Home » Stock exchanges in red await US and ECB inflation. Rates falling in the BoT auction

Stock exchanges in red await US and ECB inflation. Rates falling in the BoT auction

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European indices move in search of direction as key appointments with central banks and US inflation approach. The session of Wednesday 8 June was also interlocutory, precisely in view of the appointment with the ECB and with American consumer prices scheduled for Thursday, while next week it will be the turn of the Fomc, the monetary policy committee of the Federal Reserve. , which meets on June 15-16. On Wall Street, where futures are moving around parity, indices still travel around highs while T-bond yields have fallen close to a month’s lows.

In Milan, Nexi’s cue, the banks are doing well

In Piazza Affari, A2a did not move much, after the announcement of having signed a non-binding term-sheet with Ardian «which establishes the main terms of a partnership in the generation and supply of energy in Italy» with a strong focus on renewables. The objective is that the joint venture “becomes one of the leading platforms in Italy in the energy transition and one of the largest producers and suppliers of electricity in the country in line with the objectives set by the Italian Pniec and the Paris agreement”. At the head of the main segment, a new starting point for Nexi after the purchases on the eve of the day. Banks regain ground with Banca Pop Er and Banco Bpm. Ferrari has announced the arrival of its new CEO, Benedetto Vigna, from Stmicroelectronics.

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FTSE Mib stock market trend

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Spread down 108 points, BoT auction rates down

The Treasury has allotted the offered amount of annual BoT of 7.5 billion, against a request of 10.3 billion. The yield fell by 5 basis points, to -0.490%, close to the historical low of -0.498% recorded in December 2020. The spread of BTp / Bund also decreased, confirming to be below 110 basis points. The yield of the benchmark ten-year BTp also falls fractionally.

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Brent on the highest since 2019, Wti over 70 dollars

New high from 2019 for Brent which is trading over 72 dollars a barrel this morning, benefiting from the decline in US private Api stocks and, above all, from the lower probability that the Iranian offer will return to the market. US Secretary of State Blinken has in fact declared that, even if an agreement on nuclear power is reached, several US sanctions would probably remain in place. “In our opinion – underline the analysts of Mps Capital Services – the most probable scenario is that of a compromise, with a progressive path of removal of sanctions and return of Iranian production”. Finally, as part of its efforts to contain the rise in commodity prices, China would be considering imposing a control on coal prices in view of the peak of the increased summer demand (to produce electricity).

Leap in producer prices in China

Investors remain focused on inflation at all times. Last May in China there was a trend increase in producer prices of 9%, the highest level in nearly thirteen years, due to a surge of commodity prices, according to official data released today. In particular, the index increased by 9% over the year according to the national statistical office. In the previous month of April, the trend increase was 6.8 per cent, while inflation fell by 0.2% on the month and rose by 1.3% on the year, below expectations.

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