A slow start, slightly down, for European stock markets, with bated breath for US inflation data due tomorrow May 10 (consumer prices) and Thursday 11 (manufacturing prices). They will be useful in understanding whether the Federal Reserve will actually decide to pause interest rate hikes as hinted at at the last meeting. while the economic situation is more optimistic. Even if, on the one hand, the better-than-expected data on the American labor market, which were published last week, at least partially dispelled fears that the American economy could slide into recession, on the other hand – with the rise in wages – inflation concerns and monetary policy have gained strength, giving the Fed arguments to keep interest rates high for longer.

European stock exchanges

and European bourses are adding to losses in anticipation of the opening of Wall Street, where futures are down. Thus, in the first part of the session, the indices travel with the handbrake on, with the Ftse Mib (-0.8%) holding its ground thanks to the sprint of the banks. Next Back Paris (-1.1%), Frankfurt (-0.5%), Amsterdam (-0.3%), Madrid (-0.84%) and London (-0.43%). The evolution of the stock exchanges in real time at this link.

place of business

Meanwhile, the season of quarterly reports continues in full swing on the corporate front, and in Piazza Affari the protagonists are precisely the companies, first and foremost the banks that have published their balance sheets: Banco Bpm takes off (+6.08%) after the first quarter exceeds expectations And revised upwards 2023-2024 forecast as Banca Mps sheds 2.54% after peaking at +5%, after profit grew to 236 million from 10 million in the first quarter of last year. Also expected among the big names in Ftse Mib are Bper (+2.46%), Diasorin (-0.29%) and Inwit (-0.81). In the queue instead Iveco Group (-0.65%), which terminated the collaboration with Nikola, with an impact on the accounts judged to be limited by analysts (€44 million in the first quarter).

Spreading

The BTp/Bund spread has shifted slightly. The yield difference between the 10-year benchmark BTP (Isin IT0005518128) and the German maturity equivalent is 193 points, i.en Up 2 cents from yesterday’s close. The yield on the 10-year benchmark BTP was stable, taking the top spot at 4.23%, unchanged from the previous day’s reference. The trend of the spread in real time at this link.

Energy and Currencies

After accelerating in previous sessions, oil prices slowed: June WTI futures fell 1.03% to $72.43 a barrel, July Brent fell 0.58% to $76.56. Natural gas prices have traded in Amsterdam scored more than 37 euros per megawatt hour by 2.36% to 36.01 euros. On the currency side, the single currency weakens against the greenback, returning below $1.10 and changing hands to $1.0997 (from 1.101 yesterday). The euro is also worth 148.235 yen (up from 147.8). The dollar/yen cross at 134.775. Finally, the spread opens little moved at 192 points (191 the previous evening), with the 10-year yield remaining unchanged at 4.23%.

Asian bags

Mixed open for Asian exchanges. Hong Kong shares started the session lower after a strong bull run yesterday, with little inspiration from dovish Wall Street guidance. The Hang Seng Index lost 0.22% to 20,252.13 points. The Tokyo Stock Exchange continues to rise with the Nikkei at +0.75%. Shutdown for China’s bourses, hit by lackluster national trade balance data, where the negative trend weighed on Chinese domestic demand. At the end of the session, the Shanghai Composite Index fell 1.10% to settle at 3,357.67 points, while Shenzhen’s lost 1.17% to slip to 2,023.06 points. Even worse was the performance of the Hong Kong Stock Exchange, where the Hang Seng Index closed down 2.12% at 19,867.58 points.

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