July 3, 2022

Hardwood Paroxysm

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Bags of caution ahead of the US jobs report. Sales on BTp: Return 3.3%

(Il Sole 24 Ore Radiocor) – I European stock markets They are cautiously rising after indications of a slowdown in services activity in May in the eurozone and awaiting US employment data expected in the early afternoon that could guide the Fed’s choices: the best is Frankfurt, Milan dropped a little. It is mainly related to monetary policy decisions in which the fate of the stock exchanges is at stake, and called to follow the first rebound in the past week after seven consecutive negative signals. Fed Vice Chairman Lyle Brainard called market expectations of 50 basis point increases at the June and July meetings “reasonable” and judged the possibility of a September outage leaked by others’ comments as “extremely difficult”. Representatives of the US Central Bank. flat business yard (FTSE MIB), the best Frankfurt (DAX 40) , Paris (CAC 40and madridIBEX 35), but the inflation knot continues to bring in government bond sales: 10-year yield BTp The Italians also broke through 3.3%, hitting a four-year high.

The London Stock Exchange will remain closed for celebrations of Queen Elizabeth II’s jubilee while Shanghai also has a day off.

Leonardo is doing well in Milan, Tenaris closes Petrobras case

In Piazza Avari the focus is on Leonardo due to rumors of a non-binding offer by Rheinmetall for 49% of Oto Melara, and on Tenaris Which reached an agreement with the US Securities and Exchange Commission to close an investigation into irregular payments for orders from Petrobras: The group that produces steel pipes for the oil and gas industry will pay more than $ 78 million. Bring the weekend to Stilants And the Pop eh bankBanking and asset management declined.

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BTp, 10-year yield also exceeds 3.3%

keep expanding Spreads between BTp and Bund, which consolidates its positions above 200 basis points. In a context that appears to be, even at the beginning of today’s trading, conditioned by the sales of the European bond sector, the yield differential between the ten-year BTp benchmark (Isin IT0005436693) and the same German maturity takes first place at 208 basis points from 206 points from the previous session. also rise BTp . return The 10-year benchmark starting at 3.33% from 3.29% at the previous close, updating the maximum since November 2018.

Eurozone, services activity slows in May

In May, the index of small and medium-sized enterprises in the service sector in the euro area fell to 56.1 points from 57.7 points in April, “recording the lowest level in the past two months”. Markit confirms this by posting its regular monthly update. The composite index fell in May to 54.8 from 55.8 in April. “If the leading indicator continues to point to economic growth in the eurozone – says Markit, referring to the composite index – the data has also highlighted a loss. In light of the weak recovery after the reopening of anti-epidemic restrictions,” the statement read.