(Tiper Stock Exchange) – Widespread purchases on European stock exchangeswith the FTSEMIB which scores the same positive performance as the Old Continent, after the European Central Bank (ECB) signaled that the rate hike could be larger than market priced in. In communicating the expected 25 basis point rate hike, which took the deposit rate to 3.50%, Frankfurt also raised its core inflation projections over the forecast horizon, in the face of marginal downward revisions of the projections of growth.
According to BofA, forecasts and ECB communication “seem inconsistent” and “probably reflect disagreements”. Second Morgan Stanleythe unexpected revision could be due to “diverging views between the ECB, which prepared the March forecast, and (some of) the national central banks in charge of the June exercise”.
Joachim Nagelpresident of the Bundesbank, said this morning that “we may need to to continue to raise rates after the summer break“. Pierre Wunschpresident of the Banque Nationale de Belgique, said that if core inflation stays at 5% in the coming months “we will continue to increase even beyond September“.
Still on the monetary policy front, the meeting of the Bank of Japan ended, as expected, without changes to the expansionary measures ongoing, confirming the targets for the overnight rate at -0.1% and for 10-year yields at zero, with a fluctuation range between -0.5% and +0.5%.
As for i macroeconomic datain Italy the second reading confirmed that theinflation fell in May, to 7.6% (+0.3% m/m) from 8.2% in April on a national basis and to 8% (+0.3% m/m) from 8, 7% on the harmonized. Instead, Eurostat communicated that the inflation of theeurozone in May it was confirmed at +6.1% on year, and that labor costs increased in the Eurozone during the first quarter.
Basically stable theEuro / US Dollar, which continues the session on the previous day’s levels and stops at 1.096. Slight increase ingold, which rises to 1,965.2 dollars an ounce. The Petrolium (Light Sweet Crude Oil) is essentially stable at $70.69 per barrel.
The Spreads between the yield of the BTP and that of the German Bund decreases, settling at +152 basis points, with the yield of the 10-year BTP which stands at 3.99%.
Among the markets of the Old Continent small steps forward for Frankfurtwhich marks a marginal increase of 0.48%, a moderately positive day for Londonwhich rises by a fractional +0.34%, and a decidedly positive balance for Pariswhich boasts an increase of 1.08%.
Slight increase for the Milan stock exchangewith the FTSEMIB which rises by 0.48% to 27,864 points; along the same lines, a small step forward for the FTSE Italia All-Share, which comes to 30,019 points. In cash the FTSE Italia Mid Cap (+0.74%); as well, slightly positive the FTSE Italy Star (+0.6%).
Between best Italian stocks large-cap, good performance for DiaSorin, which grows by 2.65%. sustained Moncler, with a decent gain of 2.26%. Good insights on Leonardo, which shows a large lead of 1.84%. Well set up Italgaswhich shows an increase of 1.74%.
The strongest declines, however, occur on Phinecuswhich continues the session with -0.51%.
Between best stocks in the FTSE MidCap, Reply (+2.28%), Brunello Cucinelli (+2.21%), Saphilus (+2.10%) and SOL (+1.98%).
The worst performances, however, are recorded on OVS extension, which gets -1.89%. Sales on Dry, which records a drop of 1.87%. Slow day for Italmobiliare, which marks a decrease of 1.19%. Small loss for Saint Lawrencewhich trades with -1.03%.