(Il Sole 24 Ore Radiocor) – Le European stock exchanges closed in a sprint with the third consecutive rise and Wall Street is also toned especially with the Nasdaq index back above 12 thousand points: after the indications of the Federal Reserve on Wednesday and the data on US PCE inflation, traders are showing confidence on the the fact that the peak of prices in the United States has been reached. Strong up the CAC 40 of Paris, on DAX 40 of Frankfurt andAEX of Amsterdam. Sales on the utilities Piazza Affari (Ftse Mib) and Madrid (IBEX 35). The increase in London is also limited (FT-SE 100).
For Europe a comeback of 3% in the last week
For the European lists, the eighth closes with an overall recovery of around 3%. The last three consecutive upward sessions have allowed the lists to record a positive balance compared to last Friday’s closing, with the Ftse Mib gaining 2.2%, lagging behind among the main continental markets. With the Stoxx 600 Europe index up by 3%, the Dax40 in Frankfurt rose by 3.4%, the Cac40 in Paris by 3.7%, the Ibex35 in Madrid by 5.3% (also thanks to the jump Santander + 10.5% and Inditex + 9.2%, the best stocks of the Eurostoxx 50), the Ftse100 in London by 2.6% and the Aex in Amsterdam by 2.8%. The best sector of the week in Europe was Retail (+ 6.6%), followed by Banks (+ 6%) with Raw Materials (+ 5.3%) completing the podium. In Piazza Affari, the pink jersey of the week is from Saipem (+ 9.3%) which precedes the banks: Unicredit + 8.8%, Bper + 7.9% and Banco Bpm + 7.4%. Opposite sign for Italgas (-5.5%) and A2A (-4.9%), thanks to the subdued week for utilities at European level. Generali lost 5.1%.
Wall Street rises, PCE inflation falls
Briskly rising Wall Street after the slowdown in inflation: third consecutive recovery session for the Nasdaq (+ 6% overall). Indices should be able to break the long streak of ongoing weekly drops (eight for the Dow, seven for the S&P 500 and Nasdaq Composite). Eyes on the PCE inflation data, published together with personal income and consumer spending: PCE inflation fell in April to + 6.3% annually, with the ‘core’ figure down to +4.9 %, in line with estimates and after 5.2% of the year-on-year ‘core’ figure recorded in March, a 4.9% forecast. The slowdown in inflation is pushing the stock market especially the tech sector and that of discretionary consumer goods with Apple and Microsoft in evidence.
US, consumer confidence at its lowest in 11 years
In May, Americans were less optimistic about the economy than the previous month. The final index on confidence drawn up monthly by the University of Michigan was equal to 58.4 points, after the 59.1 of the preliminary reading, lower than the 65.2 of the final reading in April, against expectations for a confirmation of the 59, 1 points. This was the worst reading since 2011. The component that measures expectations for the future rose from 62.5 to 55.2, the one on the current situation dropped from 69.4 to 63.3. As for inflation, one-year expectations fell from 5.4% to 5.3%, against a confirmation forecast of 5.4%, five-year expectations remained unchanged at 3%, in line with he waited for them. In February 2020, before the start of the pandemic, the index was at 101 points.
In Milano Generali down with the Caltagirone exit from the Cda
At Piazza Affari, sales session for utilities and banks: in particular, Terna, which had reached an all-time high two days ago, set the pace together with the other companies in the infrastructural networks, while among the bankers they fell behind Banca Pop ErMediobanca and Banco Bpm. General it dropped to 17 euros after the surprise announcement of the resignation of Francesco Gaetano Caltagirone, with immediate effect, from the board of the company. Little move Telecom Italia, struggling with the single network node. After the rally on the eve, slow down Saipem, which also, in an equal joint venture with Clough, has reached a $ 2.7 billion agreement with Perdaman Industries for the development of the urea plant along the coast of Western Australia. Out to the main price list Autogrill which, according to The sun 24 hours, sees the merger with Dufry closer. Weak the actions of MediaForEurope (Easy Aformerly Mediaset): on Monday the takeover and exchange offer starts to delist Mediaset Espana listed in Madrid.
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