(Il Sole 24 Ore Radiocor) – The restart of China, where the Government is softening the restrictive measures in light of the decline in Covid cases, the prospect of a not too aggressive Fed (meanwhile the Bank of Japan has indicated that monetary policy will remain accommodative) and the hope that the economy does not suffer excessive repercussions push upwards European stock exchangeswho are also looking to the European Council, where, among other things, a possible ceiling on gas prices, a subject dear to Italy, will also be discussed.
Thus the continental indices try to keep up with the previous octave (+ 3% the Stoxx 600 Europe, + 2.2% the Ftse Mib) and they move upwards, in a session that will in any case lack the Wall Street, closed today for Memorial Day. In particular, the FTSE MIB of Milan, with Telecom Italia in the front row, the CAC 40 of Paris, on FT-SE 100 of London, theIBEX 35 in Madrid, l’AEX of Amsterdam and the DAX 30 in Frankfurt, while looking at the import price data for April (+ 1.8% on the month, + 31.7% on the year at the top since the 1974 oil crisis).
In Milan Tim takes place after Mou, Ftse Mib almost all positive
In Piazza Affari, in an Ftse Mib almost all positive (in the queue, with modest declines, General e Italgas), shoot immediately Telecom Italia, after Tim, Cdp Equity, Kkr, Macquarie and Open Fiber signed a Memorandum of Understanding to start the integration process of the Tim and Open Fiber networks. Among the banks, positive Intesa Sanpaolo, after Goldman Sachs initiated the hedge with a “buy” rating and target price of € 3.25 per share (currently worth € 2.07). To report Saipemback from + 9.3% last week, is still positive on the day of the signing of a non-binding agreement with Havfram Holding and Hvas Invest Kappa to evaluate cooperation in the development and construction of offshore wind farms.
Spread strongly up, back to 200 points
Strong upward trend for the spread between BTp and Bund which returns to 200 on the MTS secondary market for European government bonds. The yield differential between the ten-year benchmark BTp (Isin IT0005436693) and the same German maturity is indicated at 200 basis points from the 194 points of the previous final. The yield of the benchmark ten-year BTp also rose to 2.97% from 2.91% of the last reference recorded at the closing on Friday.
Oil rises, gas prices and euros slightly above $ 1.07
Oil rose, with July WTI + 0.85% at $ 116.05 a barrel and Brent with the same maturity + 0.57% at $ 120.11. The prices of gas traded in Amsterdam did not move (contracts in June + 0.7% at 87.5 euros per megawatt hour). On the currency, the euro remains above 1.07 dollars and changes hands at 1.0751 dollars (1.0755 at the opening and 1.0697 the previous close) and at 136.84 yen (136.79 at the start, from 135 , 95). The dollar / yen exchange rate is at 127.30.
Tokyo closes up with China restarting
The Tokyo Stock Exchange closed the first session of the week on a positive note, encouraged by the deceleration of US inflation in April according to data published on Friday and household consumption in the United States which slowed, but less than expected; but also from the news that China has eased the antivirus brakes on commercial activity in Shanghai and Beijing, implementing a plan to revive economic activities. Shanghai has announced tax breaks and subsidies to help businesses recover from a two-month shutdown. At the end of the trade, the Nikkei Leadership Index gained 2.2% to 27,369.43 points and the broader Topix index gained 1.89% to 1,923.06 points.
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