Contrast closure for European stock exchanges
The European stock exchanges registered a mixed close, with the Ftse Mib in Piazza Affari closing down by 0.1% to 34,524 points. Among the best stocks are Banco Bpm and MPS, both up 1.2%. In contrast, Brunello Cucinelli and Stm suffered losses of 1.3% and 2.3% respectively. This scenario of uncertainty is fueled by the wait for the data on US inflation, which will be published tomorrow, and by the meeting of the European Central Bank (ECB) scheduled for Thursday
.
US inflation and the ECB meeting
The American inflation figure represents a crucial indicator for the markets, since it will influence the decisions of the Federal Reserve, which will meet next week. A possible negative surprise in the data could jeopardize expectations of an interest rate cut of 25 basis points, currently discounted by the markets. On the other hand, the meeting of the ECB is expected with particular interest, since a possible cut of 0.25% is expected. Investors will be attentive to the tones of President Christine Lagarde and to the updated economic projections that will be presented during
the meeting.
Bond markets and commodities
In the bond market, the Btp-Bund spread remains stable at around 108 basis points, with the Italian 10-year yield set at 3.2% and that of the German benchmark at 2.12%. As far as raw materials are concerned, Brent oil fluctuates around 72 dollars per barrel, while gold is close to 2,670 dollars an ounce, influenced by recent geopolitical risks in the Middle East, in particular related to developments in Syria. In the currency market, the euro/dollar exchange rate fell to 1.05, while the dollar/yen showed an increase to 152. Finally, in the cryptocurrency sector, Bitcoin declined, slipping to
95,000 dollars.
