Europe starts in line with global weakness, then the indices strengthen: Frankfurt went up 0.45%, London salt of 0.44% e Paris 0.25 percent. Milano, which was already the only positive start, strengthens to +0.93 percent. The spread, a differential between 10-year BTPs and German Bund counterparts, is moving downwards again towards 175 points, from 184 points at Friday’s close. The yield of Italian vouchers drops to 1.361%. In Piazza Affari Cattolica stands out after the agreement for the entry into the capital of Generali.
The new outbreaks of Covid 19 and the increase in infections in many countries, including the United States, which have imposed new containment measures have weighed on Tokyo Stock Exchange: it closed lower due to fears of a recovery of the pandemic. The Nikkei 225 index fell 2.30% to 517.04 points, ending at 21,995.04 points. The Topix index fell 1.78%, equal to 28.15 points, to 1,549.22. Even the Hang Seng of Hong Kong is falling: it loses 1.59.
The agenda of the week is rich both in Italy, with the government’s work on the relaunch dl, and in the rest of the world: the main event is the data on American employment. The most awaited figure comes with the improvement of the economic sentiment in the Eurozone and in the EU, which confirms the first signs of recovery shown in May and June, shows a more marked growth: the EU Commission writes it by publishing the ESI indicator increased by 8.2 and 8.1 points respectively. The most significant increases were recorded in France (+9.4), the Netherlands (+8.3), Spain and Italy (both +8.2). The indicator of employment expectations (EEI) also improved significantly: +12.7 points in the Eurozone, and +11.9 points in the EU-27.
The first data were recorded as usual from Japan: in May retail sales rose 2.1% on a monthly basis, worse than the 3% rise estimated by the consensus, but in strong recovery compared to the previous thud of 9, 9% generated by the toughest lockdowns. On an annual basis, however, the figure remains in sharp decline (-12.3%), compared to the estimated -11.6% and only slightly improves compared to the previous thud of 13.9%.
At the beginning of the week theeuro rises slightly to $ 1.1254; on Friday he ended the session just above 1.12. The single currency is also slightly recovering against the yen, trading at 120.51. The exchange rate between the greenback and the Japanese currency remains above 107 (107.11).
Among the raw materials, prices of the Petroleum going up after a negative start. The WTI gains 1.40% to 39 dollars a barrel, the Brent rises 1.9% to 41.49 dollars.
The uncertain climate on risky assets pushes againstoro, which sees for the futures contract approaching the threshold of 1,800 dollars an ounce that has been missing since the end of 2011. For the ingot, the best quarter since 2016 starts to close, notes Bloomberg, with a rally that from the beginning of the year is now worth the + 17 percent. The shares of the central banks also play a role in favor of its prices, with the billions pumped into the system that crush yields and depreciate the dollar. All this while the exchange-traded funds, the ETFs that are derivatives that replicate the trend of a real underlying, have accumulated reserves of physical gold at historic highs.
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