MILAN – Hours 12. The black smoke of the Brussels negotiations between Greece and international creditors triggers sales on the exchanges of the Old Continent. which for a week recording sessions negative on fear of an output of Athens from the Eurozone. On the other hand also for the hawks of the Bundesbank, a Grexit would “impact impossible to quantify.” A scare investors is primarily the uncertainty that hovers over the negotiations. Tsipras government sticks to their positions by defining “irrational” demands of creditors, especially in terms of cuts in pensions and primary surplus; Germany replied: “We will not be blackmailed by Athens.”
The stalemate then continues awaiting the summit of the ‘Eurogroup next Thursday. The President of the EU Commission, Jean Claude Juncker remains optimistic convinced that “an agreement by the end of the month is still possible”, while the president of the European Council, Donald Tusk , he warns: “Some might say game over soon.” Later this month, in fact, Athens is called to repay EUR 1.6 billion to the IMF, and at this time the state coffers are empty. The IMF, however, came back to ask “tough choices” to Greece and international creditors should accept that “repayments longer at lower rates,” essentially debt restructuring demanded by the government Tsipras.
In Milan Milan Stock gives 1.8%, doing worse than other markets of the Old Continent: Frankfurt moves back by 1.2%, Paris file 0.9% and London 0.7%. Heavy Athens , with the index Hellenic surrendering more than four points. List on the Milan suffers most banking business, because the Greek impasse brings pressure on government bonds: the spread with the German Bund rises in area 145 basis points with a yield of just below 2 BTP , 28%, still lower than that of Bonos Spanish rose to 2.34%. The rise in interest rates of sovereign debt, however, are also affected by expectations of higher inflation pushing investors to yield government bonds in search of more lucrative assets. L ‘ € oscillates around all’asticella of $ 1.12: the European currency changed hands at $ 1.124 (currencies).
In terms of the macroeconomic agenda today is rather low: ISTAT confirms the exit from deflation in April, but reviews the final figure in prices + 0.1% per year from the initial estimate of + 0.2%. Bankitalia census of the new record of the public debt, now one step from 2.2 trillion; Eurozone trade surplus increased to 24.9 billion euro. Come from the US data on industrial production and consumer confidence, but the wait is paid to the Wednesday meeting of the FOMC , the arm of the Fed’s monetary policy from which they expect guidance on the way upwards rate (the agenda of the markets).
In the morning, the Nikkei index of Tokyo Stock Exchange has completed the first session of the week while limiting losses in a climate dominated by carefully to the concerns about the situation in Greece which triggered a small recovery of the yen. At the close of trade, the Nikkei index of blue chips stood at -0.09% (-19.29 points) to 20,387.79 points after opening with a drop close to 1 per cent. The broader Topix index has instead gained 0.03% to 1,651.92 points. The session was very busy with only 1.7 billion shares traded on the primary market. Closing in red, Friday night, for Wall Street where the Dow Jones has sold 0.78%, the S & amp; P 500 is set back by 0.7% and the Nasdaq 0.62% scivoltato .
In terms of raw materials, the price of the oil is falling, continuing on the path taken by two sessions for the high level of production that goes on in spite of the excesses in supply markets. On Asian markets, Light crude futures WTI backs off 26 cents at $ 59.70 and Brent give 3 cents at $ 63.57 a barrel. Little blur l ‘ Gold : the yellow metal is positioned to $ 1,181.76 an ounce prior to the evolution of the story to the next Eurogroup on 18 June.
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