Stock Exchange, Europe starts well on the day of the Fed. Unicredit takes off in Milan after the quarterly

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(Il Sole 24 Ore Radiocor) – The start of the session on the rise for the European stock exchanges on the day in which the Federal Reserve is expected to proceed with a new increase in US interest rates. Yesterday the main lists of the Old Continent had lost between 1 and 2 percentage points. From the US Fed traders expect an increase of additional 25 basis points which brings rates to 5-5.25% but attention will go to the indications for the coming months given that the forecast of a slowdown in the economy in the second half of the year could advise the institute to abandon the hypothesis of new adjustments at rates for the time being.

At yesterday’s levels, the oil price lost 5% in the last session – the biggest drop since July – primarily with concern for Chinese demand and a sign of concern for global growth.

Banks on the rise in Piazza Affari, focus on the market’s reaction to the quarterly results Stellar e Unicredit but also to the strengthening of the Roman entrepreneur Francesco Caltagirone in the capital of Mediobanca.

Weak Asia, Tokyo closed for holidays

Asian markets fell on renewed concerns over the health of the banking sector and ahead of a decision by the Federal Reserve, for which another rate hike is expected. Lists slipped in Hong Kong, South Korea and Australia after the negative closure of Wall Street on Tuesday (-1.08%). Markets are closed in Japan and mainland China for the holidays and no treasury bills are exchanged for cash.

The New Zealand dollar gained against all of its Group-10 counterparts after better-than-expected jobs data. Australian and New Zealand government bonds were higher following Tuesday’s rally in Treasuries.

The governor of the central bank of the South Korea he welcomed an inflation easing but said it was “a bit premature” to suggest he would start cutting rates as early as this year, as inflation is still above its policy target.

The appointments of May 3, 2023

On the macro side, before the evening we will still have to deal with the employment data for March in Italy and Europe, as well as the advances for April from the Adp estimates for the United States. Also scheduled overseas is the composite non-manufacturing ISM index and the final data for April on the PMI services. At the corporate level, eyes are instead focused on the financial statements of many European companies and on the accounts of Piazza Affari Enel e, Leonardo. The return to the Stock Exchange of Lottomatica should also be followed carefully.

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