European stocks (here the trend of the indexes) remain timid in mid-session and show no signs of reaction after four consecutive sessions of declines, which have lost the index Eurostoxx50 3% Business Square and more than 4%. After the mixed data on the US labor market widespread Friday, with the unemployment rate falling to 4.7% in May while the jobs created were less than 40 thousand, and well below the forecasts, the markets seem to take a stand wait and watch already the intervention of Janet Yellen, president of the Federal Reserve, which in the late afternoon will speak at the World Affairs Council of Philadelphia. The president of the US central bank traders are expecting a reading of the data on employment in key monetary policy but also to seize a further general survey on the state of the economy and on Brexit risk. Meanwhile are in positive territory the first equity index futures on Wall Street.
“The disappointing data on the US labor market in May have completely overturned the widespread expectation of a rise in the meeting July or possibly in the June – is the comment of Mps Capital Services analysts – is gradually being reviewed also the expectation of a vote in favor of England’s stay in the EU, according to what emerges from the latest polls . The impact on markets is substantial in terms
directional: a marked depreciation of the dollar and sharp decline in rates, especially the US government “.
In the middle seat sales on banks, media and travel and transport make up the new mining exploit that fact, drag London to + 1%: the British Stock Exchange does not discount the pressures on the pound (slip to 0, 7876 against EUR and $ 1.4406) after the new surveys that indicate the strengthening of the positions in favor of the release of the UK from the European Union. In Milan, the Ftse Mib, after folding even half a percentage point thanks to the downward revision of the Italian economy estimates by the Bank of Italy, has recovered equality. For Via Nazionale, GDP is now expected to grow by 1% this year and 1.2% in 2017 compared with a previous forecast of about + 1.5% and + 1.4%.
Shopping on the bench after startup increases without shocks
Among the blue chip eyes fixed on the Banco Popular in the first day of the operation to increase by 1 billion capital Functional integration with BPM: after starting down, both actions and the option rights for the subscription of the capital increase are the subject of buying. bank countered, still rally
CNH Industrial thanks to positive recommendation from Goldman Sachs that has been named a betting favorite on the American agricultural sector recovery. Focus on municipal after the results of the first round of the vote in local elections in many major cities: in particular in sharp decline Roman Acea and the result is a success in the first round of the candidate of the Movement 5 Stars Virginia Rays. Flat instead the A2a Milan as well as the Bologna Hera. Decreasing the utility of Turin and Genoa, Iren.
On the currency market, the euro – after the rise of the ECB estimates on growth and inflation in the eurozone released Thursday and especially after the disappointment of the jobs created in the US in May – folds slightly but remains its highest level since mid-May (here the euro / dollar exchange rate).
Acea down on the stock market, with exploits M5S in Rome is feared change strategies
Oil exploits the weakness of the greenback regained share and 49 as far as the West Texas Intermediate and share 50 as regards the Brent. On Friday, the black gold prices had initially accused the forecasts of the Russian Energy Minister, according to which Moscow expects for 2016 an increase in production of 1.5%, before recovering in the wake of the movements of the dollar. July WTI contract by 0.8% rose to $ 49.05 a barrel. The August delivery of Brent rises by 0.73% to $ 50 a barrel.
In the market for
rising government bond yield spread (here follow the spread) between the Italian and German ten-year rate above 140 basis points.
(Il Sole 24 Ore Thomson Plus)
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