European stock exchanges in plaster, inflation and Covid cases observed special

(Il Sole 24 Ore Radiocor) – Sitting under the banner of prudence for European stock exchanges, in the aftermath of a day of declines despite the reassurances of the ECB and in a market that remains at the window monitoring the data on inflation and the number of Covid-19 cases that returns to worry, with Germany recording record levels of infections. Thus the FTSE MIB in Milan, the CAC 40 in Paris, the DAX 40 in Frankfurt, the Ftse 100 in London, the IBEX 35 in Madrid and the AEX in Amsterdam remain at stake.
It should be noted that the dollar is in rally after better-than-expected US retail sales, it pushed the euro to its lows since July 2020 to 1.1263 (then recovered to 1.1313) while the dollar / yen rose to 114.97 from its highs since March 2017. In terms of prices, inflation numbers are monitored: in Great Britain they increased by 1.1% monthly, bringing inflation to accelerate to 4.2% per annum, an important indication for the Bank of England, which surprisingly did not hit rates in the last meeting.

In Milan Tim still shines, in the pharmaceutical queue

In Piazza Affari the recovery of Telecom Italia continues, taking it to the top of the list, after the weakness of last week and on the rumors of a possible revision of the contract with Dazn on Serie A. Prysmian and Stmicroelectronics also did well. Two-speed utilities and generally weak banks, at the end of the Amplifon and Diasorin price lists.

Dollar strengthens, euro far from the highs of the beginning of the year

On the foreign exchange side, the strength of the dollar should be monitored with the dollar index traveling over 95 points, as it had not happened since the summer of 2020. Consequently, the euro is losing share and has slipped into the 1.133 area, very far from 1, 23 at the beginning of the year. Any further strengthening of the greenback could push the Fed to speed up the stimulus reduction plan as well as to think about possible monetary tightening.

The euro / dollar exchange rate

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Spread slightly moved, even ten-year yield stable

Little rough trend in the spread between BTp and Bund on the secondary MTS market for government bonds. The yield differential between the ten-year benchmark BTp (IT0005436693) and the German bond with the same duration is indicated at 121 basis points, unchanged since the previous closing. Also unchanged was the yield of the benchmark ten-year BTp at 0.97% recorded at the last reference of the day before.

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Tokyo reverses course and closes down

The Tokyo Stock Exchange reversed course during the session to close in negative ground, thanks to profit taking but also concerns and caution over rising costs and procurement problems following the release of trade balance data. reversed the rise in tech stocks that followed Wall Street’s early gains. The weak yen, which fell to its lowest since 2017 in exchange with the dollar, did not help either. At the end of trading, the Nikkei Leadership Index lost 0.4% to close at 29,688.33 points, while the broader Topix lost 0.6% to 2,038.34.

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