MILANO – 10:00 am. Stock exchanges cautious on a day of waiting for the markets, ahead of the ECB meeting on Thursday. Investors are always cautioned by the fear of a surge ininflation, which could push the Federal Reserve to tighten monetary policy. The words of the US Treasury Secretary also weigh, Janet Yellen, which called for a period of slightly higher rates after the long struggle of central banks against too low inflation. A crucial junction, in the short term, will be the data on prices that will arrive from the USA on Thursday, in conjunction with the meeting of European governors. The lists in Europe move timid, after the new highs, as are the futures on Wall Street. Milano marks a gain of 0.15% after the first few bars, Frankfurt slips by 0.1%, London salt by 0.2% e Paris 0.15%.
During the day, data on Italian retail trade for April, quarterly GDP and employment in the Eurozone and German Zew index are expected. For the moment i have registered disappointing findings from Germany, where industrial production it contracted by 1% in April against expectations which estimated a rise of 0.4%. Year-on-year growth of 26.4% was recorded compared with the same period last year impacted by the lockdown for the covid. Manufacturing production fell by 0.7% on the month, heavy the decline in construction (-4.3%). According to Unicredit analysts, these data are the result of a physiological backlash after the jump in March, but also the effect of the bottlenecks that are upsetting global supply chains. Within the major auto industry, for example, production fell by more than 3% in April and remained nearly a quarter below February 2020 levels, “probably due to a lack of semiconductors,” the bank found. Not very encouraging indications also from the production expectations of German producers which have slightly decreased, but are still at a high level. The indicator dropped to 27 points in May, after stopping at 32 points in April, according to the Ifo business survey result.
The run-up to raw materials weighs on the German recovery
by our correspondent Tonia Mastrobuoni
The Asian stock exchanges move in no particular order: Tokyo it is up 0.1%, Seoul loses 0.08%, Hong Kong 0.3% and Shanghai 0.57%. The Japanese economy contracted in the first quarter, confirming the first contraction in three quarters, due to the impact of the coronavirus, but at a slower pace than initially estimated. According to government revised data, GDP shrank by 1% compared to the previous quarter from a previous estimate of 1.3% and 3.9% year-on-year compared to -5.1% of the preliminary published estimate. in May.
Euro little move this morning on the currency markets: the single European currency is trading at 1.2181 dollars with a decrease of 0.07% and at 133.3200 yen with an increase of 0.11%.
Among the raw materials, the Petroleum reverses course after the recent rises and the barrel for delivery in July is trading at $ 68.79 with a drop of 0.64%. Brent with delivery in August changes hands at $ 71.01 with a reduction of 0.67%. Price oforo a slight decline this morning on the commodity markets: the precious metal with delivery in August is trading at 1,898.10 dollars an ounce with a reduction of 0.04%. Silver for July delivery is trading at $ 27.87 down 0.55%.
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