Today’s Stock Exchanges, May 5th. US regional banks continue to dance. The price lists are holding the dollar down
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It was still a very tense session for the shares of American regional banks such as PacWest, First Horizon and Western Alliance, which were sold with both hands (with losses exceeding 50%) on the rumors of possible drastic strategic operations, until the sale, which were however denied in the case of Western. While there are also requests to impose a ban on short selling of these securities, futures on Wall Street and Europe indicate positive openings: great expectations for the US labor data, during the day. Mixed shares in Asia, where however the week is starting to close with a good rise testifying to a certain immunity from the banking turmoil. The dollar weakens on the prospect of stopping Fed rate hikes.
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Germany, more than expected decline for industrial orders
EU stock markets open higher
The Milan Stock Exchange opens on the rise. The Ftse Mib at the start marks a +0.74% to 26,867 points. Positive start also for the other European Stock Exchanges with banks in evidence: Paris rises by 0.63%.
Contrasted price lists in Asia, Tokyo and Seoul closed
The Asian stock exchanges travel mixed, orphaned by Tokyo and Seoul which were closed for holidays, and in the wake of the red on Wall Street, weakened by the crisis in the banking sector in the United States. In Hong Kong, the Hang Seng index rose 0.73%, while the Shanghai Stock Exchange Composite Index fell 0.65% and Shenzhen fell about 1%.
The services PMI falls in China
The pace of expansion of China’s service sector declined slightly, but growth remains robust. Last April, the PMI services index, published by IHS Markit, stood at 56.4 points, down from 57.8 in March. A number below 50 reflects a contraction in activity. Beyond, indicates expansion. This is the second fastest pace since November 2020, after March.
Oil up on Asian lists
Oil prices rallied in Asian markets even as futures are on track to lose more than 10% this week, weighed down by lingering concerns that rising interest rates could slow the global economy and hurt energy demand. A surprise contraction in Chinese manufacturing activity amid weakening global demand also clouded the outlook for the world’s largest importer of crude oil. On the supply side, Russian crude exports exceeded 4 million barrels a day last week, despite the country’s pledge to cut production. This has led to speculation that Russia may increase oil exports to maximize revenue for its beleaguered economy.
WTI futures are up 0.67% to 69.01 dollars a barrel while those of Brent are up 0.98% to 73.21 dollars a barrel.
Euro still slightly up against the dollar
The euro is up slightly against the dollar this morning on the currency markets: the single European currency is trading at 1.1037 dollars with an increase of 0.23%. The euro changed hands at 147.8500 yen, down 0.03%.
Germany, more than expected decline for industrial orders
Factory orders in Germany decreased by 10.70% in March compared to the previous month after +4.8% recorded in February. Analysts had expected a more contained decline of 2.2%.
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