MILANO – The calm returns to the markets after a week heavily marked by the intervention of the Fed. A strong nervousness that was still felt on Asian trading, with Tokyo which closed with a heavy -3.29% after losing more than 4 points during the session. The St. Louis Fed chairman on Friday sowed further concern on the markets, who said he saw a first rate hike as early as 2022. An acceleration compared to indications that had arrived just a few days earlier from the bank’s Monetary Policy Committee central US, according to which a first rate hike would come by the end of 2023, a year earlier than initially expected.
In Europe, however, the lists remove worries and turn upwards: at the end of trading Milano marks a positive balance of 0.71%, London earns 0.6%, Frankfurt 0.95% e Paris 0.5%. Piazza Affari remains positive despite the detachment of dividends by 7 big companies which is worth -0.23%: Snam, Terna, Poste Italiane, Pirelli, Stmicroelectronics, Telecom Italia and Exor. Also Wall Street rebounds after the octave negatively oriented by the Fed, clinging to the shares linked to the cyclical growth of the economy: at the close of the European stock exchanges, the Dow Jones adds 1.5%, the S & P500 rises 1.2% and the Nasdaq follows at + 0.5%.
After the strengthening of the dollar linked to the tones of the Fed, theeuro recovered ground by closing higher above 1.19 greenbacks. The European currency is climbing the slope and changes hands at 1.1911 dollars and 131.27 yen. Dollar / yen unchanged at 110.20. The euro thus opens below 1.19 to 1.1862 dollars and 130.31 yen. The Dollar Index, the index that measures the value of the dollar against a basket of international currencies, had hit a record high since mid-April, having jumped nearly 2% last week.
To report a new day of passion for Bitcoin, after the Chinese Central Bank summoned major banks and online payment platforms against Bitcoin and other virtual currency transactions, in Beijing’s latest cryptocurrency crackdown. Among the institutions summoned are the major Chinese banks (Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Postal Savings Bank and Industrial Bank) and the list also includes Alipay, the managed online payment platform from the e-commerce giant founded by Jack Ma, Alibaba. The Beijing institute asks not to provide the opening of virtual currency accounts and to investigate “fully” cryptocurrency exchanges. The new Beijing squeeze pushes the main digital currencies into the red, with Bitcoin losing more than 5% in the $ 32,000 area.
Among the events of the day, the president of the ECB, Christine Lagarde, was expected at the European Parliament. Lagarde assured that “the outlook for the economy is really improving as the pandemic situation improves, vaccination campaigns go on and confidence begins to grow”. Reiterating that accelerating inflation will only be temporary, the governor of the ECB explained that “a tightening of rates now would be premature and would create risks both for the recovery and for the inflation prospects”. The spread between BTPs and German Bunds at ten years it is about to close on the electronic markets, slightly down to 105.5 basis points, compared to 107 at the start of the session. The yield on the Treasury product is 0.88%.
The prices of the Petroleum Finally, they are stable on forecasts of rising demand in the Northern Hemisphere summer season, but investors are a little intimidated by a return of Iranian crude oil supplies despite the pause in talks to end US sanctions. Brent crude for August delivery lost 24 cents, or 0.3%, to $ 73.27 a barrel. US West Texas Intermediate (WTI) crude for July delivery fell 17 cents, or 0.2%, to $ 71.47. Both benchmark barrels have risen in the past four weeks thanks to optimism sparked by the pace of global COVID-19 vaccinations and the expected resumption of summer travel.
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