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(Il Sole 24 Ore Radiocor) – European stock markets, after the rebound of the last week, open lower, in the wake of the slowdown in the technological rally on Wall Street. The FTSE MIB of Milan therefore falls and the CAC 40 of Paris, the DAX 40 of Frankfurt, the AEX of Amsterdam and the IBEX 35 of Madrid also move to a similar level. The FT-SE 100 in London does not take off after the May data on retail sales (+2.9%) returned to increase after last month’s decline. The performance of the Asian markets also contributed to slowing down the stock prices: Tokyo’s Nikkei closed down by 0.1%, with the growth of Japanese inflation in May.
On the European front, investors’ attention will be focused on the services and manufacturing sectors to obtain useful indications on the health of the economy in view of the next moves of the central banks. In fact, the PMIs for Germany, Great Britain and the Eurozone will be published, while in the afternoon it will be the turn of those for the United States. The Ecofin meeting in Luxembourg is also scheduled.
Spread drops to 150 points, ten-year yield falling
Declining trend for the spread between BTp and Bund. The yield differential between the reference Italian ten-year BTp (Isin IT0005560948) and the German equivalent maturity stood at 150 basis points, compared to 152 points at the closing date the day before. Sharper decline for the yield of the benchmark ten-year BTp which scored a first position at 3.90%, from 3.94% of the previous reference.
Euro weak at 1.07 dollars, oil falls after a 7-week high
On the currency market, the euro trades with the dollar in the 1.071 area (from 1.072 at the close yesterday). The single currency exchanges with the yen at 170.3 (170 at the previous closing), while the dollar/yen cross is indicated at 168.9 dollars (158.7 dollars).
After reaching seven-week highs overnight, the price of oil falls, with Bren August at 85.76 dollars a barrel (+0.09%) and WTI of the same maturity at 81.35 dollars (+0.09%) 06%). Gas was flat (-0.02%) at 34.39 euros per megawatt hour on the Amsterdam platform.
Tokyo closes lower after inflation data
Closing slightly lower for the Tokyo Stock Exchange where caution prevailed after today’s inflation data (last month the consumer price index grew by 2.5% on an annual basis, compared to +2.2% recorded in April), with the market wondering about the impact that the price dynamics could have on the BoJ’s next moves. Conditioned by the weakness of the real estate and high-tech sectors, the Nikkei Index ended the session with a decline of 0.1%, settling at 38,596.47 points. The broader Topix Index also closed with a fractional decline, marking a final position at 2,724.69 points, with a decrease of 0.03% on the previous day’s reference.
