(Il Sole 24 Ore Radiocor) – In the aftermath of a brilliant session (Milan the best at + 1.65%), thanks to the possibility of an ECB anti-spread “shield” in support of European countries, the European stock exchanges they slow down, also in the wake of the weakness of the Asian markets. Attention remains focused on inflation and central banks, pending the Governing Council of the ECB on Thursday. Meanwhile, a signal came from the Central Bank of Australia which surprisingly raised the cost of borrowing by 50 basis points to 0.85%, the fastest pace in 22 years, a move that contributed to the decline in the yen at its lowest in 20 years (the dollar hit 132.955 against the Japanese currency, the highest since 2002) and made investors nervous.
The market is then waiting for theAmerican inflation in May (it was + 8.3% in April), scheduled for Friday. The price level will be observed to understand the next moves of the Federal Reserve: “the figure is expected at 8.2% but it could surprise once again on the upside considering the fuel and gas race”, say the analysts of Mps Capital Services. The market estimates with a high probability an increase in interest rates of half a percentage point also in September, as well as in June and July.
Meanwhile, in Europe, the orders to industry in Germany they underwent a further decline in April, recording a drop of 2.7% compared to the previous month, disappointing expectations for growth of around 0.5%. On the year, the contraction was 6.7%. The March figure was revised to -4.2% from -4.7 percent. “The data was evidently affected both by the problems in the supply chains put under pressure by the restrictions in China and by the interruptions due to the Russian invasion of Ukraine – say the analysts of Mps Capital Services – and help support the expectation of a revision to the lowering of ECB growth estimates ».
In Milan down the pharmas, the energetic ones are saved
In Piazza Affari, even if the declines are not very marked, the FTSE MIB is almost all negative, while Leonardo and the energetics are saved (Saipem, Eni, Prysmian), with oil to some extent supported by the rise in crude oil. Pharmaceuticals are in the queue, down all over Europe with the EuroStoxx 600 index for the sector among the worst (Remember, Diasorin). Attention to the sector of managed savings, while the data on the collection arrives. In the spotlight too General on the day of the board of directors on which the issue of replacing Francesco Gaetano Caltagirone, who resigned at the end of May, will be addressed.
Gas, price still falling, updates pre-war lows
The price of gas traded in Europe travels down, looking for an opportunity to go below the threshold of 80 euros per megawatt hour. At the start, the contracts expiring in February are down by 2.8% to 80.25 euros per megawatt hour. On February 22, before the start of the war in Ukraine, the price of gas was at 78.66 euros (the Russian invasion started on February 24 and that day gas prices had risen above 129 euros, to touch in the following weeks a peak above 200 euros).
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