Today’s Stock Exchanges, June 19th. Weak price lists, Goldman cuts Chinese growth and there are doubts about Beijing’s stimulus. Spotlight on Pirelli
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MILAN – Weak price lists in Asia and uncertain prospects for Europe: according to Bloomberg, investors are unnerved by the lack of signs that China is ready to deploy significant new stimulus to deal with the economic slowdown. The fact that rather weighs on the mood Goldman Sachs has cut its forecasts for Beijing’s growth, citing precisely the limited options for stimulating the economy, while the visit of the US secretary of state, Blinken, arrives at the end of the day. Tech companies have paid the brunt of this uncertainty. In Europe, where investors will remain deprived of the Wall Street reference which remains closed today, we look at the interventions of some representatives of the BCE. The week then culminates with the report of Powell (Chairman of the Fed) in the US Parliament. Lastly, the spotlights will be on Pirelli: on Sunday evening the company released the provision on golden power adopted by the government which has the task of “preparing a network of measures that operate overall to protect the independence of Pirelli and its management, as well as to protect the technologies and information of strategic importance held by the company”.
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Asian stock markets negative in the first session of the week. Goldman cuts Chinese growth
Euro slightly moved at the opening
Euro moved little this morning on the currency markets: the single European currency is traded at 1.0940 dollars with a growth of 0.03%. The euro changed hands at 154.8300 yen, down 0.25%.
Falling futures for European stock exchanges
Futures down for the first weekly session of European stock exchanges. Frankfurt’s Dax future falls by 0.43%, while London’s Ftse 100 falls by -0.15%. The future of the Euro Stoxx 50 marks -0.36%. Eyes always focused on the moves of central banks after the ECB raised rates by 0.25% last week and will most likely do the same in July, while the game remains open for September. Many central banks will meet in the coming days and the most eagerly awaited is the BoE, the Bank of England, which will probably make another quarter point hike.
Weak oil
Oil prices are down on Asian markets. Contracts on the WTI are sold at 70.95 dollars a barrel, down by 1.33%. Those on Brent at 75.53 dollars, down by 1.40%.
Asian stock markets negative in the first session of the week. Goldman cuts Chinese growth
Asian stock markets continued to decline in the first weekly session with the Nikkei index of the Tokyo Stock Exchange down by 1.21%, while Seoul dropped by 0.86%. Turning to Chinese markets, Hong Kong loses 1.41%, Shanghai drops by 0.55%. Fears over the loss of momentum in the Chinese economy are weighing on Asian stock markets. Goldman Sachs cut its growth forecast for the Dragon economy, taking its estimates for this year from 6% to 5.4%.
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