European Stock Exchanges Sluggish in Finale Before Fed and ECB Rate Decisions

European stock exchanges sluggish in the finale

European stock exchanges sluggish at the end of the last session of the week preceding the decisions of the Fed and the ECB on rates, while the US indices rise (Dow Jones +0.35%, Nasdaq +0.41%). Paris unchanged, followed by Milan and Frankfurt (-0.2% both), Madrid (-0.3%) and London (-0.4%). The differential between German ten-year BTPs and Bunds dropped to 172.9 points, with the Italian annual yield down by 6.1 points to 4.11% and the German one by 1.8 points to 2.38%.

Crude oil turns positive again (Wti +0.36% to 71.53 dollars a barrel), gold rises (+0.87% to 1,963.73 dollars an ounce) while natural gas (+21, 73% at 32.8 euros per MWh) is driven by hypotheses of greater electricity consumption for air conditioners in view of the summer heat. The dollar recovered to 0.929 euros and 139.37 yen, while it dropped to 0.794 pounds. The oil companies Eni (-0.81%), BP (-0.21%), Shell (+0.02%) and TotalEnergies (+0.11%) contrasted. Among the banks Mps slips (-9.32%) after the president of Unipol Carlo Cimbri has categorically excluded the hypothesis of an aggregation with Bper (-1.92%), of which the insurance group is the first shareholder. Also weak were Bnp (-1.74%), Banco Bpm (-1.3%), Unicredit (-1.19%) Credit Agricole (-1.15%) and Intesa (-0.6%). Mercedes (-0.37%) and Stellantis (-0.43%) car manufacturers benefited, while the microprocessor manufacturers Soitec (+3.25%), Nordic (+2.31%) and Stm (+ 1.43%).