MILANO – 3:40 pm. Volatile week start for equity markets after the president of the European Central Bank Christine Lagarde turned to investors in an interview with Bloomberg TV to say that the new guidelines on monetary stimuli will be adopted within 10 days, then in the next meeting of the ECB scheduled for 22 July and signaled that new measures to support the economic recovery, after the extraordinary securities purchase program will come to an end (in March 2022). Specifically, like announced in recent days, will change the guidelines on how to establish inflation targets which will be more flexible and “symmetrical” around 2%.
A Milano the Ftse Mib turned up by 0.7% in the afternoon. Amplifon runs on the main basket of Borsa Italiana after an acquisition in Australia; Banks and manufacturing are generally weak, but Prysmian rises after Stifel raises the target price. Counter the others: Frankfurt salt by 0.2%, Paris adds 0.1% while London it yields 0.26%.
Wall Street opens mixed and weak, in view of the double hearing of Fed chairman Jerome Powell in Congress and US inflation data, which will be released tomorrow. Prices will remain high at close to 5%. The Dow Jones fell 0.11% to 34,830 points, the S&P 0.05% to 4,367 points and the Nasdaq rose 0.25% to 14,744 points. The markets are also gaining in the quarterly season, with the big names in the financial sector, including GS, BofA, Citigroup, Wells Fargo, Jpm, which will publish the accounts for the second quarter.
On the monetary side, the euro against the dollar is barely moved at 1.1871. Also unchanged spread between BTP and Bund to 104 points with the yield of the Italian ten-year at 0.75%.
The Chinese stock exchanges closed the session in positive territory: the Composite index of Shanghai rises by 0.67%, to 3,547.84 points, while that of Shenzhen gains 1.98%, at 2,485.15. Rally for Tokyo which marks a jump of 2.2%.
The prices of the Petroleum, who had closed the week down, confirm the negative pitch. On the Asian markets, Light crude Wti fell by 0.75% to 74 dollars and those on Brent by 0.78% to 74.98 dollars. The stalemate at OPEC + weighs heavily, which would have even worse consequences, combined with fears for the Covid variant, if weekly oil stocks in the US had not decreased higher than analysts’ estimates.