MILANO – Orphaned by the reference of Wall Street, closed for holidays, the European stock exchanges all closed up after a morning marked by weakness: Milano is the best of the Old Continent and stops at + 0.63%, Frankfurt earn 0.08%, Paris 0.22% while London 0.58%. Mediobanca in great shape at PIazza Affari after Delfin announced on Friday that it had reached 19%. It also ends with a minus sign Tokyo: the Nikkei marks -0.6% at the end of the trade, weakened by the disappointing results of the Liberal Democratic Party, currently in government, in the elections of the municipal assembly of the Japanese capital on Sunday.
On the Chinese front, however, there is a slowdown in services, with the Caixin SME index falling to 50.3 in June from 55.1 in May, to the lows of the last 14 months, mainly due to the outbreak of the Delta variant of Covid-19 which affected Guangdong. The services sector, on the other hand, is doing better in Europe: the Italian figure rises to 56.7 in June, from 53.1 in May, beyond expectations which predicted 56. The German tado is also doing well: the SME services index in Germany rises to 57.5 from 52.8 in May, the highest since March 2011, even if the figure is lower than expected (58.1).
It spread between BTP and German Bund it closed slightly at 101 basis points, compared to the 100 points of Friday’s closing, with the yield of the Italian ten-year stable at 0.8%. Among currencies, the euro / dollar exchange rate rose slightly to 1.1860 compared to 1.1840 on Friday evening.
Oil, that’s why the clash between OPEC + and the United Arab Emirates could drive up inflation
by Luca Pagni
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While waiting for the OPEC + countries to find an agreement on the new production levels, oil prices return to rise in the afternoon: Brent continues to trade at 76.3 dollars a barrel while the WTI reaches 75.32 dollars. “Failure to reach an agreement could leave existing OPEC + production limits in place, squeezing an already tight market and potentially driving up crude oil prices sharply,” analysts note.
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