Milan – A weak start for Western stock exchanges, as investors look to stop rallying US debt ceiling After postponing – Friday – the meeting between President Joe Biden and congressional leaders scheduled for today at the White House. Last week, Biden urged Republican lawmakers to move quickly to raise the maximum loan limit allowed for the government from the current $31.4 trillion, or risk dragging the world’s largest economy into recession. And US Treasury Secretary Janet Yellen confirmed yesterday that for the US, in the absence of an agreement on the debt ceiling, “there is a possibility of default from June 1,” repeating the concept again today. Among the data guiding today’s mood, China’s industrial production was also lower than expected in April.
Yellen: ‘Time to avoid default is running out’
“Time is running out” to avoid default in the US. Janet Yellen sounds the alarm about the debt ceiling a few hours after the new meeting between Joe Biden and House Speaker Kevin McCarthy. “The impasse is already creating problems for American taxpayers,” says the Treasury secretary, referring to ongoing negotiations that have yet to lead to any agreement.
Germany, the ZEW index fell
In Germany, the Zew Headline Index for May, the indicator that measures sentiment towards the German economy, fell to -10.7. It was positive in April at 4 points, and it was expected to drop to -5.3 points.
On the other hand, the country’s economic conditions index fell less than expected (-34.8 vs. -37 points), which was negative by 32.5 points in April.
Tim sharply backed away from Tim’s possible step backwards on the net
Heavy Tim opening in Piazza Avari. The stock fell 4.66% to €0.25 in the wake of the folly reported by Bloomberg, according to which CDP would be ready to abandon the offer on the fixed network.
A declining start for European stock exchanges
European stocks got off to a lower start as concerns about global growth weighed on sentiment. In the first trading in London, the Ftse 100 index fell by 0.09% to 7770.70 points, in Frankfurt the Dax index lost 0.20% to 15886.05 points, and in Paris the Cac 40 index lost 0.30% to 7395.62 points. And in Avary Square, the Ftse Mib Index recorded -0.17%, to 27,197.92 points.
Asia divergence after Chinese data
Asian stocks are trading mixed, with Chinese stocks lower after the latest data showed China’s economy is weaker than expected, with domestic demand failing to recover as hoped after the pandemic. Tokyo’s Nikkei rose 0.71% and Hong Kong’s Hang Seng rose 0.18%. Seoul’s Kospi Index also rose slightly, recording +0.04%. The Shanghai Composite lost 0.15% and the Shenzhen Composite fell 0.55%.
Futures fell on Wall Street
Dow Jones futures were down 0.23%, Nasdaq futures were down 0.10%, and S&P 500 futures were down 0.20%.
China’s industrial production halved compared to expectations
China’s industrial production rose 5.6% year-on-year, up from 3.9% in March, but about half of analysts’ estimate of +10.9%, due to weaker external demand. The economic recovery remains unstable: Thanks to the Golden Week holiday, retail sales jumped 18.4% (+10.6% in March), but below expectations of 21%. Urban unemployment drops to 5.2% (from 5.3% in March), with the youth component (16-24 years) rising to a record high of 20.4% (from 19.6% in the previous month). Investments in fixed assets are stalled: +4.7% in January-April, against +5.1% in the first quarter and +5.5% expected.
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