Bags today May 4 | Milan opens down (-0.40%), the spread is stable

The first trades in Piazza Affari confirm the downward start, with the Ftse Mib index down by 0.4% which indeed slightly widens the losses. Uneven start for the spread between Btp and Bund: the differential opened the session on the electronic markets at 186 basis points, the same level as yesterday’s closing. The yield of the Treasury benchmark Btp at 4.11%. Even the main European stock exchanges open weakly awaiting the decision of the ECB. In fact, the central banks’ war against inflation does not stop and today the Frankfurt institute could follow the same path as the Fed which yesterday raised rates by a quarter of a point, bringing the cost of money in the United States to a level between 5 and 5.25%, the highest since 2007, a value justified by an inflation rate which in March, although decreasing, continued to remain at a level of 5% on an annual basis.

In Milan Leonardo yields 3% to 10.5 euros after accounts with revenues for the first quarter below expectations. Also weak were CNH (-1.9%), Banco BPM (-1.7%) and Stellantis, which lost one and a half points. Limata (-0.6%) Tim on the day of the Board which will analyze the offers on the network, Lottomatica holds (+0.6%) after the debut on the eve with a slip. Up 1% Saipem after the go-ahead for a project in Guyana and 0.6% Eni.

European price lists on stand-by

In Europe, in the light of the inflation data in the Eurozone, which in April recorded a tendential increase of 7% (up from 6.9% in March), a rise of half a percentage point which is not entirely excluded. In this scenario, the Cac 40 index of Paris dropped by 0.28% to 7,383.15 points, the Dax 30 of Frankfurt, the Dax 30 of Frankfurt recorded a drop of 0.26% to 15,773.69 points and the FTSE 100 of London loses 0.27% to 7,767.90 points.

Even the Chinese stock markets are in negative territory, after the return to trade following the long holiday break on May Day, a few hours after the new rate hike decided in the US by the Federal Reserve: the Shanghai Composite index drops 0.52%. to 3,306.12 points, while that of Shenzhen lost 0.13%, to 2,053.38. Tokyo, on the other hand, scored +0.12% at the close, with the Nikkei at 29,157 points.

The IMF: Beware of the formation of trade blocs

The International Monetary Fund (IMF) warned today of uncertainty over Japan’s monetary policy stance, warning that a hypothetical turnaround from the Bank of Japan’s (BoJ) ultra-expansionary monetary policy could have a significant impact on financial markets global. Krishna Srinivasan, director of the Fund’s Asia and Pacific department, also highlighted the risks to the growth prospects of Asian economies, due to factors such as weakening exports to advanced economies, slowing productivity in China and the fragmentation of global trade. In the medium term, we expect the Chinese economy to experience a slowdown in productivity and investment, which will bring growth below 4 percent by 2028. The Fund also sees the risk of a fragmentation of the global economy into trade blocs, a scenario that would be particularly detrimental to export-dependent Asian economies.