Bags today June 6 | Europe, cautious start: eyes on central banks
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The session started below par for the European stock exchanges, which continue to wonder about the prospects for inflation and the moves of central banks on both sides of the Atlantic. On Monday 5 June, the president of the ECB, Christine Lagarde, left little hope for investors, underlining that there are “no clear signs that inflation has “reached its peak”, while the weak macroeconomic data published in the USA allow the markets to return to betting on a pause in the Fed’s bull cycle. In Australia, meanwhile, the central bank surprised the market by raising rates by 25 basis points and signaling further hikes to come.
Business Square
Among the main Milanese stocks, the hypothesis of a merger between Mps and Bper has diametrically opposite consequences on the stocks: if the prices of the Sienese bank are at the top of the Ftse Mib with a gain of 2.37%, those of the Modena institute they lost 1.12%. Also in the red are Pirelli (-1.4%) awaiting the government’s decisions on the Golden Power and while the rumors about a possible entry of CDP into the game seem to cool speculation about a shareholding reorganization with a takeover bid. In the rest of the list, Rai Way rises by 2.85%, supported by the return of the aggregation scenarios with EiTowers. The sales of Stellantis also weigh on the main list (-1.5%). Banco Bpm also did well (+1.6%). Little move Unicredit (+0.16%) in the aftermath of the availability of the ceo Andrea Orcel for another mandate. Tim flat (-0.04%) waiting, by Friday, for the new improved offers on the network. Marginal Diasorin (-0.19%) after the Consob fine for violation of obligations regarding the communication of privileged information.
Energy and currencies
On the foreign exchange market, the euro consolidates its positions at 1.0724 dollars (from 1.0713 at yesterday’s close). The single currency is also worth 149.29 yen (149.60), while the dollar/yen ratio is 139.22 (139.63). Oil prices lose share: the July future on the WTI marks -1.22% at 71.27 dollars a barrel, while the August delivery on Brent slid by 1.11% to 75.86 dollars. The price of natural gas in Amsterdam is volatile: after an upward start that brought it back above 30 euros per megawatt hour, the July futures drop 3.7% to 27.4 euros.
Asian bags
The Chinese stock exchanges closed the session with a sharp correction in the indices: the Shanghai Composite index dropped 1.15%, slipping to 3,195.34 points, while that of Shenzhen lost 1.72%, stopping at 1,998 ,62. The Hong Kong Stock Exchange opened slightly higher, thanks to the growth of tech stocks. The Hang Seng Index gained 0.05% (8.61 points), to 19.117.11.
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