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(Il Sole 24 Ore Radiocor) – European stock markets open higher, after having assimilated the indications of the president of the Federal Reserve, Jerome Powell, on interest rates, which will remain high for a longer time than expected but there will be no further increase. Attention shifts to the American labor market, with the employment data (expected at 2.30 pm Italian time) which will provide indications on the performance of the American economy.
This comes in the aftermath of a positive session for Wall Street where Apple presented its quarterly accounts which show profits and revenues falling but less than expected. The quarterly reporting season also intensifies in Europe with various banking institutions: it is Intesa Sanpaolo’s turn, while next week the veil will be lifted on the other banks.
Euro returns above 1.07 dollars, oil rises
On the currency market, the euro trades at 1.073 dollars (from 1.0698 yesterday at the closing) and is worth 164.37 yen (down from 165.3 at the closing the day before. The dollar/yen cross drops to 153.16 ( -0.37%).The price of oil rose with July Brent at 83.86 dollars per barrel (+0.2%) and June WTI at 79.2 dollars (+0.3%). increase the price of gas to 30.95 euros per megawatt hour on the Amsterdam platform.
Best series of increases since 2018 for Hong Kong
Asian stock markets (the markets of Tokyo and mainland China are closed for holidays) rose to the highest levels of the last 15 months, led by the stocks of Chinese technology giants and by Hong Kong, which recorded the ninth consecutive session of gains and the best series since 2018, while the yen has moved further away from recent lows. The benchmark Hang Seng index rose as much as 2.2%, for its ninth consecutive session of gains. Chinese tech giants Alibaba Group Holding and Tencent Holdings were among the main drivers of the rally.
In recent weeks the financial center’s benchmark indices have all entered bullish territory, with Chinese money and global funds attracted by cheap valuations, Beijing’s favorable political position and the peg of the city’s currency to the dollar. If inflows persist, Hong Kong markets could regain ground after the Hang Seng Index has slumped nearly 40% over the past four years.
