June 4, 2023

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The Stock Market: Changing Course in Europe, Positive Future for the United States – Economics

(ANSA) – Milan, May 15 – Major European bourses have changed course despite positive futures on US listings. EU inflation estimates have been revised upwards, while Atlanta Fed President Rafael Bostick does not expect a US interest rate cut until late 2024. The US is still searching for a solution to the debt ceiling’s rigidity to avoid a recession. The spread between the German 10-year BTPs and the Bund rose to 188.3 points, with the Italian annual yield growing by 2 points to 4.19%, against 4 points more than the German one at 2.31%.

Madrid (-0.35%), Milan (-0.32%) and Frankfurt (-0.15%) lose out. Less movement in Paris (-0.05%), with a slight increase in London (+0.36%). Istanbul weakened (-4%) after trying to recover from the initial slide after the first election round. The Turkish lira also fell (-0.86% to 21.38 against the euro and -0.5% to 19.65 against the dollar), while the euro rose (+0.28%) to 1.08 greenbacks. Crude oil (Wti +0.51% to $70.44 a barrel) and gold (+0.11% to $2.016 an ounce) are on the rise, in contrast to natural gas (-1% to €32.44 per MWh). Oil companies Neste Oil (-1.26%) and Eni (-0.54%) retreated, while Shell (-0.23%) and BP (-0.13%) are more cautious. Weak semiconductor producers Infineon (-1.1%), Soitec (-1.22%) and STM (-0.6%). Luxury prices also declined with Moncler (-1.77%), Lvmh (-0.86%) and Hermes (-0.58%), while the automotive sector held steady with BMW (+0.35%), which cut coupon last Friday. Little movers Mercedes (+0.22%) and Stellantis (-0.05%), less than Renault (-0.48%). In banking, minus Mps (-1.36%), Bper (-1.32%), Intesa (-1.11%), Banco Bpm (-0.97%), Unicredit (-0.64%), Credit Agricole (-0.61%) and Bnp (-0.64%).

NatWest positive (+1.03%), more cautious Lloyds (+0.45%) and Sabadell (+0.15%). (handle).

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