Bags Wednesday 31 May | Europe weak after the slowdown of the Chinese economy
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European stock exchanges open down, following Asian markets and Wall Street futures down. The sudden slowdown in Chinese manufacturing worries the markets. Also in the spotlight is the story of the US debt awaiting the vote of Congress. During the day, inflation data are expected in France, Germany and Italy. On the central bank front, the Fed’s Beige Book will arrive from the US in the evening.
European stock exchanges and spreads
Frankfurt dropped 0.83% to 15,776.55 points, London 0.67% to 7,471.70 points, Paris 0.88% to 7,145.16 points, Madrid 0.53% to 9,118.83 points. Milan loses 0.67%. Stable opening for the spread between Btp and Bund while yields continue to fall. At the beginning of the session, the yield differential between the 10-year benchmark BTP and the same German maturity indicated at 181 basis points, the same level as the closing date on Tuesday 30 May (here the spread in real time). The yield of the 10-year benchmark BTP was down sharply, taking first place at 4.08% from 4.17% in the previous reference. The yield on the Bund falls from 2.37% to 2.28%.
Business Square
Piazza Affari opens in negative territory. On the list, the highest declines for industrial stocks, with Prysmian -1.9%, Iveco -2%, Cnh -1.5%, Stellantis -1.2%, Pirelli -1.4%, Stm -1, 8%. Among the banks, Unicredit drops 1%, Intesa -0.4%, Monte Paschi continues its rise with +1.5%.
Asian bags
Asian stock markets close down with Chinese manufacturing experiencing a sharp slowdown. In sharp decline Tokyo (-1.41%). In terms of exchange rates, the yen reversed its trend, appreciating to 139.40 against the dollar, and against the euro to 149.10. While trading is still ongoing, Hong Kong (-2.6%), Shanghai (-0.7%), Shenzhen (-0.5%), Seoul (-0.3%) and Mumbai (-0 .8%).
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