MILAN – 11:00 hours. At least for one day Vienna back to the Austro-Hungarian Empire splendor: while Italy stops to celebrate the first 70 years of the Republic, on the Austrian capital the spotlight of the world economy. And ‘in Vienna, where they celebrate the 200th anniversary of the Austrian National Bank, who meet at the same time the board of the ECB to take a decision on interest rates and OPEC, the organization of oil producing countries. A meeting that does not await news on crude production levels, especially after the recent recoveries. Not surprisingly, the Saudi oil minister stressed that “they are all very satisfied” by the current market trend, that “it is in the process of rebalancing.” Pending the definitive positions, European stocks move countered: Paris is the same as Frankfurt and London halls of 0.4% and Milan 0.8%. In Milan it highlights Fca, which celebrates the good sales figures in the US and Italy.
Of course, the European Central Bank will not touch the cost of money, but there is waiting for the president’s words Mario Draghi from which it could emerge a shy strengthening inflation signal, more so after the Eurostat data released on Tuesday, drawing a tiny step forward on the road to the goal of prices close to + 2%. Waiting for important signals, yesterday, the volumes on markets are were thin, indicating that some traders prefer to stand at the window in the light of the various fronts opened tomorrow, in fact, the US government will release the employment report for May that will determine the next choice on the Federal Reserve rates. Yesterday, the US central bank released its Beige book that the US economy between April and mid-May has grown so “modest”. In the background remains the debates in the UK on the Brexit in the referendum of June 23: according to the latest survey of the Guardian of farewell to the European Union supporters would be in the lead. Suffering is also the spread between BTP and German Bund ten years that widens to 125 points, while the yield of the Italian-year bond is 1.38%.
Meanwhile, the cartel of oil-producing countries continue to debate the roof to the oil production. On the night the Iranian oil minister said that “we need a country share but do not think that will happen in this meeting.” Pending the decisions, the prices of oil are falling: the contracts on WTI crude oil expiring in July lost 13 cents to $ 48.88 per barrel, Brent drops to $ 49.69. opporto sign for the ‘ Gold rising to $ 1,216 an ounce. The euro is slight: the European single currency is changing hands at $ 1.1199.
On the macroeconomic front, the United States looks to the index of employment in the private sector for the month of May: in April were created 156 thousand new jobs, now analysts expect a jump of 170 thousand units. Also waiting for new requests for unemployment benefits for the manufacturing ISM of New York state and for oil stocks: the experts predicting a drop of 2.6 million barrels (the agenda of the markets). In Spain, meanwhile, the unemployed fell to 3,890,000, ie 119,768 less than in April. The unemployment rate remains at a high level of 21% at the end of the first quarter of 2016.
In the morning, the Tokyo Stock Exchange ended the session sharply down (- 2.32%), the missed expectations of a monetary stimulus that according to investors would have to accompany the Japanese government’s decision to postpone the consumption tax: the Nikkei index lost nearly 400 points to 16,562.55 share. The yen has returned to strengthen gradually since yesterday, almost 1.5% to the exchange rate with the dollar, hovering around 109 share, thanks to the vulnerability of the dollar and the decline by crude oil prices.
last night, the first meeting of the month of June to Wall Street began in the name of caution. After May of gains, the indices were slightly wavy but managed to annul the initial losses. Arrived to yield up to 122 points, the Dow Jones has added 2.47, or 0.01%, to 17789.67 share; the S & amp; P 500 rose 2.37 points, or 0.11%, to 2099.33 share; the Nasdaq gained 4.20 points, or 0.08%, to 4952.25 share.
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