increase of 1.60%, to 30,573.93, and an increase of 480 points. In terms of exchange rates, the devaluation of the yen against the dollar continues, at 137.40, and at a value of just over 149 against the euro. Shanghai, Hong Kong and Sydney also grow as oil prices fall.

In the Old Continent, with regard to macroeconomic data, eyes are focused on the Acea data for the month of March on car registrations in Europe. Data on jobless claims, existing unemployment benefits, but also the Philadelphia index for May and existing home sales in April are expected from the US.

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