It was a session characterized by caution that today European stocks. The markets have first waited for the outcome of the OPEC meeting and the board of the ECB, both gathered in Vienna, and then in front of the stalemate on the roof to the production of oil by the acceding countries to sign and indications of Mario dragons have worsened slightly before then return closer to parity. The ECB, as expected, left interest rates unchanged and adjusted slightly the inflation estimates for the current year (from 0.1% to 0.2%), with the number one institute that she said to also expect a price index in negative consumption in the coming months.
Milan in mid-session had come to rise by 1% thanks to the recovery of the bank, and then reset the day of gains, with the emergence of sales of certain portfolio securities. The Ftse Mib closed well down 0.24% and the FTSE All Share 0.10%, when in Paris the CAC40 lost 0.21% and Frankfurt DAX30 closed flat (+ 0.03%) .
Among the titles, Bper Mps and recorded the best performance among the bank and the Ftse Mib, while Unicredit, UBI Banca and Intesa Sanpaolo have not maintained the rises of the morning. Banco Popolare has had a highly volatile session, swinging above and below parity, the day of the board of directors meeting to set the price of the capital increase that will start Monday, June 6. Fca has chalked up a good sitting on the heels of data on new car registrations. May sales in the United States and Italy have been positive and have more than offset the decline in Brazil, a country that is confirmed in difficulty. Soul Holding closed down the main segment, after the announcement that the company active in asset management will remain in the Ftse Mib up to June 17, only to be replaced by pharmaceutical group Recordati.
The European Central Bank as well as having adjusted upwards from 0.1% to 0.2% the inflation estimates for the current year, it has not altered the levels for 2017 and 2018. the Frankfurt institute raised to 1.6% from 1.4%, finally, the prediction on the 2016 GDP for the euro area, without changing the estimate for 2017 to 1.7% and by lowering ‘ 1.8% to 1.7% that for 2018.
OPEC: no deal on the roof production down oil. The Nigerian Barkindo new Secretary General
In terms of oil, has not found an agreement on the roof production. The next meeting was set for November 30. As said by Unicredit analysts before the meeting, “the chances that you reach an agreement appear reduced. We expect – they write – an oil price of just $ 40 a barrel in the second half of 2016″. After a cautious start to the day, Brent fluctuates below $ 50 a barrel (here the quotes) and WTI back close to $ 48.
On the macroeconomic market also looks to the United States, where it was published the ADP report on the labor market in May, closely followed awaiting data on US unemployment tomorrow; crucial for future Fed moves. According to the agency the US, the private sector in the United States, in May 173mila has created new jobs, beating expectations. The Beige Book released yesterday pointed out that economic growth is modest as well as the growth of employment and wages. Today also will speak Mebra Fed Jerome Powell and Robert Kaplan.
On the exchange rate front, the single currency at closing loses ground to the main currencies: the dollar and the yen, with the greenback falling to the Japanese currency. Waiting for the referendum on Brexit (June 23) the relationship between euro and sterling at 0.7726 (0.7756). The July delivery WTI oil recovered from the lows of the day and is worth $ 48.96 per barrel (-0.10%), with Brent August delivery rose to $ 49.78 (+0.14%).
Nikkei down sharply (-2.3%) following the postponement of the VAT hike and the first-yen
(Il Sole 24 Ore Thomson Plus)
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