Today’s Stock Exchanges, June 13th. US inflation expected to slow down. Record-breaking Apple. China cuts interest rates unexpectedly
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MILAN – The markets are looking at US inflation data as a starter for the decisions of the US central bank (Wednesday) and the European one (Thursday). According to the consensus of Bloomberg, US consumer inflation would rise by 4.1% annually in May, to the lowest levels for over two years (March 2021) and well below April’s 4.9%. Monthly growth should be limited to 0.1%. But it will be data that will indicate the “persistence” of the price race, with core inflation (extracted from volatile elements such as food and groceries) growing by another 0.4% in May (as in April) and by 5.2% annual. Numbers that would justify other moves by the Federal Reserve, from which for now the market is expecting a break in the hikes. Among the movements on Wall Street, we note the record closing for the Apple stock (an event that had not been seen since January 2022): the iPhone giant crowned the restart of tech and scored $183.79 per share (+1.6%) , driving the presentation of the Vision Pro viewers. In 2023, Apple gained more than 41% (against +35% for the Nasdaq 100): the capitalization is 2,890 billion and the milestone of 3 thousand is within reach.
Germany, inflation continues to fall in May
The final data on German inflation in May confirms the slowdown already highlighted by the preliminary data. Consumer prices rose by 6.1% and 6.3% on a harmonized basis with the EU, confirming the flash estimates released at the end of last month. Consumer prices fell by 0.1% compared to April and by 0.2% on a harmonized basis, also in this case in line with the preliminary data and economists’ expectations. Consumer prices in Germany had risen by 7.2% in April.
Closure sharply higher for Tokyo
Positive closure for the Tokyo stock exchange, after yesterday’s gains on Wall Street and pending US inflation data and the forthcoming Fed meeting. The Nikkei 225 index rose by 1.80% to 33,018.65 points , while the broader Topix index gained 1.16% to 2,264.79 points.
Unemployment falls in Great Britain
The UK unemployment rate fell slightly by 0.1 percentage point in April, reaching 3.8% from 3.9% previously. The number of people claiming unemployment benefits in the UK fell by 13,600 in May, following a revised increase of 23,400 the previous month.
China surprise rate cut to support recovery
The Chinese central bank unexpectedly cut the ‘seven-day reverse repo rate’, its short-term reference rate. A move aimed at supporting business in the complex post-Covid recovery phase of the second world economy. The main rate at which the central bank provides short-term liquidity to commercial banks (seven-day repo rate) was lowered from 2.0% to 1.9%. The measure has immediate effect, according to what was specified by the Chinese monetary authority. The last drop in this rate was in August 2022.
Futures up for Wall Street
Index futures up for US markets in today’s trading. Early indications show a 0.08% gain for the Dow Jones, while the S&P 500 contract rises 0.21% and the Nasdaq contract rises 0.41%.
Slight recovery in oil, but Wti below 70 dollars
Oil prices slightly recover in today’s trading, after the sharp decline, exceeding 4%, suffered yesterday. The WTI future marks an increase of 0.49% to 67.45 dollars a barrel, while Brent climbs up 0.64% to 72.30 dollars.
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