Bags today June 28 | Europe on the rise, waiting for the confrontation between Lagarde and Powell

Opening of the session on the rise for the European stock exchanges awaiting the arrival of new indications on future monetary policies. Eyes on the Sintra Forum in Portugal, which will be attended by Andrew Bailey (BoE), Jerome Powell (Fed), Kazuo Ueda (BoJ) and the president of the ECB Christine Lagarde, who had already given for certain a new rate hike on the eve of interest in July. In the background remain the internal tensions in Russia and the geopolitical ones between the US and China. The US institutions are under observation with the Fed which will present the results of the annual stress tests, which come after the defaults of some US regional banks. Data on the estimate of June inflation in Italy are also expected during the day, while consumer confidence in Germany is indicated to be down in July.

European stock exchanges and spreads

In the early stages, the best Stock Exchange was that of Paris (+0.7%), followed by Milan (+0.6%) and Frankfurt (+0.5%). Slightly behind London at +0.3%. The spread between the Btp and the Bund rose to 162 points at the opening of the day, against 160 at the close of Tuesday 27 June (here the trend of the spread). On the other hand, the 10-year yield fell below the 4% threshold, to 3.982%.

Business Square

Leading the main Milanese stock market St (+1.8%) in the wake of the Nasdaq increases on the eve. Purchases on Leonardo (+1.4%) and again on credit institutions, with Bper and Banco Bpm (both at +1.3%). Luxury goes up with Ferrari (+1%) while Iveco (-0.8%) and Tenaris (-0.6%) end up at the bottom of the list. +0.5% Tim waiting for the game to close for the possible sale of the network. +0.2% Eni following the agreement for the sale of Congo oil permits to Perenco for 300 million dollars (here the performance of shares in real time).

Euros, oil and gas

On the currency market, the euro confirmed its level at 1.09 dollars and changed hands at 1.0944. Flat start to the session for gas at 34.6 euros per MWh, with oil trying to raise its head: the August future on the Wti gains 0.5% to 67.9 dollars and the same delivery on the Brent trades at 72.6 dollars (+0.4 percent).

Asian Stock Exchanges

The Chinese stock exchanges closed the session down with the new slowdown in the profits of industrial companies, which collapsed by 18.8% per year in the first 5 months of 2023, against estimates of around -15%: the Shanghai Composite index stops at 3,189.38 (down by just 0.07 points), while that of Shenzhen loses 0.44% and slips to 2,021.03 points. While the Tokyo Stock Exchange ended trading with a sharp rise, supported by the weakness of the yen, which gives impetus to the stocks that most depend on the sustainability of exports, and the optimism generated by the latest macroeconomic data in the United States.